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Peter Chernin's memo to staff announcing he will leave News Corp.

February 23, 2009 |  3:37 pm

Peter Chernin Peter Chernin, president and chief operating officer of News Corp., just sent out a companywide memo confirming he is leaving the company when his contract expires in June:

I wanted to let you know that I have decided to leave News Corporation when my contract expires on June 30th.

This is not a decision that came easily, but after more than 12 years in my current job, 20 years at Newscorp, and 30 years of corporate life, I am ready for new entrepreneurial challenges. I would not be making this difficult decision if I were not confident in the superb management team we have at Fox and in the visionary leadership of Rupert Murdoch. I have worked closely with Rupert every day, and I know he shares my belief that Fox executives are the best in the business.

I want to thank Rupert for his remarkable support, encouragement and friendship over the years. No company in our industry can match News Corporation's track record of creating opportunities for employees and there is no better example of that than the opportunities Rupert has given me over the years.

I also want to thank all of you for the privilege of working side by side with such a talented and deeply principled group of colleagues. I am not only deeply proud of your achievements, but even prouder of the character and integrity of the company.

Over the next several months, Rupert and I will work closely to make sure this is a smooth transition for everyone. Thank you for the dedication and enthusiasm that you have always shown and I know will continue to show as the company moves forward to even greater heights.

Peter Chernin

In this Aug. 5, 2008 file photo, Peter Chernin, president & COO of News Corp., is seen on the floor of the New York Stock Exchange. News Corp. on Monday, Feb. 23, 2009 said Chernin will leave the company in June. (AP Photo/Richard Drew, file)