IPFS News Link • Media: Internet
Smith replaces Glocer as Thomson Reuters CEO
• reuters.com
The news and information company has undergone
a series of structural changes and management shake-ups over the past
six months to address the lackluster performance of its Markets
business, which mainly serves financial institutions. With
Glocer's departure, Canada's Thomson family, which acquired control of
Reuters Group Plc in 2008 to create Thomson Reuters, is removing the
last senior Reuters executive from the company's top echelon. The
family's holding company Woodbridge owns about 55 percent of Thomson
Reuters. "By the end of the year,
the organizational strategy and budget work I have been leading will be
complete, and the transition plan I launched last summer will have
achieved its objectives," Glocer said in a statement on Thursday. Thomson
Reuters also reaffirmed its 2011 outlook but said that excluded any
one-time charges related to what it termed a restructuring. The company
declined to give more details. Smith,
a former journalist who joined the Thomson newspaper group in 1987,
previously was head of the Professional unit, which sells legal, tax and
accounting products. Since the merger, the Professional business, which
was a Thomson Corp unit, has steadily outperformed the Markets
operation, which was largely the legacy Reuters business.