News Corp. Names Outsider to Run Dow Jones

Lex Fenwick came from Bloomberg LP

News Corp. named Bloomberg LP executive Lex Fenwick as its new CEO of The Wall Street Journal parent Dow Jones & Co., ending a search that began after Les Hinton left in July, a casualty of the phone-hacking scandal that’s embroiled the company in Britain.

Unlike his predecessor, who was a longtime Murdoch soldier and confidant, Fenwick is a News Corp. outsider, and his selection could be seen as aimed at helping distance the division from the phone-hacking troubles. Fenwick spent 25 years at Dow Jones rival Bloomberg, most recently was CEO of Bloomberg Ventures, a unit he started in 2008 to enhance and expand existing Bloomberg products. Talks to hire him as CEO were reported recently by The New York Times.

Hinton left as he faced scrutiny for his role as executive chairman of News Corp. division News International, which published the scandalized (and since shuttered) British tabloid News of the World. In resigning, Hinton apologized for the actions of News of the World while saying he was “ignorant of what apparently happened.” Dow Jones president Todd Larsen has been leading the company in the interim.

Fenwick will be based in New York and report to Chase Carey, president and COO of News Corp. He starts in his new position Feb. 13.