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Posts Tagged ‘Dow Jones & Co.’

Dow Jones Restructures With New Business Groups, Promotions And Departures

dowjones.jpgOur sister blog MediaJobsDaily directs us to this internal memo sent to Dow Jones & Co. staff today from president Todd Larsen.

Larsen announced that the company would be dividing up into five distinct business groups: The Wall Street Journal in print, The Wall Street Journal Digital Network, Dow Jones Financial Markets (including the newswires), Dow Jones Corporate Markets and Dow Jones Indexes. Kelly Leach, formerly the Journal‘s vice president for business management, has been appointed to lead the paper, while Gordon McLeod remains the president of its digital network. Joe Lanza, previously VP of sales and trading at Dow Jones, has been named the president of the Financial Markets group; Scott Schulman, president of Dow Jones Financial Information Services, is taking over the new Corporate Markets group and Mike Petronella will continue to lead the Dow Jones Indexes.

Other additions to the Dow Jones team include Dennis Cahill as senior VP for technology; Jennifer Jehn as senior VP for marketing; Lee Wood as senior VP for enterprise sales and client solutions; and Michael Rooney as CRO at the Journal, while others remain in their roles but are taking on additional responsibilities, like Ann Sarnoff, who will now be president of Dow Jones Ventures as well as senior VP for strategy. All this shuffling is certainly hard to keep track of.

But in the midst of all the good news four execs — Richard Hanks, who was former chief operating officer of the Dow Jones Enterprise Media Group; Bill Voltmer, senior vice president of global sales and client solutions at Dow Jones; Alan Scott, senior vice president and CMO of the Dow Jones Enterprise Media Group and Bruce Macfarlane — are leaving the company. Larsen added that, “they depart with our admiration and thanks.”

Read the full memo here –MediaJobsDaily

Previously: Dow Jones Combines Journal, Newswire Operations

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Dow Jones Combines Journal, Newswire Operations

dowjones.jpgDow Jones & Co., the News Corp.-owned publisher of The Wall Street Journal, yesterday announced plans to merge its two biggest business units: its consumer and enterprise operations.

The restructuring combines the company’s consumer arm — which includes the Journal, MarketWatch and Barron’s — with its newswire and Factiva businesses. The move also includes an executive shakeup, with CFO Stephen Daintith taking on the role of chief operating officer of the company and Todd Larsen, COO of the Consumer Media Group, becoming president. Clare Hart, president of the Enterprise Media Group, is leaving the company where she has worked for more than 25 years.

Dow Jones CEO Les Hinton said the move was all about streamlining operations. “This structure will provide the focus to make us faster and better than our rivals at identifying and meeting customer needs,” he said in a statement.

Dow Jones also has a third business unit, the Local Media Group, which will continue to operate independently after the combination of the other two groups is completed.

Although the Journal had a banner year in 2009, becoming the number one paper in the U.S. based on circulation, it has not been immune from cuts, including the closure of its Boston bureau. In November, news surfaced that Dow Jones had hired consultancy McKinsey & Co., known for its brutal slashing of media companies like Condé Nast. Could this restructuring be a result of McKinsey’s influence?

Update: Our sister blog PRNewser reports that a Dow Jones spokesperson said the reorganization will have “no effect” on editorial staffing at the company.

Full release, after the jump

Previously: Dow Jones Taps McKinsey & Co.

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Bloomberg Names New BusinessWeek President

bloombergbw.jpgIt’s been a roller coaster for BusinessWeek since Bloomberg LP bought it in October. After a slew of layoffs and high level voluntary departures, the new Bloomberg BusinessWeek has finally hit newsstands and now the magazine has a new president.

Today, Bloomberg announced the appointment of Paul Bascobert as president of the new Bloomberg BusinessWeek, replacing Keith Fox, who announced in October that he would be staying at former BusinessWeek publisher McGraw-Hill after the magazine moved to its new owner.

Bascobert joins the magazine from News Corp.-owned Dow Jones & Co., where he was chief marketing officer for the company’s Consumer Media Group. He’s had a unique path for a media executive, starting his career as an engineer at car manufacturer GM, and moving on to work in operations, sales and marketing for a number of companies before joining Dow Jones in 2006.

“Within Dow Jones, Paul is known as a collaborative manager who has driven growth across multiple platforms and business units while controlling expenses,” said Norman Pearlstine, Bloomberg BusinessWeek‘s chairman. “His impressive accomplishments coupled with his vision make him Bloomberg BusinessWeek‘s ideal leader.”

Full release after the jump

Previously: BusinessWeek Prez Steps Down From May, Stays On At McGraw-Hill

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LAT in 90 Seconds

31551851.jpgA Freudian Typo: Likely the LAT will have fixed this by the time you click over to this link, but in its first pass at a story about Rupert Murdoch’s successful bid to buy Dow Jones, reporter Walter Hamilton writes: “Rupert Murdoch appeared to have succeeded in his mothlong quest to take over Dow Jones & Co., the Journal’s parent company.” We know Hamilton meant “monthlong,” but “mothlong” is somehow a more appropriate term for Murdoch, a man attracted to the shiny light of an iconic company — and one who will inevitably bite tiny holes in the very fabric of journalist integrity that the WSJ once enjoyed.

31552089.jpgState Dept. Deploys The Funk: In one of the weirdest pairings we’ve ever heard of, the U.S. State Department is bankrolling a Middle Eastern tour by Ozomatli, in hopes that the Latin-infused peaceniks can help improve America’s standing in the world.

31558929.jpgYesterday’s News: We knew we should have put cash money on Scriptland leading this week with news from Comic-Con, the comic book convention that ended on Sunday. Admittedly, we don’t understand Scriptland, but we do understand a newspaper’s need to be first.