BusinessWeek president Keith Fox became the second high-ranking executive to step down following the announcement that McGraw-Hill Companies would sell the weekly to Mayor Mike Bloomberg’s media and information giant, Bloomberg LP.

Fox, who had been president of BW since April 2007, told employees in a memo Friday that he will stay at McGraw-Hill in an undisclosed capacity after the deal is done.

Editor-in-Chief Steve Adler last week said he was stepping down pending completion of the deal, which is supposed to be finalized on December 1. Other top executives are expected to follow them out the door.