(Reuters) - Twenty-First Century Fox Inc (O:FOXA) named Chase Carey executive vice chairman of the board, ensuring the respected media executive will remain with the company for another year.
The board also on Tuesday promoted James Murdoch to chief executive and his brother, Lachlan Murdoch, to executive co-chairman.
Rupert Murdoch, who controls Fox through a trust that owns roughly 38 percent of the voting shares, will become executive co-chairman. He previously also held the title of CEO, a role he is giving to James.
The management changes take effect on July 1.
The moves to elevate James, 42, and Lachlan, 43, have long been expected. Carey's new role on the board should help calm some investors who want the highly regarded executive to remain with the company.
Carey, 61, has been the company's president and chief operating officer since 2009 and will serve as its vice chairman through June 30, 2016.
"It has always been our priority to ensure stable, long-term leadership for the company, and these appointments achieve that goal," Rupert Murdoch, 84, said in a statement.
"Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry."
As part of the changes, the company's TV and film operations will jointly report to Lachlan and James.
James is currently co-chief operating officer and Lachlan is currently co-chairman.
(Additional reporting By Lehar Maan in Bengaluru; Editing by Savio D'Souza and Steve Orlofsky)