On Wednesday morning, Rupert Murdoch announced that two employees, who happen to be his sons, have received promotions: His eldest, Lachlan, who is currently a director at News Corp. and 21st Century Fox, will become non-executive co-chairman of News Corp.’s board — a position he will share with his father, who will retain “the final authority,” presumably until it’s time for Lachlan to take over for good. Murdoch’s younger son, James — once considered the heir apparent, until he got caught up in that nasty phone-hacking business — is getting bumped up to co-COO at 21st Century Fox. (He’ll share that role with current COO and president Chase Carey.) “This evolution of our leadership team underscores the considerable planning that both the Company and the Board have undertaken to ensure a vibrant future for 21st Century Fox and its shareholders,” Rupert wrote in a memo to 21st Century Fox’s staff. After all, Most Eligible Bachelor status aside, he isn’t getting any younger.