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News Corp. CFO David DeVoe To Retire After Split

News Corp. CFO David DeVoe To Retire After Split
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6/13/2013 5:17 PM ET

Rupert Murdoch-controlled diversified media and entertainment giant News Corp. (NWS: Quote, NWSA) said Thursday that its longtime Chief Financial Officer David DeVoe will retire at the end of its current fiscal year that occurs on June 29.

DeVoe, who joined News Corp. in 1983, has served as Chief Financial Officer and a director of the company since 1990.

DeVoe will maintain his board seat and remain a senior advisor to the company.

"It's been a privilege to serve as the Chief Financial Officer for the world's greatest media company for over 20 years. To work with Rupert as he built News Corporation into one of the most dynamic companies of all time was the opportunity of a lifetime," DeVoe said in a statement.

News Corp. also said it has promoted John Nallen to Senior Executive Vice President and Chief Financial Officer of 21st Century Fox, the media and entertainment company being spun off on June 28. Nallen's appointment is effective July 1.

Nallen, who joined News Corp. in 1995, has served as Deputy Chief Financial Officer and an Executive Vice President of the company since 2001.

In June 2012, New York-based News Corp. announced its plan to separate its publishing unit and entertainment business into two publicly traded companies. The move came after the company's British newspaper unit got involved in a phone hacking scandal that led to the closure of its 168-year old 'News of the World' tabloid in July 2011.

The independent media and entertainment company, christened 21st Century Fox, will be home to a portfolio of cable and broadcasting networks and properties, including FOX, STAR, National Geographic Channels, film studio Twentieth Century Fox Film, and television production studios Twentieth Century Fox Television as well as Shine Group, among others.

Meanwhile, News Corp.'s newspaper and publishing assets will remain under the banner of the new News Corp. The publishing business will include newspapers in each of the U.S., Australia and the U.K., including The Wall Street Journal, The Times, and The Sun, as well as a portfolio of Australia media and sports businesses.

The separation was approved by the News Corp. board last month, and the proposal got shareholders' nod earlier this week.

News Corp. shares closed Thursday's regular trading session at $31.68, up 74 cents or 2.39%.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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