Dow Jones CEO Announces Resignation

Posted on July 15, 2011

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KALA BRADFORD

The chief executive of News Corp. subsidiary Dow Jones, Les Hinton, said Friday that he is resigning.

Hinton has been with News Corp. for 52 years and played a vital role in Murdoch’s media empire. His resignation was shortly followed by that of his successor, Rebekah Brooks. Hinton was the executive chairman of News International, one of News Corp.’s newspaper publishers that owned the tabloid newspaper News of the World.

However, News Corp. took a blow after allegations of shady journalism. News of the World reporters has been accused been hacking into voicemails of British celebrities and politicians, a murdered teen girl and the father of a bombing victim.

Hinton announced his departure in a staff memo, stating that it was “a deeply, deeply sad day for me.” In a letter to Murdoch, he apologized for being “ignorant” of the misconduct at News of the World.

Courtesy of abcnews.com

Hinton stated, “The pain caused to innocent people is unimaginable — that I was ignorant of what apparently happened is irrelevant and in the circumstances I feel it is proper for me to resign from News Corp., and apologize to those hurt by the actions of the News of the World.”

Hinton also said that he had believed the “rotten element at News of the World had been eliminated” by the time he left News International to go to Dow Jones.

News Corp. owns outlets including The Wall Street Journal, Fox News, and the New York Post. On Wednesday, News Corp. withdrew its $12.5 billion bid to purchase British Sky Broadcasting.

As Murdoch’s media empire took a hit this week, News Corp. shares slumped nearly 7%.

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Posted in: National