21st Century Fox appoints Lachlan Murdoch non-executive co-chairman

March 26 Wed Mar 26, 2014 4:46am EDT

March 26 (Reuters) - Media and entertainment company Twenty-First Century Fox Inc said its board has appointed Lachlan Murdoch non-executive co-chairman and elevated James Murdoch to the position of co-chief operating officer.

Lachlan, son of Chief Executive Rupert Murdoch, will work closely with the senior management to develop global strategies and guiding the overall corporate agenda, the company said on Wednesday.

"In this elevated role, Lachlan will help us lead News Corp forward as we expand our reach and invest in new technologies and markets around the world," Rupert said in a statement.

Seven years ago, Lachlan Murdoch turned his back on the business his grandfather founded, quitting his role as deputy chief operating officer after banging heads with his father and the top lieutenants.

Since then, he has been focusing on his business interests in Australia through his private investment company Illyria Pty Ltd, which owns various media assets. He also owns about 9 percent of Australia's third-ranked TV network, Ten Network Holdings Ltd.

Lachlan, 42, is currently a director at Twenty-First Century Fox Inc and News Corp. (Reporting by Arnab Sen in Bangalore and Lincoln Feast in Sydney; Editing by Joyjeet Das)