Rupert Murdoch is finally — allegedly — slowing down, marking his final day Wednesday as Executive Chairman of News Corp. by praising his son Lachlan, who is taking over his role as company leader.

Rupert Murdoch, age 92, vowed he will still play an active role as he becomes Chairman Emeritus of News Corp. and Fox Corporation, the latter where he is scheduled to meet shareholders on Friday in his final act as chairman.

Lachlan Murdoch is 52 and now becomes the sole chairman of both companies.

“Lachlan is a principled leader, and a believer in the social purpose of journalism. I hope to continue an active role in the company,” Rupert Murdoch said on Wednesday at the News Corp. farewell.