New York: Dow Jones & Co Chief Executive Officer Richard Zannino will demit office after completion of its acquisition by News Corp media mogul Rupert Murdoch's News Corporation.
Zannino is leaving as Murdoch plans to scrap subscription fees on the Journal's website and expand national news coverage to take on the New York Times, according to the Wall Street Journal, one of the company's publications.
The Times of London Editor Robert Thomson is being tipped for a top post once the sale is completed but did not (rpt) not say whether he is being considered for the post of CEO, as Zannino's successor.
The Times of London is also owned by News Corporation and Thomson was among major supporter of Murdoch's bid to take over Dow Jones and Company.
News Corp shareholders will vote next week to approve the USD5.6 billion purchase, allowing Murdoch to complete the deal by year-end as planned. The Dow Jones share holders are also expected to vote to seal the sale on next Thursday and it will be closed shortly thereafter.
Zannino took over as CEO in 2006 and helped to broker the\ 5.6 billion sale of the company to News Corporation. He headed during a period when the industry was fighting competition from web both for readership and advertisement.
In a statement released by Dow Jones, Zannino said the company is well on its way towards achieving its strategic and financial goals and, under his leadership, had reduced reliance on newspaper revenue and solidified its position as leading provider of high-quality news.
He also disclosed that he had been in discussion with Murdoch since September and said he plans to leave the company as it begins a new chapter under Murdoch.
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