By: E&P Staff Dow Jones & Co. CEO Richard Zannino resigned Thursday. Even with News Corp. and Rupert Murdoch preparing to complete its $5 billion purchase, with a shareholder vote next Thursday, the move was still surprising. A Wall Street Journal article confirmed the exit this afternoon.
Word emerged late Thursday that the new management team will be led by veteran News Corp. executive Leslie Hinton and Times of London Editor Robert Thomson.
The Wall Street Journal on Friday calls Zannino's resignation "likely to be the first of a series of executive departures from Dow Jones."
In a memo to staffers, Zannino declared: "While this was my choice, I'm nonetheless saddened by it."
The Journal article related that Zannino "had expressed a desire to stay at Dow Jones under News Corp's ownership. What changed his mind isn't clear although it's likely that Mr. Murdoch didn't offer him the role he wanted. News Corp. is expected to shortly name a new management team for Dow Jones. Among the executives expected to follow Mr. Zannino out the door are Journal publisher Gordon Crovitz and Dow Jones CFO Bill Plummer."
In a statement, Zannino said, "Rupert and I have been discussing since September my moving on from the company after the closing. I will leave Dow Jones knowing the best is yet to come for readers, customers and employees under Rupert's leadership."
Murdoch in the release said he understood Zannino's decision, adding that "during nearly two years as CEO, he proved himself to be an effective leader who revitalized Dow Jones during a time of great change in the industry."
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