News Corp. CFO David Devoe to Retire

John Nallen will take over

News Corp. chief financial office David Devoe will retire June 28 when the company splits into two separate companies, one for its publishing assets and the other for its entertainment properties.

Devoe will remain on the company's board of directors, a position he has held since 1990.

“I would like to express my profound gratitude to Dave for his enormous contributions to News Corp. over nearly three decades in which he has played a pivotal role in building the Company into a global leader,” News Corp. Chairman and CEO Rupert Murdoch said in a statement. “He is a world-class executive whose stellar financial stewardship can be credited for the enviable financial position we're in at this exciting time in the Company's evolution.”

John Nallen, Devoe's second-in-command, will take over as CFO for 21st Century Fox, the entertainment company, effective July 1. He will report to Murdoch and News Corp. COO Chase Carey.

“John Nallen has been a valued member of News Corp.'s executive management team for the past 18 years,” Murdoch said in a statement. “Chase and I, and the entire management team, recognize John as a uniquely talented executive whose leadership, track record and discipline will help us unlock the benefits that the separation will make possible for 21st Century Fox.”