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News Corp’s chief financial officer Stephen Rue resigns, replaced by News UK’s Susan Panuccio

News Corp Australia has announced the departure of its long serving chief financial officer Stephen Rue after 17 years with the company.

Rue’s departure comes days after the new News Corp – formed from the global split into 21st Century Fox and News Corp – reported its first set of financial numbers. They revealed that revenues for News Corp’s Australian newspapers had dropped by about $350m.

1.30pm update: The company has named Susan Panuccio, previously with News UK, as his replacement.

The announcements:

News Corp Australia announced today that chief financial officer Stephen Rue has decided to resign and will be leaving the company in the next few weeks.

News Corp Australia’s chief executive officer Julian Clarke said, “I would like to thank Stephen for his significant contribution to the company over the last 17 years.

“Stephen has headed our financial, treasury and corporate tax functions with distinction and in recent years took additional responsibility in overseeing our business transformation office.

“Stephen has also played an important role as director on a number of subsidiary and associated boards including Foxtel, FOX SPORTS, REA Group, Australian Associated Press and the Community Newspaper Group in Perth, where he served as chairman for many years.

“His deep media experience and enthusiastic attitude will be missed within our company,” Mr Clarke added.

Mr Rue said, “I joined the company in 1996. It has been a fantastic journey leading the broad finance function, which included assisting News Corporation in moving domicile to the United States in 2004 and then splitting the company into two separate entities last June.

“The past year alone has been a wonderful experience in overseeing the company’s transformation office at a time of major change, where we also acquired Consolidated Media Holdings and disposed of our interest in Sky New Zealand.

“News Corp Australia is a great company to work for. I will miss it and all the smart, dedicated and creative people it employs. However, I feel that after over 17 years with the company, and over 10 years as chief financial officer, it’s time to move onto other things.

“I wish my executive colleagues and all of my fantastic team in finance the very best for the future.” Mr Rue said.

News Corp Australia will announce a new chief financial officer shortly.

About Stephen Rue:

Mr Rue first joined News Limited in 1996 and moved into the role of treasurer and special projects manager prior to being appointed group finance manager. He was appointed chief financial officer in May 2003.

Mr Rue was a director of News Limited, REA Group, Australian Associated Press Pty Limited and Foxtel Management Pty Limited.

Mr Rue was chairman of Community Newspaper Group Limited and, from July 2010 until May 2013, chairman of Melbourne Storm Rugby League Club Limited.

Mr Rue is a Chartered Accountant and holds a Bachelor of Business Studies and a Diploma in Professional Accounting.

Mr Rue’s additional experience includes eight years at Arthur Andersen where he held the position of senior manager in the Audit and Business Advisory division.

Second announcement:

News Corp Australia announced today the appointment of Susan Panuccio to the position of chief financial officer.

News Corp Australia’s chief executive officer Julian Clarke said, “I am delighted that someone of Susan’s skills and expertise has agreed to join the company.

“Susan has a broad range of relevant media and financial experience, having most recently held the position of chief financial officer at News UK.

“She takes over the finance role at a very exciting time for News Corp Australia as we continue to invest in great journalism across print, on-line and tablet,” Mr Clarke said.

Mrs Panuccio said, “I am thrilled to be returning to Australia for such a challenging and interesting role.

“News Corp Australia has an extraordinary range of assets – with print and digital publications that reach over 15 million Australians a week as well as a range of outstanding fully owned and partner companies such as Foxtel, FOX SPORTS and REA Group.

“I am really looking forward to leading the finance group of such an important Australian company. The fact I am coming home to do it makes it even better,” Mrs Panuccio added.

About Susan Panuccio:

Mrs Panuccio’s most recent role was chief financial officer for News UK.

Prior to this she held a variety of finance and commercial roles at News UK including director of strategic programme management, director of corporate planning and controller of planning and analysis.

Before joining News UK, Mrs Panuccio was finance manager at corProcure in Australia, a business analyst at Anglogold Australasia and a senior network analyst at Ansett Australia. Prior to this she worked at KPMG.

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