|Conde Nast is launching a new business magazine and Web site.
Ms. Lipman will be editor in chief of the magazine, whose title and exact content focus have not been revealed. It is expected to launch in 2007.
David Carey heads group
At the same time, Conde Nast named David Carey, vice president and publisher of The New Yorker, as president of the new business group.
Conde Nast is moving into business publishing in a bid to diversify its ad base beyond its core of fashion, beauty and luxury goods, mirroring Time Inc.'s decision in recent years to diversify beyond newsweeklies by launching monthly women's magazines such as In Style and Real Simple.
That move comes at a time when the business category is generally struggling more than consumer titles but Mr. Carey said making a long-term committment matters more than trying to enter a category at precisely the right moment.
"'Is the category up x points or down x points' is not really the question," he said. "What is the right day? It’s always unclear. With the right editor and the full resources committed you can build a big business."
Blow to Dow Jones
Ms. Lipman's loss is a blow to Dow Jones, where she was widely seen as a likely potential successor to Journal managing editor Paul Steiger. Mr. Steiger today named Edward Felsenthal, assistant managing editor for news strategy, to succeed Ms. Lipman by taking on additional duties overseeing all lifestyle coverage in the newspaper, including the Weekend Edition, which is scheduled to begin publishing on Sept. 17.
Oversaw WSJ redesign
Ms. Lipman joined The Journal in 1983 as a reporter in New York and began its daily advertising column in 1989. She was later named a news editor on the page one staff. In 2002, Ms. Lipman oversaw the redesign of the entire paper.
At The New Yorker, Mr. Carey had been vice president and publisher since 1998. He was previously founding publisher of SmartMoney and president-CEO of Gruner & Jahr USA's business information group. He joined Conde Nast in 1995 to re-launch House & Garden.
Conde Nast did not identify a successor to Mr. Carey at The New Yorker.