President of Dow Jones to Step Down at Year-End

Dow Jones & Co. said its president and chief operating officer, Kenneth Burenga, is retiring after 32 years with the publisher of the Wall Street Journal.

Burenga, 54, plans to start a venture-capital business with his son and to spend more time with his wife, he said in a statement Wednesday. His positions will not be filled, and his duties will be shifted among several executives.

His retirement will be effective Dec. 31.

Burenga moved up the ranks during his tenure at Dow Jones with such positions as vice president of circulation for the Wall Street Journal, chief financial officer for Dow Jones and chief executive of Telerate, the financial information unit that Dow Jones sold to Bridge Information Systems Inc. in May.

Dow Jones also promoted three executives, effective immediately.

The company said its board authorized the buyback of as much as $500 million of its shares in the next two to three years in an effort to boost their value. Dow Jones stock rose 31 cents to close at $44.06 on the New York Stock Exchange.