UPDATED: Stephen Rue leaves News Corp, replaced by Susan Panuccio

UPDATED: Stephen Rue leaves News Corp, replaced by Susan Panuccio

Stephen Rue has called time on his 17 years with News Corp, announcing he will be stepping down from the chief financial officer role.

He will be replaced by Susan Panuccio, who joins News Corp from News UK.

News Corp CEO Julian Clarke said: “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.”

Panuccio added: “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.”

Rue (pictured) will step down from the role he has held for 10 years in the next few weeks, a News Corp statement said.

Clarke thanked Rue for his contribution to the company. “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,” Clarke said.

“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 Communicatin 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.”

Rue described News Corp Australia as a great company to work for but said it was time to move onto other things.

“I will miss it and all the smart, dedicated and creative people it employs,” 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.”

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