Newsweek is running an article that Dow Jones & Company, Inc. (NYSE: DJ) current CEO, Richard Zannino, is set to relinquish his CEO position of the Wall Street Journal. This comes one week before Rupert Murdoch's News Corporation (NYSE: NWS) is set to assume control over Dow Jones.
This move comes after a contentious battle waged by Murdoch to lobby the Bancroft family to vote their controlling shares in favor of a merger.
The Newsweek article provides some color on this whole process saying, "Fearful that Murdoch might use the Journal as a platform to forward his own business and political views, numerous Dow Jones employees and executives tried to lobby the Bancrofts not to sell. But after Murdoch promised to preserve the Journal's editorial independence, the family decided to take the money and run."
As for Zannino, the ex-fashion industry and retailing executive, Murdoch doesn't seem to have found a place for him in the "new" Dow Jones. But that's OK, don't shed a tear for Zannino. His parting package weighs in at about $19 million, according to the Newsweek
Zack Miller is the Managing Editor of IsraelNewsletter.com and a former equity analyst for a leading multinational hedge fund. He does not own any stocks mentioned.
Out with the old: Rupert Murdoch poised to take over at Dow Jones
Posted Dec 6th 2007 5:39PM by Zack Miller
Filed under: News Corp'B' (NWS), Dow Jones and Co (DJ)
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