News Corp’s CFO David DaVoe is to step down from his position following shareholder approval to split Rupert Murdoch’s media giant in two.
DaVoe has been News Corp’s top financial executive since 1990 but will retire at the end of the fiscalyear. He will remain on News Corp’s board and as a senior advisor to the company.
News Corp’s senior VP and deputy CFO John Nallen will replace him as CFO of 21st Century Fox, the media and entertainment arm of the new-look News Corp.
Earlier this week, News Corp shareholders approved the plan to split News Corp into separately traded publishing and entertainment companies on July 1. Ahead of the separation, trading of the current News Corp’s class A and class B stocks will begin on June 19 and continue until June 28.
It also comes as News Corp CEO and chairman Murdoch announced he had filed for divorce from third wifeWendi Deng. She is best remembered for leaping to her husband’s defence and attacking a man who had thrown a foam pie at him during a UK committee hearing in 2011.
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