New editorial chief at Wall Street Journal

The Wall Street Journal has a new managing editor, Marcus Brauchli. He has spent more than a year as deputy to Paul Steiger, the former holder of the job that's regarded as the most powerful in business journalism. Brauchli, 45, takes the helm at a difficult time in the paper's history as it struggles to cope with the migration of advertising to the web. Its owner, Dow Jones, has just reported a 1.8% drop in the WSJ's first-quarter advertising revenue, compared to a year ago. (Via New York Times)