Resignation
On June 8, 2011, Jacobs announced that he would be stepping down from his position as General Counsel at News Corp. in order to "pursue new opportunities."
Jacobs' resignation came when he approached the company Chief Operating Officer Chase Carey to inform him that News Corp. was in breach of his contract; chairman & CEO Rupert Murdoch was using former New York City Schools Chancellor, and newly appointed News Corp. executive, Joel Klein, who joined the company in November 2010, for legal counsel instead of himself. He was released from his multimillion-dollar contract with News Corp. with four years remaining on it.
There are numerous reports regarding the cause for Jacobs' sudden departure, though it is rumored that Jacobs left due to being the top legal officer during the time of the News International phone hacking scandal, as well as friction with Klein.
Despite such speculation as to Jacobs' reasoning for leaving, it is not known that Jacobs had any involvement in or knowledge of the News of the World phone hacking.
Jacobs has not announced where he will work following his 15 year tenure at the company. In December 2011, it was speculated that Gerson Zweifach will be named the next general counsel, however no statement from News Corp. had been made regarding the appointment. On January 9, 2012, the company confirmed that Zweifach would be the new general counsel following Jacobs' departure seven months prior.
Read more about this topic: Lawrence Jacobs, Biography, News Corporation
Famous quotes containing the word resignation:
“Resignation, not mystic, not detached, but resignation open- eyed, conscious, and informed by love, is the only one of our feelings for which it is impossible to become a sham.”
—Joseph Conrad (1857–1924)
“How could a man be satisfied with a decision between such alternatives and under such circumstances? No more than he can be satisfied with his hat, which he’s chosen from among such shapes as the resources of the age offer him, wearing it at best with a resignation which is chiefly supported by comparison.”
—George Eliot [Mary Ann (or Marian)