Dow Jones & Company (NYSE: DJ) today announced a restructuring of its Enterprise Media Group that will bolster its business in the financial, corporate and media, and government markets. The company has reorganized its management and consolidated its enterprise product lines into three business units: Dow Jones Indexes and Reprints, Dow Jones Financial Information Services and Dow Jones Content Technology Solutions.
As contemplated as part of the recently completed acquisition of Factiva, the new structure integrates three complementary businesses, Dow Jones Newswires, Dow Jones Licensing Services and Factiva, into a new unit, Dow Jones Content Technology Solutions. This unit will develop and offer content and technology solutions that allow professionals, from financial advisors and traders to information professionals to sales and marketing people, to use news and business information in ways that create opportunities and financial gain. Both Dow Jones Indexes and Reprints and Dow Jones Financial Information Services continue with the same structure and leadership but will collaborate with the leadership of the Dow Jones Content Technology Solutions unit on new products and services.
Rich Zannino, CEO of Dow Jones said, âThese changes follow the acquisition of Factiva and will accelerate our growth in the attractive business information services market. This is the latest step in our strategy of diversifying our reliance on traditional print revenue. Our Enterprise Media Group now has the structure and resources to deliver even more comprehensive and innovative solutions to customers in both new and existing markets, globally."
The group will focus on developing innovative ways to bring Dow Jones business news and financial information, other third-party content sources and client-specific content into the job-specific applications commonly used by professionals as part of their daily work routine. The company already offers its content via market-data workstations and in sales and marketing applications such as CRM. The new structure takes advantage of content and technology synergies and expands the opportunity to develop solutions that can deliver any type of content into any type of job-specific application.
âThis is especially good for our customers. By marrying the indispensable content of Dow Jones with the innovative technologies developed by Factiva, we will improve the ability of business people around the world to find and use information more effectively,â said Clare Hart, executive vice president, Dow Jones, and president, Dow Jones Enterprise Media Group. âOur solutions will provide clients with all the relevant information, and only the relevant information, at the point of decision, which increases the speed and effectiveness of decision-making.â
In addition to enhancing its current product lines, before the end of the year, the company will expand its Dow Jones Wealth Manager offerings and launch a more robust set of content-integration technologies that allow clients to integrate multiple content types into their most mission-critical applications.
The company announced several management changes as part of the new organizational structure. Ms. Hart will continue to lead the Enterprise Media Group and will also be president of Content Technology Solutions. The following executives will report to Ms. Hart:
- Simon Alterman was appointed senior vice president, Strategy and Business Development for the Group. Mr. Alterman previously was the vice president and global director of Content for Factiva.
- Dennis Cahill was appointed senior vice president and chief product officer for the Group. Mr. Cahill was previously vice president of Product for Factiva.
- Richard Hanks was named chief operating officer of the Enterprise Media Group, with overall responsibility for business management of the Group. Mr. Hanks previously was chief financial officer of Factiva.
- Neal Lipschutz, senior vice president and managing editor, Dow Jones Newswires, will assume global responsibility for Dow Jones Newswires editorial.
- Mike Petronella continues in his role as president of Dow Jones Indexes and Reprints.
- Scott Schulman continues in his role as president of Dow Jones Financial Information Services.
- Alan Scott, formerly chief marketing officer of Factiva, becomes senior vice President and chief marketing officer of the Group.
- Bill Voltmer becomes senior vice president, Global Sales and Client Solutions, for the Content Technology Solutions business unit. Mr. Voltmer previously was the vice president and global director of Sales for Factiva.
Dow Jones will provide information on the financial effects of the restructuring as part of its annual earnings release later this month.