Shareholders pressure Murdoch to step down

In non-debate news… Here’s something to cheer you up!

Removing Murdoch from his role as chairman of News Corp this year will be a struggle, but the regular stream of problems in recent years makes it more likely that he could eventually be pushed aside.

The phone hacking scandal has done a lot to chip away at his position of leadership, and Murdoch can’t afford many more problems with the law if he wants to stick around. The big money supporting the business won’t tolerate another bad year.

The Guardian:

Hermes, a British fund manager that controls £24.8bn assets, joined an action on Wednesday launched by dissident shareholders seeking to oust News Corp’s chairman in the wake of the phone-hacking scandal.

Glass Lewis, one of the largest shareholder advisory groups, has also recommended its clients vote for the appointment of an independent chair. This is the second year that major shareholders have rounded on Murdoch and his board.

Hans Hirt, global head of corporate engagement at Hermes, said: “While we acknowledge the recent board changes made by the company, News Corp has still not sufficiently addressed the significant shareholder concerns about its board structure and corporate culture highlighted at last year’s annual meeting. The time is right for the company to appoint an independent chair in order to rebuild trust, and ensure that the interests of all investors are more properly represented.”

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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