Chase Carey has resigned as co-chief operating officer of News Corp. and
president and CEO of Sky Global Networks, the company announced Thursday.
Carey, who has spent 15 years in various positions with News Corp., will
remain on the company's board of directors and serve as a consultant through
2002.
Carey's decision to leave comes about three months after News Corp.'s failed
bid for Hughes Electronics Corp., parent of DirecTV Inc.
News Corp. had planned to combine DirecTV with Sky Global, which also
includes U.K.-based satellite-television company British Sky Broadcasting Group
plc. However, when that deal did not go through, the need for Sky Global
diminished.
Although Carey did not give a reason for his departure, a News Corp.
spokesman said it was likely tied to the indefinite delay in the launch of a planned Sky Global initial public offering.
'Given current market conditions and the delay of [the] Sky Global [IPO], it's not surprising that someone as valuable and competent as Chase has decided to move on,' the spokesman said.
Carey, 48, began his career at News Corp. in 1988 as executive vice president
of its Fox Television unit. He had served as COO and CEO of Fox Television
before being named co-COO at News Corp. in 1996.
'For the past 15 years, Chase's vision, energy and leadership helped to
transform News Corp. into a global leader in broadcast and pay television,'
chairman Rupert Murdoch said in a prepared statement.
'Chase has been not only a valued colleague, but a personal friend, and while
I will miss our daily interaction, I will continue to rely on his superb
judgment as News Corp. builds on the successes Chase helped foster,' he
added.
In a prepared statement, Carey said that although the decision to leave was a
difficult one, 'It is the right time for me to take a step back and catch my
breath with confidence that only bigger and better things lay ahead for News
Corp.'
