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Will Lewis appointed interim CEO of Wall Street Journal owner Dow Jones Will Lewis replaces ousted Lex Fenwick as CEO of struggling Dow Jones
(about 4 hours later)
Will Lewis, the News Corp executive who was a key player in the internal investigation of the media group’s UK hacking scandal, has been appointed interim CEO of Dow Jones, parent company of the Wall Street Journal. The chief executive of Dow Joes, parent company of the Wall Street Journal, was abruptly replaced on Tuesday, as the company anncouned it was "reviewing its institutional strategy".
News Corp announced on Tuesday that Lewis, 45, will head the News Corp-owned media group that counts the Journal and the Dow Jones news wires among its assets. He will replace Lex Fenwick, a former Bloomberg executive, while a search for a permanent chief executive gets under way. News Corporation, which owns Dow Jones, said Lex Fenwick's resignation would take immediate effect, and that he would be replaced by Will Lewis, the executive who was a key player in the internal investigation of the media group’s UK hacking scandal.
Lewis joined News Corp in 2010 as group general manager at News International, now News UK. In 2011 he was made a key member of News Corp’s management and standards commission (MSC) an internal task force set up in the wake of the hacking and bribery scandal. Dow Jones has been attempting to compete with Bloomberg in the lucrative business of supplying institutional trading terminals to Wall Street and City workers. Last August it launched DJX, a service aimed at challenging Bloomberg’s dominance of the terminals market.
News Corp split its film and TV assets from its publishing division last June and Lewis was appointed chief creative officer of the publishing division by its CEO Robert Thomson. DJX includes a variety of services such as Factiva and the Dow Jones newswire at a single price point. Some customers are understood to have been furious at being forced to swallow significant price hikes for the bundled product, which has failed to capture the imagination of its target market.
Lewis has previously served as editor-in-chief of the Telegraph newspaper group in London, business editor of the Sunday Times in the UK, and global news editor of the Financial Times. News Corp reported the division had a “modest, negative impact” on its third-quarter revenue. The CEO of News Corp, Robert Thomson, said in a statement on Tuesday that "greater flexibility in its product offerings is likely in the short term". The product was the brainchild of Fenwick, and his resignation is a clear indication that Thomson believes it has been a failure.
Dow Jones has been attempting to compete with Bloomberg in the lucrative business of supplying institutional trading terminals to Wall Street and City workers. Last August it launched DJX, a service aimed at challenging Bloomberg’s dominance of the terminals market. It is still early days but so far DJX has not captured Wall Street. News Corp reported the division had a “modest, negative impact” on its third-quarter revenue.  “We thank Lex for his time and energy at the helm of Dow Jones, and in particular for his original vision of DJX as an innovative way to integrate content and deliver it to customers in a timely manner,” said Thomson in the statement.
“We thank Lex for his time and energy at the helm of Dow Jones, and in particular for his original vision of DJX as an innovative way to integrate content and deliver it to customers in a timely manner,” said Thomson.
“We’re reviewing the institutional strategy of Dow Jones with an eye towards changes that will deliver even more value to its customers. As part of that, we’re planning improvements to DJX,” he said.“We’re reviewing the institutional strategy of Dow Jones with an eye towards changes that will deliver even more value to its customers. As part of that, we’re planning improvements to DJX,” he said.
“We will also be redoubling our efforts to develop the Wall Street Journal and its digital properties globally, which continue to serve the world’s most influential readers with the most authoritative news and analysis,” said Thomson.“We will also be redoubling our efforts to develop the Wall Street Journal and its digital properties globally, which continue to serve the world’s most influential readers with the most authoritative news and analysis,” said Thomson.
The company said that Lewis would take over on an interim basis. Lewis joined News Corp in 2010 as group general manager at News International, now News UK. In 2011 he was made a key member of News Corp’s management and standards commission (MSC) an internal task force set up in the wake of the hacking and bribery scandal.
News Corp split its film and TV assets from its publishing division last June and Lewis was appointed chief creative officer of the publishing division.
Lewis has previously served as editor-in-chief of the Telegraph newspaper group in London, business editor of the Sunday Times in the UK, and global news editor of the Financial Times.