Lex Fenwick, the former head of Bloomberg LP, has been named the new CEO of Dow Jones & Company. Fenwick succeeds Les Hinton, who stepped down last summer as the phone hacking scandal heated up. According to the New York Times, Fenwick had been with Bloomberg since 1987, and most recently lead Bloomberg Ventures.

Rupert Murdoch said in a statement that Fenwick was the right man to guide the company as the digital realm becomes increasingly important. Robert Thomson, Editor-in-Chief of Dow Jones and Managing Editor of The Wall Street Journal, echoed those feelings in an email to the Times.

“[Fenwick] has a genuine feel for the character of contemporary content and its value, and this instinct and insight and drive will be the stuff of our future prosperity,” wrote Thomson.