Rupert Murdoch to Step Down as CEO July 1

We have a date.

It’s official: Rupert Murdoch is stepping down from his role as CEO of 21st Century Fox July 1. In an announcement, the company said Murdoch and his son Lachlan Murdoch will both become executive co-chairmen.

Chase Carey, 21st Century Fox’s president and COO since 2009, will become the executive vice chairman and serve in that role through June 30, 2016. No word on what will happen after that.

And finally, as expected, James Murdoch, currently co-COO, will take over as CEO.