David F. DeVoe, chief financial officer of News Corp. for the last 15 years, is stepping down.
DeVoe, who has been part of Rupert Murdoch's inner circle for more than 25 years, will exit his executive role after the company completes its split into two separately traded companies. At the end of this month, News Corp. plans to spin off its TV and movie entertainment assets into a new company named 21st Century Fox.
The other company, made up of the Wall Street Journal, New York Post and HarperCollins book publishing, will take the News Corp. name.
John Nallen, the deputy chief financial officer for News Corp., will become the CFO for 21st Century Fox. Bedi Ajay Singh, most recently CFO of MGM Studios, will take on that role at the new News Corp.
DeVoe, who joined News Corp. in 1983 as a financial executive, will have a seat on the board of 21st Century Fox and remain an advisor to Murdoch.
The move was announced Thursday following a News Corp. board meeting.
“I would like to express my profound gratitude to Dave for his enormous contributions to News Corp. over nearly three decades in which he has played a pivotal role in building the company into a global leader," Murdoch said in a statement. "Dave has helped drive our businesses to new heights and position us for long-term and sustainable growth. ... The board and I look forward to continuing to work with him in his capacity as both a director and a valued senior advisor.”
News Corp. also on Thursday confirmed that CEO Rupert Murdoch had filed for divorce from his wife of nearly 14 years, Wendi Deng Murdoch, in New York Supreme Court.