A new year and a new org chart for Dow Jones (NYSE: NWS) & Company: Clare Hart, president of the Enterprise Media Group and an EVP, is leaving and Todd Larsen is the survivor, moving to president of Dow Jones and heading all business ops as the company combines its consumer and enterprise businesses into one. DJ CEO Les Hinton explains it all — and then some — in the memo to the DJ staff posted in full below. But while the big picture has been drawn, the details are far from set. The restructuring isn’t being done to cut costs, Hinton stresses, but inevitably folding the groups together likely will mean some job cuts.
The move means that DJ’s major businesses will be operated as one, combining Enterprise Media, which included Dow Jones Newswires, Factiva and the Indexes, with Consumer Media, which included The Wall Street Journal, Barron’s and MarketWatch. The Local Media Group remains separate. CFO Stephen Daintith will move into the role of COO, retaining his financial responsibilities. Larsen and Daintith will continue to report to Hinton; Hart’s reports will go to Larsen, as will Michael Rooney (advertising), Joe Vincent (production and operations) and Ann Sarnoff (Ventures). Release.
A note from Les Hinton to all staff regarding a new organizational structure:
As 2010 begins, I have decided to put in place a new organizational structure that aligns Dow Jones for the challenges and opportunities ahead.
With immediate effect, we will cease operating as two groups and merge the enterprise and consumer divisions into a unified business. This will put us in the best position to pursue the single purpose of maintaining and strengthening our place as the world’s pre-eminent provider of news and business information.
This reorganization will result in several changes:
* Todd Larsen becomes president of Dow Jones. He is now responsible for all commercial elements of the combined consumer and enterprise businesses.
* Stephen Daintith becomes chief operating officer of Dow Jones. In his new role, Stephen will work closely with Todd and me on our strategic development as well as the efficient structuring of a combined Dow Jones. Stephen will retain the job of chief financial officer with responsibility for finance, IT, and other administrative departments.
Clare Hart has decided to leave the company. 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.
Under the new structure Todd and Stephen will continue to report to me, as will Robert Thomson, Paul Gigot, Ed Finn, Mark Jackson, Greg Giangrande, and Ian Weston. The Local Media Group will also continue reporting to me.
Reporting to Todd will be his current team plus Clare’s direct reports. In addition, Michael Rooney and the advertising team, Joe Vincent and the production and operations group, and Ann Sarnoff with her colleagues from Ventures will report to Todd. Neal Lipschutz of Newswires, until now reporting to Robert and Clare, will report solely to Robert.
Todd, Stephen, Greg, and I will meet soon with colleagues across the company to provide more detail about our plans, but I want briefly today to explain why this change is right for us.
To answer one obvious question, this change emphatically is not driven by a need or desire to reduce costs. It is happening because of a belief that by pooling our collective energy and creativity, Dow Jones will find new and better ways to develop the products that distinguish us in the market. A unified organization also will create more opportunity for our best and brightest people to flourish.
To be successful, we need a structure and focus that makes us faster and better than our rivals in identifying and meeting our customers’ needs. We need a structure that supports our ambition to serve customers irrespective of platform or distribution channel.
World-class content remains the bedrock of everything we do, and under Robert Thomson