Hail and Farewell at Dow Jones

On the first of this month, incoming Dow Jones CEO Rich Zannino said hello–“we…have an ever-expanding passion for winning”–while outgoing CEO Peter Kann said goodbye–“I….look back on decisions I wish I had made differently.” Full twin memos after the jump.

–Gabriel Sherman

A note from Rich
Excitement, Optimism and Confidence About Our Future
February 1, 2006
Dear Friends and Colleagues,

I’m writing to you today filled with much excitement, optimism and confidence about our future. I know that, together, we will preserve and protect all that is so special about Dow Jones, while at the same time innovating and evolving as we meet the needs of our readers and other customers in this dynamic media marketplace.

To do so, I’m counting on each and every one of you.

And you can count on me. I will energetically work to do all I can to chart the best course for our future, always upholding our core values, and supporting all of you.

Dow Jones has many talented and dedicated people, market-leading brands, unique content, products and audiences, and an abiding commitment to our core values of quality, integrity and independence. We understand the virtuous circle and interdependencies of journalistic excellence, business excellence and financial success. We also have an ever-expanding passion for winning. This is the foundation from which we’ll further grow and prosper.

To realize this success, I’ve been meeting with many people over the past few weeks to chart the best possible course for Dow Jones. The next step in this process will be refining our vision, strategy and organizational structure, which we’ll communicate later this month. At the same time, we’ll be developing a new long-range strategic plan, embodying an even bolder strategy and slate of initiatives aimed at returning Dow Jones to prosperity and creating the most possible value for customers, shareholders and employees. This will be unveiled in September.

Of course, we won’t wait until then to roll out many new ideas. And we’ll continue to execute aggressively the many exciting and bold initiatives already underway.

I look forward to communicating our progress against these milestones – in writing and in person. Until then, please share your views with me, as I’d love to hear them, at the address “Feedback for Rich.”

In closing, I’d like to express my deep admiration and gratitude to Peter for his leadership, vision and passion for what we do and stand for. It has made our past much richer and future possible. We’re fortunate to have Peter’s continued counsel and influence as chairman.



A note from Peter
It Has Been a Privilege to Serve as CEO
January 31, 2006
All Dow Jones Colleagues:

The transition of CEO responsibilities to Rich Zannino takes place tomorrow.

As previously announced, all units of the company henceforth will report to Rich. He will report to the Dow Jones board, of which I will remain chairman until April 2007.

It has been a great privilege to serve as the Company’s CEO for the past 15 years. During that tenure I’ve had the opportunity to preside over many collective successes and, of course, I also can look back at decisions I wish I had made differently.

Mainly, however, I leave the CEO role with enormous pride in the Company and in you, my colleagues, for having sustained the right values — above all a commitment to quality, integrity and independence in all that we do — and for having maintained the highest journalistic and business standards regardless of economic environments, business cycles, or the prevailing fads and fashions of our media industry. That is a testament to all of you, and I thank you for giving me cause for that sense of pride.

There may be occasion for more retrospective reflection when I retire as chairman. But, for now, my focus, like yours, is on the future. There are many exciting initiatives underway throughout the Company and many opportunities to build on these and to further innovate to the benefit of customers, shareholders, fellow employees, and the larger society this unique company serves.

I know you join me in giving Rich your support as he leads the Company forward. I hope to be of continuing help to him and to you in the time ahead.

With my thanks and best regards,

Hail and Farewell at Dow Jones