Longtime CFO David DeVoe to Retire After Split
Longtime CFO David DeVoe will also exit the company after the split, News Corp. said in a separate announcement on Thursday. Conglom has promoted deputy chief financial officer John Nallen to CFO of 21st Century Fox, the unit of News Corp. which will hold the company’s entertainment assets after the separation, effective July 1.
Shares of class A and B common stock for both entities will begin trading June 19 and continue through the separation process, which is expected to end after the market closes June 28.
News Corp. announced in June of last year that it planned to spin off its publishing assets, which include the Wall Street Journal and the New York Post. The entertainment assets – which include the Fox film and TV studios – will be grouped into the newly named 21st Century Fox division.
The publishing unit will retain the News Corp. name.
DeVoe has served as CFO and a director of News Corporation since 1990. He will retain his board seat after retirement and will continue to serve as a senior advisor to the company. The longtime exec joined News Corp. in 1983 as a senior financial executive and has served as a senior executive vice president of News Corporation since January 1996. He has also served as a director on a number of boards, including British Sky Broadcasting Group, NDS Group Limited, Shine Limited, Gemstar-TV Guide and DIRECTV.
After the separation, Nallen will report to chairman and CEO Rupert Murdoch and president and COO Chase Carey. Nallen has served as Deputy Chief Financial Officer and an Executive Vice President of News Corporation since 2001, having joined the company in 1995.