The media mogul stepped down from his role on Thursday after a career spanning more than seven decades and handed the reins to his son, Lachlan Murdoch, who will become the sole chairman of News Corp and continue as chair and CEO of Fox. Rupert Murdoch will be chairman emeritus of both companies. At Fox, his 2023 compensation includes an annual base salary of $5 million and about $7.6 million in stock awards and options.