Dow Jones CEO ousted from News Corp
News Corp to review institutional strategy for Dow Jones, which publishes The Wall Street Journal
Dow Jones chief executive officer Lex Fenwick has been ousted from the News Corp division after less than two years on the job. Photo: Bloomberg
The chief executive of Dow Jones, parent company of the Wall Street Journal, has been ousted from the News Corp division after less than two years on the job.
Lex Fenwick was abruptly replaced yesterday, as the company anncouned it was “reviewing its institutional strategy”.
Dow Jones will replace Mr Fenwick on an interim basis with William Lewis, New York-based News Corp said in a statement.
The company is now reviewing its strategy and planning changes for the DJX service, which debuted last year, according to the statement.
That may include making the product more flexible, rather than selling it as an all-in-one bundle.
DJX, aimed at executives and Wall Street traders, combines a wide range of Dow Jones products - including the Wall Street Journal, Factiva and Barron’s - into a single subscription.
“We’re reviewing the institutional strategy of Dow Jones with an eye towards changes that will deliver even more value to its customers,” Robert Thomson, CEO of New York-based News Corp, said in yesterday’s statement.
“As part of that, we’re planning improvements to DJX.”
In November, News Corp posted a 2.8 per cent decline in fiscal first-quarter revenue, hurt by sluggish demand for print advertising.
The transition to the DJX service also had a “modest negative impact” on revenue in the period, News Corp.
Mr Fenwick joined Dow Jones in February 2012, replacing Les Hinton. He previously worked at Bloomberg, where most recently he had been CEO of Bloomberg Ventures.