Murdoch Loses a Top Exec

In the midst of a rough patch for media giant News Corp., the company's popular and powerful president, Peter Chernin, has decided to leave his position. Like many media companies, News Corp. has been heavily affected by the recession and ongoing advertising woes, its stock off almost 70% from its 52-week high—a harder hit than those suffered by fellow media companies Time Warner and Walt Disney. Chernin, known for paving News Corp.’s path on Wall Street and in Hollywood, has been thinking about leaving his job for months and is expected to move within the company, to an attractive position in TV and movie production for Fox. Chernin's successor for president has not yet been named.