Dow Jones & Co., publisher of The Wall Street Journal, named chief operating officer Richard Zannino on Tuesday to become its new CEO, replacing Peter Kann, who will remain as chairman until 2007. The company's shares rose sharply on the news.

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The company also announced that Wall Street Journal publisher Karen Elliott House, who is Kann's wife, will retire from the company by mutual agreement. House, like Kann, had a long career as a journalist at the Journal.

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