Dow Jones CEO Zannino To Exit
December 6, 2007 at 4:34 PM (PT)
DOW JONES AND CO. CEO RICHARD F. ZANNINO will exit the company upon the closing of the deal that will result in RUPERT MURDOCH's NEWS CORP. taking control of the WALL STREET JOURNAL publisher.
ZANNINO said in a statement released THURSDAY, "Since becoming CEO in 2006, it has been my privilege to lead DOW JONES and drive change in a challenging and rapidly evolving business environment. DOW JONES is well on its way toward achieving its strategic and financial goals: we’ve reduced reliance on newspaper revenue, solidified our position as the leading provider of high-quality, indispensable and conveniently accessible business content, delivered seven consecutive quarters of double-digit growth in operating income, and created much value for DJ’s shareholders, customers and employees.
"DOW JONES is about to begin a new chapter. DOW JONES fits perfectly into NEWS CORP., and 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, given his visionary long-term perspective and willingness to commit substantial talent and resources to further develop its unmatched portfolio of brands on a global scale. I want to thank the many highly talented employees of DOW JONES. They are dedicated professionals who have my deepest admiration. Thanks to them, today DOW JONES is a fast-growing and vibrant company that is positioned for a very bright future. I wish all of them, RUPERT and his team great success building on this foundation."
MURDOCH added, "I understand RICH's decision to seek new challenges. 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. Under his leadership, DOW JONES has reinforced its position as the premier provider of business news content and embarked on many new initiatives important to the company’s future. We thank him for his good work and look forward to building on this foundation and taking Dow Jones to even greater heights as part of NEWS CORPORATION."
ZANNINO will assist in the transition to a new CEO, who will be named shortly. The deal will be voted on at a DOW JONES shareholder meeting on DECEMBER 13 with closing expected shortly thereafter. DOW JONES owns the WALL STREET JOURNAL RADIO NETWORK as well as the JOURNAL, BARRON'S, and OTTAWAY NEWSPAPERS.
WSJ: Hinton To Get CEO Nod
The JOURNAL is reporting that veteran NEWS CORP. exec LES HINTON will replace ZANNINO as CEO of DOW JONES and TIMES OF LONDON Editor ROBERT THOMSON will be named Publisher of the JOURNAL.