News Corp. is expected on Friday to name News International Executive Chairman Les Hinton to succeed Zannino, according to a report on WSJ.com. The report also said that Times of London Editor Robert Thomson will become publisher of Dow Jones’ flagship, The Wall Street Journal, succeeding L. Gordon Crovitz. It was unclear whether Crovitz plans to stay with Dow Jones.
Zannino, who was instrumental in the $5.6 billion deal to sell Dow Jones to News Corp., will reportedly leave with a severance package of $30 million.
“I understand Rich’s decision to seek new challenges,” said Rupert Murdoch, chairman-CEO of News Corp., in a news release. “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.”
Zannino, who was COO of Dow Jones before becoming CEO, said in a statement: “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.”