News Corp taps Bloomberg executive to lead Dow Jones
By Yinka Adegoke
(Reuters) - Rupert Murdoch's News Corp on Thursday named Bloomberg LP executive Lex Fenwick as chief executive officer of its Dow Jones & Co unit which houses its Wall Street Journal newspaper.
Fenwick, a 25-year Bloomberg veteran, will join Dow Jones on February 13 and report to News Corp President Chase Carey.
He replaces Les Hinton, a 52-year News Corp veteran, who left the company last July in the wake of the phone-hacking scandal at the UK newspaper division he previously oversaw.
Dow Jones has been run by President Todd Larsen since Hinton left. Larsen will remain with the company.
Fenwick replaced Bloomberg founder Michael Bloomberg as chief executive of the business in 2001. More recently he has been CEO of Bloomberg Ventures, a venture capital unit he founded in July 2008.
Unlike his predecessor, Fenwick has limited executive experience in the newspaper publishing business. In fact Dow Jones does not currently have any executive who is titled "publisher." Hinton took on that title back in 2008 but Fenwick is not titled publisher of The Wall Street Journal.
News Corp hopes to tap in to his expertise with financial markets services to fully exploit its suite of financial data products.
Dow Jones' enterprise unit includes the Dow Jones Newswires, DJ FX Trade, Factiva information and Dow Jones VentureSource database. Continued...