News Corp. said Lex Fenwick, CEO of its Dow Jones & Co. division, has left after less than two years at the company and will be replaced on an interim basis by William Lewis. News Corp. also plans to examine Dow Jones' business-to-business strategy, the company said.

"We're reviewing the institutional strategy of Dow Jones with an eye towards changes that will deliver even more value to its customers," News Corp. CEO Robert Thomson said in a statement. The review will include efforts to improve DJX, the fledgling news and financial information service introduced under Mr. Fenwick. "Greater flexibility" in product offerings is "likely in the short term," the statement said, suggesting that Mr. Fenwick's effort to charge a single price for all of Dow Jones' products at once was going to be undone.

Mr. Fenwick, previously CEO of Bloomberg Ventures, joined Dow Jones in February 2012, filling a void created when Les Hinton left amid the phone hacking scandal at News Corp.'s U.K. newspaper group. Mr. Fenwick was also known for having a chandelier installed at Dow Jones, a piece of art that inspired a sarcastic Twitter feed.

News Corp. Chairman Rupert Murdoch split his six-decade-old publishing business from the rest of his media empire last June and called it News Corp., while the entertainment business was renamed 21st Century Fox. The newspapers unit, which publishes papers including The Wall Street Journal and the New York Post, has been under pressure amid a decline in print advertising.

"We thank Lex for his time and energy at the helm of Dow Jones," Mr. Thomson said in the statement.

Mr. Lewis, who was chief creative officer of News Corp., previously served as editor-in-chief of Telegraph Media Group. He joined News Corp. in 2010.

~ Bloomberg News and Ad Age staff ~