New Head Ed Russ Stanton promotes the former Business editor to the second-to-the-top spot and gives John Arthur the new title of executive editor.

More as we get it.

[UPDATE: Sources inside the newsroom say Davan is "a great guy who was a terrific reporter." But there is some concern about his resume: "He's also one of the least experienced MEs in history. Time will tell -- and probably not much time."]