It ends right where it all began – in Winnipeg, where Israel (Izzy) Asper, while chairing his last annual meeting, announced that he’s called it quits… well almost, anyway.

At 70, the founder of CanWest Global is stepping down as executive chairman, handing complete control of the media empire to his son, Leonard, who as chief executive already oversees much of the day-to-day operations.

Meanwhile, Gerry Noble, president and CEO of the Global Television Network, also announced plans to relinquish his post to ‘pursue opportunities outside the company,’ according to a statement. Noble leaves Global at the end of his contract Aug. 31.

For his part, the senior Asper remains non-executive chairman of the board and plans to be more involved in distributing wealth, rather than amassing it, as head of the family’s two charitable foundations.

‘I intend to be an active chairman on a part-time basis, and will remain available to CanWest for special projects if and when our board feels I can be helpful,’ Asper said in a statement.

Leonard Asper is facing the challenge of reducing the corporation’s $3.3-billion debt.

-www.canwestglobal.com