Dow Jones President Burenga Resigns
NEW YORK (AP) _ Dow Jones & Co. president 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 spend more time with his wife, he said in a statement Wednesday. His posts as president and chief operating officer will not be filled, and his duties will be shifted among several executives.
``I think this is the time to embark on a new phase of my life,″ Burenga said. His retirement will be effective Dec. 31.
Burenga joined Dow Jones in 1966 as a budget accountant and served several executive posts, including chief financial officer, general manager of the Journal, and chief executive of Telerate, the electronic financial information service that was renamed Dow Jones Markets last year.
He has been company president since 1991.
Burenga was given the added responsibility of directly overseeing Markets in July 1996 and six months later announced a $650 million plan to overhaul the unit, which had been lagging competitors and become a drag on the company’s profits and stock price.
The overhaul was curtailed after 10 months and Dow Jones sold Markets to Bridge Information Systems Inc. in May for $510 million _ less than a third of what it paid nearly a decade ago.
Since shedding Markets, Dow Jones has been cutting jobs and buying back stock in an attempt to boost its profits. On Wednesday, the company announced plans to buy back up to $500 million of its shares over the next two to three years, on top of a $300 million repurchase plan announced in May.
Dow Jones shares were up 93 3/4 cents to $44.68 3/4 in late afternoon trading on the New York Stock Exchange.
In addition to the Journal, Dow Jones publishes Barron’s and SmartMoney magazines, electronic news wires and the Ottaway community newspaper group.