Dow Jones & Company announced a new organizational structure combining
its consumer and enterprise businesses in a unified group serving
customers across all platforms and distribution channels.
The new alignment puts key products such as The Wall Street Journal, Dow
Jones Newswires and Factiva in a single operating unit.
“We have devoted two years to improving our products. This is the right
time for a strategic step aimed at coordinating their development and
marketing for the future,” said Les Hinton, chief executive of Dow
Jones. “This structure will provide the focus to make us faster and
better than our rivals at identifying and meeting customer needs.”
With the change, two Dow Jones executives take on enhanced roles. Todd
Larsen becomes president of Dow Jones with responsibility for the
primary commercial operations of the company. Stephen Daintith becomes
chief operating officer of Dow Jones where he will provide strategic
guidance for the entire organization while continuing his
responsibilities as chief financial officer.
Clare Hart, who was president of the Enterprise Media Group and an
executive vice president of Dow Jones, will be leaving the company.
“This isn’t about personalities, and it’s not about costs,” Mr. Hinton
said. “It’s about the best way to operate an information business at a
time when technology provides new tools for delivering news and new
opportunities for keeping businesses and individuals informed.”
“Clare has been a dedicated and much-valued executive in the two years
since I joined Dow Jones. I have greatly valued Clare's advice,
support, and hard work, and wish her well in the future,” Mr. Hinton
“Over my more than 25 years at Dow Jones, we have evolved from a
newspaper with an interest in technology to a modern, global company
which embraces the potential of digital information,” Ms. Hart said. “As
proud as I am to have been a partner to that achievement, I am prouder
still for wonderful customers and dynamic partners who drove our success
and for the outstanding colleagues with whom it was my pleasure to work.”
Prior to 2010, Dow Jones had three major operating units. The Consumer
Media Group included The Wall Street Journal, Barron’s and MarketWatch.
The Enterprise Media Group included Dow Jones Newswires, Factiva,
Indexes, Client Solutions and Financial Information Services. The Local
Media Group, which will continue to function independently, is the
company’s community news division and includes eight daily newspapers
and 15 weeklies in six states.
As president of Dow Jones, Mr. Larsen will lead the business operations
of the Journal, Newswires, Factiva and other products, including
advertising, sales, marketing and product development. Prior to this
year, he was chief operating officer of the Consumer Media Group where
he was responsible for strategy, business development, financial
management and day-to-day operations of the unit. Previously, he had
been president of what Dow Jones then called the Consumer Electronic
Publishing business, which included WSJ.com and other online businesses.
He joined Dow Jones in 1999 from Booz Allen & Hamilton.
As chief operating officer for Dow Jones, Mr. Daintith oversees finance,
technology and other administrative functions for the company. He joined
Dow Jones as chief financial offer in 2008. Prior to that, he had been
the CFO at News International, the publisher of The Sun, The Times, The
News of the World and The Sunday Times since 2005. Mr. Daintith
previously held several executive positions at British American Tobacco.
ABOUT DOW JONES
Dow Jones & Company (www.dowjones.com)
is a News Corporation company (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV; www.newscorp.com)
and a leading provider of global news and business information. Its
principal products include The Wall Street Journal, Dow Jones Newswires,
Dow Jones Factiva, Barron's, MarketWatch and Dow Jones Indexes. Its
Local Media Group operates community-based newspapers and Web sites. Dow
Jones also provides news content to television and radio stations.