James Murdoch, the younger of media mogul Rupert Murdoch's two sons, is stepping down as executive chairman of U.K.-based newspaper publisher News International, its parent, News Corp. (Nasdaq: NWS), said Wednesday. 

Tom Mockridge will continue as News International's chief executive, while James Murdoch retains his post of the unit's deputy chief operating officer, according to a statement from News Corp. The younger Murdoch will relocate to the parent company's New York headquarters.

We are all grateful for James' leadership at News International and across Europe and Asia, where he has made lasting contributions to the group's strategy in paid digital content and its efforts to improve and enhance governance programs, said James's father, Rupert Murdoch, who is News Corp. chairman and CEO. Now that he has moved to New York, James will continue to assume a variety of essential corporate leadership mandates, with particular focus on important pay-TV businesses and broader international operations.