All good things must come to an end. The Chief Executive Officer of Rupert Murdoch’s Dow Jones, Lex Fenwick, is leaving the News Corp subsidiary, according to an announcement posted on the company’s website. Fenwick joined Dow Jones in 2010 after 25 years at Bloomberg LP, and oversaw the development of DJX, a product designed to compete with Bloomberg LP’s wire service. Fenwick was also the subject of an ex-Bloomberg employee’s unhinged resignation letter. The pertinent bit:
Lex Fenwick, purple-suited CEO-in-name-only of Bloomberg, did once put his finger on the greatest threat to the financial information service: "ourselves," he told Fortune, referring to the company's potentially complacent management. Behind the superficially charming self-deprecation, Fenwick hit upon a truth. For a highly profitable company founded by a supposed paragon of competence, Bloomberg is an astonishingly unhappy place run by bad-tempered cronies of the New York mayor. We wouldn't normally run the ravings of a disgruntled former employee. But Jerel Smith's farewell email captures some of the data terminal company's poisonous atmosphere; and his parting words for "loud mouth family size bag o'douche" Fenwick are particularly unfettered.
Here's a final thought on Michael Bloomberg's annoying flirtation with a presidential campaign, which ended with his declaration in the New York Times today that he wasn't running. The commentators have noted that a short Jew with no political base had no shot at the presidency. But even the New York mayor's supposed managerial competence, his main claim to credibility, wouldn't have stood up to the political spotlight.