Here's the press release from Rupert Murdoch's News Corp., who acquired Dow Jones after a long and stormy courtship last year:

"Marcus Brauchli, Managing Editor of The Wall Street Journal and Les Hinton, CEO of Dow Jones & Company jointly announced today that Mr. Brauchli is stepping down from his position as Managing Editor of The Wall Street Journal and will become a consultant to News Corporation. The announcement was made after a meeting between the members of the Special Committee designed to protect the editorial integrity of the newspaper, Mr. Brauchli and representatives from Dow Jones and News Corporation.

In his new role, Mr. Brauchli will provide guidance to senior management in a wide range of areas, from advising The Wall Street Journal to exploring the possibility of a business news channel for STAR-TV in Asia. Dow Jones will begin a search for Mr. Brauchli’s replacement immediately."

Brauchli had been on the job for less than a year and a half. The longtime WSJ employee had been seen by many as a buffer between staffers who feared editorial meddling from a Murdoch buyout, and the man himself. WSJ publisher Robert Thomson, who was brought over from Murdoch's Times of London, is considered a favorite for the managing editor post, as well as Money & Investing Section Editor Nik Deogun.

Editor & Publisher has more from the WSJ union boss:

"Steve Yount, president of the Independent Association of Publishers' Employees, said word that Brauchli is planning to step down after less than a year in the top editing post has drawn concern among members who believed he helped keep some newsroom independence under the new News Corp. ownership.

Yount said he had no word on who might be a replacement or how much of a change will occur under a new newsroom leader. 'Anytime you see this kind of change, you will see questions about it,' he said. 'Our bottom line has always been the quality of the Journal and defending our membership.'

He said Brauchli's departure after such a short stint is a concern. 'It is terrible to see him leave after such a short period of time,' Yount declared. 'It is difficult to know how that fight was going. We don't know how many of the changes were his idea, or how many he opposed and how much he fought against them. I would imagine that there is a small handful of people who would know what the truth is.'"