NEW YORK (Reuters) - Thomson Reuters Corp (TRI.TO) (TRI.N) said Markets division head Devin Wenig is leaving the company and that it is reorganizing the unit, where growth in the second quarter has been “somewhat slower than anticipated.”
The company, which provides information and news to financial, legal, accounting and healthcare professionals, reaffirmed its 2011 outlook on Thursday and said it expects to report second-quarter ongoing revenues of between $3.1 billion and $3.2 billion, up 4 percent before currency.
It estimated adjusted earnings per share at between 49 cents and 52 cents, compared with 41 cents in the year-ago period. Wall Street was looking for revenue of $3.15 billion, according to Thomson Reuters I/B/E/S.
“Second quarter results are expected to reflect continued strong revenue performance across the Professional division with growth in the Markets division somewhat slower than anticipated,” Thomson Reuters said.
The company did not give a reason for the departure of Wenig, who has been with the company for 17 years, saying in a statement that it was “coincident with these organizational changes.” Wenig declined to comment.
The Markets division, which serves the financial services industry, will be simplified to three business units from four to help accelerate growth, the company said. The Sales & Trading and Investment & Advisory units will be combined.
Thomson Reuters Chief Executive Thomas Glocer will assume responsibility for the Markets division.
Thomson Reuters, which competes with Bloomberg LP and News Corp’s (NWSA.O) Dow Jones unit, has invested heavily in new products including the next-generation desktop Eikon and high-speed data feed Elektron, which will serve as the main platforms for Markets clients.
Thomson Reuters is scheduled to report second quarter results on July 28.
Reporting by Jennifer Saba; Editing by Tiffany Wu and Ted Kerr