Fox News Chairman and CEO Roger Ailes has resigned from his role, effective immediately, the network announced Thursday, a major development that will shake up the media and political worlds.

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Rupert Murdoch will take the role of chairman and CEO, according to 21st Century Fox. Murdoch is currently that company's executive chairman.

“Roger Ailes has made a remarkable contribution to our company and our country," Murdoch said in a statement.

"Roger shared my vision of a great and independent television organization and executed it brilliantly over 20 great years.”

Former Fox News host Gretchen Carlson accused Ailes of sexual harassment in a lawsuit filed two weeks ago. Other women have reportedly come forward with harassment allegations against Ailes since then, including network superstar Megyn Kelly.

Reports emerged earlier this week that Ailes would be ousted from the network soon, either fired or forced to resign.

The bombshell news comes on the final night of the Republican National Convention.

Rebecca Savransky contributed.

Updated at 4:22 p.m.