NEW YORK (Reuters) - Thomson Reuters Corp said Chief Executive Tom Glocer is stepping down on January 1 and will be replaced by Chief Operating Officer James Smith.
The news and information company has undergone a series of structural changes and management shake-ups over the past six months to address the disappointing performance of its Markets division, which mainly serves financial institutions.
By replacing Glocer, Canada’s Thomson family, which acquired control of Reuters Group Plc in 2008 to create Thomson Reuters, is effectively removing the last senior Reuters executive from the company’s top echelon.
Smith previously was head of the Professional unit, which sells legal, tax and accounting products. The Professional business has weathered the financial crisis much better than the Markets business.
“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.
The company’s stock has dropped about 30 percent over the past six months as its banking and financial customers laid off thousands of employees and slashed costs.
Reporting by Jennifer Saba, editing by Ted Kerr