Todd Larsen, the man once tipped to replace Les Hinton as CEO of Dow Jones, has unexpectedly stepped down from his role as the company’s president, says a company press release.
Larsen has held the presidential post at Dow Jones, the division of News Corp that publishes the Wall Street Journal, since January 2010. He has notably overseen the transition to digital.
The man who did become CEO, Lex Fenwick, paid tribute to Larsen’s “deep commitment to Dow Jones for more than a decade”. He added: “Our digital business… is at the forefront of the industry, and that is a testament to Todd’s leadership and guidance.”
Robert Thomson, who is both editor-in-chief of Dow Jones and managing editor of the Journal, spoke of Larsen as “an inspiring leader… providing guidance and insight when there has been a paucity of prescience in our industry.”
Fenwick, who arrived at Dow Jones from Bloomberg in February, also announced a series of other executive appointments and departures.
Alisa Bowen, formerly general manager of the Journal’s digital network, has been named head of products for Dow Jones, and Joe Lanza, president of financial markets, will assume a new role as head of the company’s data strategy unit.
Among the senior staff leaving the company are Scott Schulman, president of Dow Jones corporate markets; Lynne Brennen, senior vice president of circulation; and Bethany Sherman, senior vice president and chief communications officer.
Larsen started with Dow Jones in 1999 as corporate director of strategic planning and development and worked his way up. He was responsible for steering the company after Hinton’s resignation in July last year.
Hinton stepped down as Dow Jones CEO on the same day that Rebekah Brooks resigned as CEO of News International.
Penny Stock Picks