CEO Fenwick Out as Dow Jones Reviews DJX Product

NEW YORK (AP) -- In an unexpected shakeup, News Corp. said Tuesday that it is replacing Lex Fenwick, CEO of its Dow Jones subsidiary. The media company controlled by Rupert Murdoch said it plans to review how Dow Jones serves institutional clients.

The company named William Lewis as Dow Jones' interim CEO.

News Corp. CEO Robert Thomson said the review will include improvements to DJX, a product for institutions that includes a variety of services such as Factiva and the Dow Jones newswire.

Thomson said in a statement that "greater flexibility in its product offerings is likely in the short term." DJX, which has been in beta testing since its launch last year, has had a single price per user for its omnibus offering.

The product was meant to compete with rival Bloomberg's financial data and news services and was largely developed by Fenwick, who joined Dow Jones in February 2012 after 25 years at Bloomberg LP, where he held positions including that of CEO at Bloomberg Ventures.

The company had high hopes for DJX. Dow Jones' institutional clients account for about 30% of Dow Jones' revenue. The rest comes from consumer publications like The Wall Street Journal and Barron's magazine.

Thomson said in November that the institutional part of the business "hasn't performed to our expectations or to its potential for really almost two decades."


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2804426, ~/Articles/ArticleHandler.aspx, 4/23/2014 2:11:59 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement