News Corp on Monday announced a major restructuring of its top management in line with its decision to split into two publicly traded firms, naming a new head for its troubled British newspaper arm and appointing an Indian- origin executive to head the publishing business' finances.
The company said Dow Jones Editor-in-Chief and Managing Editor of The Wall Street Journal Robert Thomson will become the CEO of the new proposed publishing entity, following the company's intended separation into two independent, publicly traded companies. In the new role, Thomson will have to confront a lingering scandal in the UK News Corp that closed its News of the World newspaper in July 2011 after a phone hacking scandal.
The publishing entity would retain the name of News Corporation and the media and entertainment company would be named Fox Group.
News Corp Chairman and CEO Rupert Murdoch would serve as Chairman of the new News Corporation and Chairman and CEO of Fox Group.
Murdoch announced that Bedi Ajay Singh, who had most recently served as President, Finance and Administration and Chief Financial Officer for MGM Studios, would assume the role of Chief Financial Officer of the newly formed publishing company.
A fellow of the UK Institute of Chartered Accountants, Singh had previously served as CFO at Novartis Pharmaceuticals and SONY Pictures Entertainment.
Prior to 2000, he held a number of positions at News Corp, including senior finance roles at News International and 20th Century Fox.
Under the collective new leadership, Fox Group would continue to strengthen its creative content businesses and distribution assets, including enhancing its sports portfolio through key investments in Asia, Europe and Latin America, the company said.
Murdoch's son James Murdoch would continue in his capacity as Deputy Chief Operating Officer of the Fox Group. As part of a digital restructuring initiative, the company would also cease standalone publication of The Daily iPad app on December 15.
