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Thursday, November 11, 2010

Hearst Magazine chairman Cathleen Black takes over NYC Schools Chancellor job from Joel Klein as he joins Rupert Murdoch's News Corp. in game of corporate musical chairs...

NYC Schools Chancellor Klein Joins News Corp. as Senior Adviser
By Sarah Rabil - Nov 9, 2010 4:51 PM ET

New York City Schools Chancellor Joel Klein stepped down to join News Corp. as a board member and senior adviser to Chairman and Chief Executive Officer Rupert Murdoch.

After eight years with the school system, Klein will become executive vice president in the Office of the Chairman and advise Murdoch on issues including developing business strategies for the education marketplace, New York-based News Corp. said today in a statement.

Klein, 64, joins News Corp., the owner of Fox News and the Wall Street Journal, as Murdoch has become increasingly vocal about the need to overhaul the U.S. education system. At a speech in Washington in October, where he was introduced by Klein, Murdoch said the failure of public schools is threatening the middle class and America’s competitiveness.

“His record of achievement leading one of the country’s toughest school systems has given him a unique perspective that will be particularly important as we look into a sector that has long been in need of innovation,” Murdoch said in the statement.

News Corp. doesn’t currently serve the education market, having sold a U.K.-based education-publishing business in 2005. The company also divested an education-publishing division of its book publisher HarperCollins in 1996.

The addition of Klein to News Corp.’s board will fill the vacancy left by Mark Hurd, the former CEO of Hewlett-Packard Co., who wasn’t nominated for re-election this year.

News Corp. fell 5 cents to $14.28 at 4 p.m. New York time in Nasdaq Stock Market trading. The shares have gained 4.3 percent this year.

Clinton, Bertelsmann

In 1998, Klein led the U.S. Justice Department’s landmark antitrust case against Microsoft Corp. under President Bill Clinton. Before that, he was deputy White House counsel from 1993 to 1995 for Clinton.

In January 2001, Klein joined Bertelsmann AG, Germany’s biggest media company, to advise on acquisitions and oversee its U.S. corporate-services unit.

Hearst Magazines Chairman Cathleen Black will replace Klein, according to Mayor Michael Bloomberg. Mayor Bloomberg is the majority owner of Bloomberg LP, which owns Bloomberg News.
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