Thomson Reuters 'Fast Forwards' from Glocer to Smith
Less than six months after a reorganization and cull of senior executives, Thomson Reuters announced on Thursday that chief executive Tom Glocer will depart the vendor at the end of this year, to be replaced by former Thomson Corp. veteran and current chief operating officer Jim Smith, as part of an organizational restructure that will see the company reorganized into five business divisions.
Glocer, who joined the vendor in 1993 as deputy general counsel before becoming president of Reuters Latin America and Reuters America, then CEO of Reuters in 2001 and CEO of Thomson Reuters following the acquisition of Reuters by Thomson Corp. in 2008, will “retire” from his role and the Thomson Reuters board on Dec. 31, according to a statement.
The new divisional structure sees the creation of a Financial and Risk division, to be led by David Craig, currently president of the vendor’s Governance Risk and Compliance business, and a Global Growth Organization, to be led by Shanker Ramamurthy, currently head of the vendor’s Financial Professionals and Marketplaces business, which combined the former Sales & Trading and Investment & Advisory units earlier this year. The other divisions are Legal, Intellectual Property & Science, and Tax & Accounting.
The move is the latest in a series of high-level changes at Thomson Reuters designed to “flatten” its structure, simplify its business model, create synergies and accelerate growth, which included letting go a swathe of senior executives earlier this year, including Devin Wenig, then-CEO of the vendor’s Markets division, which comprised its financial data and news business (IMD, July 22). Following the departures, Glocer took on overall responsibility for the Markets division.
Glocer is credited with turning around Reuters with his “Fast Forward” cost-cutting initiative following a historic net loss after taking the reins (IMD, Feb. 24, 2003), and was twice named Executive of the Year in the Inside Market Data Awards. But sources say Glocer had increasingly come under pressure from the Thomson family—which still owns a majority stake in the vendor via its family trust, The Woodbridge Company—to increase revenues at the vendor, whose new flagship desktop Eikon has struggled to gain traction against rival Bloomberg, and that it had recently appeared that Smith was being groomed to take the reins as CEO. The vendor’s share price has fallen from highs of nearly $42 in February to $26.88 at close on Thursday.
A Thomson Reuters spokesperson cites the vendor’s third quarter results, where it reported 32,000 Eikon sales—including 27,000 migrations and 5,000 new positions, with 8,000 active users—but declines to comment further on the changes.
Smith, who takes over as CEO on Jan. 1, joined Thomson Newspaper Group in 1987, rising to head of operations for the US prior to the Newspaper Group’s sale in 2000. He then joined Thomson Corp. as executive vice president, ultimately becoming CEO of Thomson Corp. and then CEO of Thomson Reuters’ Professional division, which comprised the former Thomson Corp.’s legal, tax and accounting, scientific and education businesses.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
This Week: IPC extends Google Cloud partnership, BlackRock/AIA, DTCC and more
A summary of the latest financial technology news.
Waters Wavelength Podcast: Deutsche Bank’s Boon-Hiong Chan
Boon-Hiong Chan from Deutsche Bank joins the podcast to talk about blockchain interoperability.
SocGen pushes data, analytics use cases for SG Markets
The bank is letting a handful of clients experiment with its proprietary data and models to inform their research.
Ace high or busted flush? Digital Asset’s mixed fortunes mirror DLT adversity
The vendor hoped to remodel post-trade using blockchain technology—and it still might—but its bumpy progress raises questions over the future of DLT in finance.
AI could cut time for money laundering checks by 99%
Leading crypto exchange rolling out large language model for enhanced due diligence checks.
Standard Chartered keeps faith with quantum experimentation
The bank is aiming to future-proof itself with the ability to adopt new technology at an early stage.
Waters Wrap: CME, Google and the pursuit of ultra-low-latency trading
CME Group and Google have announced Aurora, Illinois, as the location for the exchange’s new co-location facility. Anthony explains why this is more than just the next phase of the two companies’ originally announced project.
This Week: Genesis/Interop.io; S&P Global; Finos/OS-Climate and more
A summary of the latest financial technology news.