Lachlan Murdoch, considered a frontrunner to succeed his 74-year-old father Rupert as chairman and chief executive of News Corp, on Friday resigned as an executive at the media conglomerate.

The younger Murdoch, 33, will leave his post as deputy chief operating officer at News Corp. and publisher of the New York Post tabloid newspaper on August 31 but will remain on the board, News Corp said.

"I am particularly saddened by my son's decision and thank him for his terrific contribution to the company," Rupert Murdoch said in a statement.

Lachlan Murdoch's resignation makes his 32-year-old brother James Murdoch, currently CEO of UK satellite TV broadcaster BSkyB, the more likely heir apparent to succeed their father as the head of News Corp.

The company, which owns the Twentieth Century Fox film studio, Britain's Times newspaper, the Fox US television network and the HarperCollins book publisher, is also BSkyB's largest shareholder, and Rupert Murdoch is BSkyB's chairman.

James was CEO of the media conglomerate's Asian satellite unit before being named BSkyB's top executive in 2003.

He faced fierce opposition from institutional shareholders, who claimed the CEO search was designed to ensure his ascension and who feared that BSkyB's formidable cash-flow would be used to fund News Corp acquisitions.

A spokesman for BSkyB, when asked how long James Murdoch planned to stay on as CEO, declined to comment.

Elisabeth Murdoch, the elder sister who is chairman and CEO of her own UK-based TV production company, Shine, also has been considered a possible successor to her father, though most speculation ended when she resigned from BSkyB in 2000.

Lachlan joined News Corp in Sydney in 1994 and served in a variety of capacities.

Source: China Daily