Satellite-television company DIRECTV Group, Inc. (DTV) said Wednesday that its President and CEO Chase Carey is resigning from the company, effective July 1, to accept a new position at media conglomerate News Corp. (NWS).
DIRECTV said it has formed a committee of directors to search for Carey's successor. In the interim, Larry Hunter will act as Chief Executive Officer in addition to his current responsibilities of Executive Vice President of Legal, HR, and Administration.
Carey has served as a director and the President and Chief Executive Officer of DIRECTV since December 2003.
Under Carey's leadership, DIRECTV's subscriber count grew from 12 million to more than 18 million customers in the United States, while growing free cash flow from break-even in 2003 to $1.7 billion last year.
In 2004, Carey oversaw the rationalization of the Latin America business after it emerged from bankruptcy and went on to grow from 1.5 million subscribers to 5.8 million subscribers today, becoming the largest pay-TV operator in Latin America.
Earlier this week, there were media reports that News Corp. was in negotiations with Carey to return to the company as a top lieutenant to CEO Rupert Murdoch.
Carey and Chernin shared the role of chief operating officer until 2002. He served as a director, President and Chief Executive Officer of Sky Global Networks, Inc., a director and Co-Chief Operating Officer of Fox Entertainment Group, Inc. and was the Chairman and Chief Executive Officer of Fox Television. Carey was also a director of News Corp. from 1996 to 2007.
Meanwhile, News Corp. said in a statement Wednesday that it has appointed Carey as Deputy Chairman, President and Chief Operating Officer, effective July 1. Carey, 55, will be reporting to Chairman and Chief Executive Officer Rupert Murdoch, and will have oversight of News Corp's global operations. He will be based in New York.
Carey will also join the News Corp. board on July 1 when Peter Chernin steps down as a director.
Before joining DIRECTV, Carey had spent 15 years as a News Corp executive. During his tenure with News Corp., he led the launch of Fox Sports, the expansion of the Fox Television Stations group from its initial seven stations to 35 stations, the emergence of Fox cable channels such as Fox News Channel, FX and the National Geographic Channel. Carey had joined Fox in 1988.
Before joining News Corp. Carey worked at Columbia Pictures in senior capacities from 1981 to 1987.
DIRECTV shares closed Wednesday's regular trading session at $22.69, down 40 cents or 1.73% and lost an additional 9 cents in after hours trading. News Corp. shares closed Wednesday's regular trading session on the Nasdaq at $11.60, down 47 or 3.89% cents. In after hours trading, the stock is currently losing 2 cents.
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