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News Corp. Finance Chief Will Retire After Company’s Breakup

June 13 (Bloomberg) -- News Corp. executive David DeVoe, who became chief financial officer in 1990, will step down from the position after the company splits into publishing and entertainment entities later this month.

DeVoe, 66, will remain a director and senior adviser, News Corp. said today in a statement. John Nallen, who has been deputy finance chief since 2001, will take over as CFO of the entertainment business.

On June 28, News Corp. will split into two publicly traded companies -- a move that followed shareholder pressure to separate the faster-growing TV and movie assets from the publishing business. The entertainment operation will be called 21st Century Fox, while the rest will take the News Corp. name. Bedi Ajay Singh, formerly with Metro-Goldwyn-Mayer Inc., will be CFO of the publishing company.

Nallen, who joined News Corp. in 1995, will report to Chief Executive Officer Rupert Murdoch and Chief Operating Officer Chase Carey at 21st Century Fox.

“I am honored to be part of 21st Century Fox’s leadership team as we embark on an exciting next chapter to drive long-term value for our shareholders,” Nallen said in today’s statement.

To contact the reporter on this story: Nick Turner in New York at nturner7@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

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