Media mogul Mr Rupert Murdoch surprised the business world yesterday by announcing that News Corp's US-born president, Mr Peter Chernin, is formally in line to succeed him at the helm, not one of his three children as widely expected.
Mr Murdoch nominated Mr Chernin (48), as the man to lead the 50.5 billion Australian dollar (€32.8 billion) company in an interview with Newsweek magazine - an announcement which pushed its share price to a record high.
"It would certainly be a matter for the board," Mr Murdoch said. "I would think Peter would probably be chief executive officer. Maybe my older son Lachlan would become chairman."
He said his children - Lachlan, Elisabeth and James - would not be ready to succeed him any time soon. Mr Chernin joined News Corp's Fox Broadcasting in 1989 after serving as president and chief operating officer of Lorimar Film Entertainment.
He helped turn the company around from near collapse in 1990. But despite his successes, one analyst said Chernin's appointment was only likely to be a medium-term option.
"For a long time there was some concern that the children were much too young and much too inexperienced and Rupert was getting on in years and it seems now that Lachlan is being groomed very actively to take over.
