Dow Jones CEO William Lewis announced that he will be leaving the company after he was informed that his contract will not be renewed, the Wall Street Journal reported Wednesday.
Dow Jones is the publisher of the Journal. Lewis has had ongoing contract negotiations since the beginning of the year, but a decision that his contact would not be renewed when it expires in May was made, according to the Journal.
“I’m really very sad to leave. It’s been the best six years of my life, but I am proud to say that the company is in very solid shape as I go," Lewis is quoted as saying.
Dow Jones, which also publishes MarketWatch, is owned by News Corp. (NWSA) - Get Report. Lewis has been the chief executive at Dow Jones since 2014. Before that, Lewis spent nearly a decade as an executive at News Corp.
During his tenure, the Journal nearly tripled its number of digital subscribers to 1.93 million through the end of 2019 after, having less than 700,000 when he first took over as CEO.
Sources told the Journal that the paper had added more than 140,000 new subscribers in the past four weeks alone amid a surge in interest in coronavirus-related news.
Many media companies are experiencing lean times as advertising revenue has fallen sharply amid the coronavirus pandemic that has halted most of the U.S. economy.
News Corp. shares closed Wednesday's session up 1.56% to $9.14, but the stock is down nearly 40% year to date.