Dow Jones & Co., continuing management changes that began last year, on Thursday promoted Paul E. Steiger to managing editor of the Wall Street Journal. He succeeds Norman Pearlstine, who has been appointed executive editor.
Steiger, 48, has been deputy managing editor since 1985, but for more than a year he has been effectively running the newspaper on a daily basis. Pearlstine has been managing editor since November, 1983. The management changes take effect Monday.
"This is really the titles catching up with reality rather than any great change going on," Pearlstine said.
Pearlstine, also 48, will become more deeply involved in several Journal-related expansion plans including a new magazine joint venture with Hearst Corp., a classroom edition of the Wall Street Journal to be launched this fall, a series of "Journal travel guides" soon to be on the market and the newspaper's syndicated weekly TV show.
"There has been a clear sense among the staff of the Journal that Pearlstine's interest in the newspaper itself is waning and that what is turning him on is the new ventures, extensions of the publication, rather than continuing to run it or make other modifications," said Dean Rotbart, editor of the journalism newsletter TJFR Business News Reporter and a former Journal staff writer.