Rupert Murdoch’s News Corp. has gone outside the company to find the new CEO of Dow Jones & Co.
He’s Lex Fenwick, who has been a respected executive at Dow Jones competitor Bloomberg.
Fenwick became CEO of Bloomberg LP when Michael Bloomberg ran for Mayor of New York in 2001. Prior to that Fenwick had been Bloomberg’s chief operating officer. Most recently Fenwick was in charge of Bloomberg Ventures, "the unit designed to explore opportunities to enhance, expand and diversifly Bloomberg product," according to a News Corp. press release.
News Corp.’s Dow Jones is the parent of The Wall St. Journal, Dow Jones Newswires, Barron’s, MarketWatch, SmartMoney, All Things D and Factiva.
Fenwick replaces Les Hinton, a close Murdoch ally who left the company last July amid News Corp.’s problems with a phone hacking scandal in the U.K. At one point Hinton had run News International, which is News Corp.’s U.K. subsidiary.
Fenwick will report to Chase Carey, News Corp.’s president and chief operating officer. Said Carey, in a statement, "Lex has been a driving force in the financial news and information industry for more than two decades. His aggressive and bold leadership will be invaluable to Dow Jones at a time when digital technologies are making information ever more important. We have a great opportunity to build enormous value around Dow Jones’ unique expertise and franchises."
Murdoch said, in a statement, "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. 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.”