- Signs for push-out forces
- After almost four years on the job
- Laud and praise for Singh
- Susan Panuccio taking over
- Singh made a lengthy statement and said 92 words
(management-change.com) — New York, February 23, 2017 — Bedi Singh, finance chief of News Corp, leaves. It is a change at short notice. As announced by News Corporation in a news release on Thursday, February 23, 2017, Bedi A. Singh leaves the post as Chief Financial Officer at the mass media company after almost four years on the job, effective March 01, 2017.
Singh’s duties are taken over by Susan Panuccio, currently Chief Financial Officer of News Corp Australia at News Corporation.
“To pursue new opportunities”
A reason for the imminent change was not explicitly given. News Corp said: “Following his departure, Mr. Singh intends to pursue new opportunities; however he has agreed to serve as a senior advisor to News Corp on its digital property interests in India, reporting to Mr. Robert Thomson, Chief Executive, and will also join the advisory board of Move, Inc., which operates realtor.com®.”
The phrase “to pursue new opportunities” is often used in corporate announcements and opens the door to speculation.
Precise information about the future plans of Singh was not immediately available.
Share price decline
The change follows a decline in the share price of News Corporation since November 2013.
Chaired by K. Rupert Murdoch
News Corporation is chaired by K. Rupert Murdoch. He has been the Executive Chairman of News Corporation since December 2012.
CEO: Robert Thomson
Robert Thomson serves as CEO of News Corporation. Thomson has been the Chief Executive Officer of News Corporation since January 2013. He served as the Editor-In-Chief of Dow Jones and Managing Editor of The Wall Street Journal at Dow Jones Newswires Holdings, Inc.
On the job as CFO since 2013
Singh rejoined News Corporation in 2012 and was named CFO as part of the new leadership team of News Corp in June, 2013.
He served as Co-CEO, President & Chief Financial Officer for MGM Studios, a media company, from 2008 to 2010.
Previously, Singh served as Chief Financial Officer at Gemstar-TV Guide from 2006 to 2008, as Chief Finance and Administration Officer at Novartis Pharma A.G. from 2004 to 2006 and as Executive Vice President and Chief Financial Officer of Sony Pictures Entertainment from 1999 to 2003.
Before joining Sony Pictures Entertainment, he held a number of senior finance positions at 21st Century Fox, including at News International (now known as News UK) as Financial Controller and Fox Filmed Entertainment as Deputy Chief Financial Officer and as Senior Vice President, Office of the Chairman of News Corporation.
Singh is a graduate of the London School of Economics and Political Science, a Fellow of the UK Institute of Chartered Accountants and a graduate of the Program for Management Development at Harvard Business School.
Singh started his business career with Arthur Andersen in London.
During Singh’s time at News Corp, the company’s significant acquisitions included Move, Inc., operator of realtor.com®; Harlequin Enterprises; Wireless Group, operator of talkSPORT; and tech-startups Storyful, Unruly and Checkout 51.
News Corp also made strategic investments in India, including the acquisition of VCCircle and BigDecisions.com and an investment in PropTiger.com, which recently came together with Housing.com to become the largest digital real estate company in India.
Signs for push-out forces
It is not completely certain what forces eventually triggered Bedi A. Singh’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 09.2017 ($).