DOW JONES ELECTS KERBY AS PRESIDENT

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP73-00475R000200820002-4
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 1
• Document Creation Date: December 27, 2016
• Document Release Date: January 6, 2014
• Sequence Number: 2
• Publication Date: March 26, 1966
• Content Type: OPEN SOURCE

STAT
Declassified in Part - Sanitized Copy Approved for Release @ 50-Yr 2014/01/06: CIA-RDP73-00475R000200820002-4
WI MR & Yutm..tartztt
Dow Jones
Elects Kerby
As President
William F. Kerby, who first
served the company as a re-
porter, was this week elected
president and chief executive
officer of Dow Jones & Co. Inc.,
publisher of the Wall Street
Journal, the National Observer
and Barron's, and operator of
the Dow Jones News Service.
Mr. Kerby, 57, was elected at
a meeting of the company's
directors Monday (March 15),
following the annual stock-
holders' meeting in New York.
He succeeds Bernard Kilgore,
who was elected chairman of the
board. Mr. Kilgore, who also
began his service with the com-
pany as a reporter, received
stockholder approval for a lump-
sum payment of $3,508,678, "to
settle a 1946 profit sharing
agreement." The vote was 4,-
381,844 for the settlement and
14,126 against it.
Stockholders were told of a
suit that attacks the settlement
as an alleged "waste" of the
company's assets. Arthur W.
Lichtenstein, who brought the
in New York County
action
MAR 2 6 1966
William F. Kerby
Supreme Court, acquired 10 Dow
Jones shares on Feb. 18, the day
the proxy statement disclosed
details of the plan.
Laurence M. Lombard, an at-
torney and a Dow Jones direc-
tor, said: "There doesn't appear
to be any merit to Mr. Lichten-
stein's action." He pointed out
that at the time Mr. Kilgore
signed his profit-sharing agree-
ment; linked with Dow Jones per
share earnings, the 1945 profit
was $211,000 or 4 cents a share.
Last year the company's net in-
come was $9,650,963 or $2.07
a share.
The directors also elected
,Buren H. McCormack executive
vicepresident, succeeding Mr.
Kerby, and Robert Bottorff, a
vicepresident, was given the ad-
ditional duties of general man-
ager, a position formerly held
by Mr. McCormack.
Mr. Kilgore became president
of Dow Jones in 1945 at the age
of 36, after a career with the
company which began in New
York in 1929.
Progress Cited
"When Mr. Kilgore assumed
the presidency in 1945," said a
statement, "the Wall Street
Journal had a daily circulation
of roundly 60,000 and in that
year the company reported earn-
ings (adjusted on the present
share basis) of five cents per
share. Today, the Wall Street
Journal is the nation's second
largest newspaper, with a circu-
lation in excess of 950,000 daily
and Dow Jones recently reported
1965 earnings of $2.07 per
share . . ."
Mr. Kerby first worked with
the company in its Washington
news bureau. He succeeded Mr.
Kilgore as managing editor in '
1942. In 1945 he was appointed
executive editor of all Dow
Jones publications. He was
elected vicepresident of the com-
pany in 1951; executive vice-
president in 1961 and a director
of the company in 1965.
At the annual meeting, Mr.
.Kilgore predicted first quarter
trevenue will rise about 14% to
115% from the year-earlier
,$17,662,662.
Declassified in Part - Sanitized Copy Approved for Release @ 50-Yr 2014/01/06: CIA-RDP73-00475R000200820002-4