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Dow Jones CEO Lex Fenwick to leave News Corp. [January 22, 2014] (Reuters) — News Corp. said that Dow Jones Chief Executive Lex Fenwick is leaving News Corp. and will be replaced by William Lewis as interim CEO. |
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In a statement on Tuesday, News Corp. said it had
plans to review the strategy for Dow Jones, the publisher of the
Wall Street Journal and operator of Dow Jones Newswires. "We're reviewing the institutional strategy of Dow Jones with an
eye towards changes that will deliver even more value to its
customers," News Corp. Chief Executive Robert Thomson said. Fenwick was appointed CEO of Dow Jones in February 2012 after
more than two decades at Bloomberg L.P. Fenwick was a controversial leader, known for his hard-charging
style and profane outbursts, who was tasked with overhauling Dow
Jones' institutional business. Last year, Dow Jones launched DJX, essentially pulling all of
Dow Jones products like Factiva and Newswires in one product for
one price. It was a risky move: customers like banks, hedge
funds and retail brokers were used to cherry picking from Dow
Jones' offerings and negotiating on price. During News Corp.'s past earnings reports, the company had
flagged weakness at Dow Jones' institutional division. Lewis previously served as editor-in-chief of the Telegraph
Media Group in Britain. Thomson Reuters competes with Dow Jones in providing news and
financial data to banks and other financial institutions. (Reporting by Jennifer Saba in New York; editing by Andre Grenon and Nick Zieminski) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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