By: E&P Staff
Dow Jones & Co. announced today that Peter McPherson will be named chairman of the company during its annual shareholding meeting on April 18. McPherson replaces Peter Kann, 64, who previously announced his retirement.
McPherson, 66, has served as an independent director of Dow Jones since 1998.
Additionally, the company plans to nominate John Brock, CEO of Coca-Cola, and Paul Sagan, CEO of Akamai Technologies, to the board. Irvine O. Hockaday Jr. and William Steere Jr. will retire from the board due to the mandatory retirement policy for directors after reaching the age of 70.
“I look forward to continuing to work closely in this new capacity with my fellow directors, including Rich Zannino,” McPherson said in a statement about the company’s CEO. “The board believes Rich and his team are successfully executing the right strategy for the digital era. We are working to increase value for shareholders and customers by building on Dow Jones’s heritage of journalistic excellence while developing new ways to provide vital business information to today’s global audience.”
McPherson will continue to serve as president of the National Association of State Universities and Land-Grant Colleges. From 1993 to 2004, he served as president of Michigan State University. During his tenure there, he took several months off during 2003 in order to lead a team in Iraq for the Coalition Provisional Authority working with the Iraqi Ministry of Finance and Central Bank.
McPherson has also held various positions at Bank of America. From 1987 to 1989 he was deputy secretary of the U.S. Department of the Treasury.