A Wall Street Journal article confirmed that Dow Jones & Co. CEO Richard Zannino resigned Thursday. It was surprising when News Corp. and Rupert Murdoch prepares to complete its $5 billion deal with a shareholder vote next Thursday.

Zannino declared in a memo to staffers, "While this was my choice, I'm nonetheless saddened by it."

According to the Journal article, Zannino "had expressed a desire to stay at Dow Jones under News Corp's ownership. What changed his mind isn't clear although it's likely that Mr. Murdoch didn't offer him the role he wanted. News Corp. is expected to shortly name a new management team for Dow Jones. Among the executives expected to follow Mr. Zannino out the door are Journal publisher Gordon Crovitz and Dow Jones CFO Bill Plummer."

Zannino once said in a statement, "Rupert and I have been discussing since September my moving on from the company after the closing. I will leave Dow Jones knowing the best is yet to come for readers, customers and employees under Rupert's leadership," Editor & Publisher reported.

Murdoch said he understood Zannino's decision, adding that "during nearly two years as CEO, he proved himself to be an effective leader who revitalized Dow Jones during a time of great change in the industry."