President of News Corp Peter Chernin set to leave the Company when his contract expires end of June 09. Well well. This had been rumored for some time but few insiders thought Peter would actually leave.
He has been Murdoch deputy for 12 years and is almost universally applauded for the job he has done.
I'm sure he has lots of lucrative things to get on with including a contracted production deal with Fox/20th Century Fox so the very best of luck to him.
More pressingly is his departure comes at a sticky (sorry tricky) moment for Murdoch. News stock is down 70% from 52 week high and the News Corp businesses are way too over exposed to advertising. Murdoch needs all the help and support he can get right now and this isnt a good time to be losing his deputy; the man that dealt with Hollywood and Wall St.
Supposedly he isnt going to be replaced Mr Murdoch will take over his direct reports (not bad for a 77 year old)
i suppose this clears up one important thing - succession. With Peter out the debate about manager versus family goes away and James Murdoch has a straight shot to succeed his dad when the time is right.