Business Unit News
Dow Jones Combines Consumer and Enterprise Business in New Organizational Structure
Larsen Named President; Daintith Named Chief Operating Officer
NEW YORK (Jan. 4, 2010) – 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 said.
“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.
Contact:
Howard Hoffman
Vice President, Corporate Affairs
(609) 520-4765
Howard.Hoffman@dowjones.com