Media king Rupert Murdoch’s crown has been askew since the phone-hacking scandal that led to him shutting down his News of the World tabloid last July. Now, he risks losing his entire throne after the British Parliament released a brutal 121-page report Tuesday deeming him “not a fit person” to run a major international company.
The report states that Murdoch demonstrated “willful blindness” and must be held responsible for the illegal actions of his News Corp. (NASDAQ:NWS) and News International.
“This culture, we consider, permeated from the top throughout the organisation and speaks volumes about the lack of effective corporate governance at News Corporation and News International,” Parliament said on page 70 of the report. “We conclude therefore that Rupert Murdoch is not a fit person to exercise the stewardship of a major international company.”
The report findings carry a lot of weight. The News Corp. board will now be obligated to decide whether the 81 year-old should continue in his role as executive chairman, the BBC reported.