New York—News Corp. today named Lex Fenwick CEO of Dow Jones & Co., publisher of The Wall Street Journal
. Fenwick joins Dow Jones from Bloomberg, where he spent 25 years, most recently as CEO of Bloomberg Ventures.
Fenwick succeeds Les Hinton, who left the company in July amid the News Corp. phone hacking scandal. He will be based in New York and report to Chase Carey, president-COO of News Corp. The appointment is effective Feb. 13.
"We have clearly established WSJ
as the premium consumer newspaper, and we are thrilled that Lex will be driving our plans to grow all our Dow Jones franchises into true innovative market leaders for today's digital world,” Rupert Murdoch, News Corp. chairman-CEO, said in a statement. “We believe our enterprise business has the potential to follow the brand's success in the consumer space, and be the premier product in providing the kind of hard-to-find, premium content that the financial customer demands. We are committed to making it happen, and we think Lex is the executive to get us there."
Ken Doctor, affiliate analyst for Outsell Inc., said Fenwick's Bloomberg background is an indication that News Corp. wants him to look into strengthening the b-to-b credentials of Dow Jones, which Doctor described as more of a consumer business information company in comparison with Bloomberg and its core terminal business. “He may be being brought in to see where does Factiva [a b-to-b information business] fit into Dow Jones in the long term," Doctor said.
Fenwick said in a statement: "I'm honored and excited to join Dow Jones at such a transformational time. The people, brands and franchises give us a wonderful opportunity to grow and develop new elements that we hope will reap rewards in the future. Over 25 years at Bloomberg, I have made many friends, learned an enormous amount, witnessed wonderful success and—above all else—experienced incredible loyalty. I am proud of what we built together."