Thomson Reuters to replace chief exec in latest shake-up

TOM Glocer, the chief executive of media group Thomson Reuters, will step down at the start of January, the company said yesterday.

Glocer will be replaced by the group’s chief operating officer James Smith in the latest of several management reshuffles designed to raise the group’s performance after its crucial Markets business, its largest division, selling financial news and data to companies, has lagged behind the rest of the group this year.

Glocer, who has led the group for the past four years, is also the last remaining senior Reuters executive from before the Thomson family bought it in 2008.

“By the end of the year, the organisational strategy and budget work I have been leading will be complete, and the transition plan I launched last summer will have achieved its objectives,” he said in a statement.

Smith, a former journalist, was previously head of the Professional unit, which sells legal, tax and accounting products. That weathered the financial crisis better than the Markets division.

The firm’s share price closed down 1.4 per cent yesterday.