Austin Named Vice Chairman of Ottaway Newspapers, Will Succeed James Ottaway as CEO in 2003.

Business Editors

Danforth W. Austin, formerly general manager of The Wall Street Journal, was today named vice chairman of Ottaway Newspapers, Inc. ("ONI"), the community newspapers subsidiary of Dow Jones & Company, which also publishes the Journal.

The announcement was made by James H. Ottaway, Jr., chairman and CEO of ONI and a senior vice president of Dow Jones, as part of a larger set of structural and senior management changes at the parent company announced today, and is effective immediately. Mr. Austin will remain a vice president of Dow Jones.

Mr. Austin, 55, will report to Mr. Ottaway, and will succeed him as CEO of ONI in 2003, as Mr. Ottaway, 64, approaches retirement. ONI previously announced that John Wilcox, executive vice president of ONI and former publisher of its Cape Cod Times, will succeed Joseph Richter as president and chief operating officer of ONI when Mr. Richter retires at the end of 2002.

Mr. Ottaway said, "Dan Austin is a proven leader and world-class newspaper manager with long experience at The Wall Street Journal in both news and business operations and a community newspaper family background. He and John Wilcox will provide Ottaway Newspapers with a first-rate top-executive team in the years ahead."

Mr. Austin said, "Ottaway Newspapers, for nearly 70 years, has set the standard in this country for quality community journalism with solid business results. It is an honor and a privilege to be given the opportunity to help steer the continuation, and growth, of this tradition."

Mr. Austin grew up in the community newspaper business, where his father was editor and publisher of the Salina, Kansas, Journal for 25 years. A journalism graduate of the University of Kansas, Mr. Austin joined Dow Jones and the Journal in 1970 as a reporter in Dallas. He served in various posts as a reporter and editor in Detroit and New York, as well as a stint as the Journal's Pittsburgh bureau chief. In 1987 he became director of corporate communications for Dow Jones, and led the celebration of the Journal's centennial in 1989. In late 1989 he became director of circulation for the Journal and Barron's, the Dow Jones Business and Financial Weekly; in 1992 he was promoted to vice president, circulation. He was named general manager of The Wall Street Journal in 1995, responsible for the newspaper's advertising, circulation and production operations.

Ottaway Newspapers Inc. publishes 12 daily newspapers and 15 weeklies in 10 states, from New Hampshire to California, along with several shoppers and niche publications. It has been part of Dow Jones since 1970.