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BSkyB chief to step down (Read 680 times)

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BSkyB chief to step down
Sep 23rd, 2003, 9:42am
BSkyB chief to step down
LONDON (Reuters) - British Sky Broadcasting says its chief executive Tony Ball will step down, amid reports that Ball will be succeeded by James Murdoch -- son of media baron Rupert Murdoch.
"Mr Ball will continue as chief executive until a successor is appointed, which is likely to be well before his current contract ends on May 31, 2004," the company said on Tuesday.
Press reports this month said that James Murdoch, whose father Rupert owns 34 percent of the pay-TV company, would take over the reins from Ball.
BSkyB did not name any potential successors in its statement, but this month investors and analysts expressed concern about James Murdoch taking over.
James Murdoch dropped out of Harvard to found the hip-hop record label Rawkus before returning to the family business, running News Corp's Internet units until he became CEO of Murdoch's Asian satellite broadcaster, Star TV, in 2000.
Ball joined BSkyB in June 1999. Since then, the company has returned to profitability and enjoyed strong growth in subscriber numbers.
BSkyB shares closed at 621-1/2 pence on Monday. The stock has fallen from around 660p since speculation about James Murdoch taking over from Ball first surfaced this month.
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Re: BSkyB chief to step down
Reply #1 - Sep 23rd, 2003, 10:09pm
I think the word for that is NEPOTISM. Shocked Grin
P.S. never used that word before, lovely isn't it. Grin Grin Grin
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