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 has been “somewhat slower than anticipated” in the second quarter.
Thomson Reuters, which provides information and news to financial, legal and accounting professionals, reaffirmed its 2011 outlook, citing strong growth in its Professional business, its other main operating division.
“I felt it was time to run a more integrated, flatter organization,” Chief Executive Thomas Glocer, who will assume responsibility for the Markets division, said in an interview.
Wenig, who has been with the company for 17 years, declined to comment on his departure.
The Markets division contributes about 59 percent of Thomson Reuters’ revenue. The Professional division, which serves legal, accounting and healthcare professionals, contributes the remainder.
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.
The reorganization will leave the Markets division with three business units instead of four by combining the Sales & Trading and Investment & Advisory businesses into a single unit. The other units are Enterprise Solutions and Media.
Thomson Reuters said the changes are designed to accelerate growth by simplifying the business and improving collaboration across the company, which was formed when Thomson Corp took over Reuters in 2008.
Thomson Reuters, which is scheduled to report second-quarter results on July 28, said it expects to report ongoing revenue of between $3.1 billion and $3.2 billion, up 4 percent before currency. Wall Street is looking for revenue of $3.15 billion, according to Thomson Reuters I/B/E/S.
The company estimated adjusted earnings per share at between 49 cents and 52 cents, compared with 41 cents in the year-ago period.
Reporting by Jennifer Saba; Editing by Tiffany Wu and Ted Kerr