Financial News Release
|01 DEC 2011|
|Thomson Reuters Announces New Organizational Structure and Leadership|
NEW YORK - Thomson Reuters (TSX/NYSE: TRI), the world’s leading source of intelligent information for businesses and professionals, today announced the new organizational structure and leadership it will adopt as of January 1, 2012. This new, integrated structure aligns our business with our key customer segments and will consist of the following business units:
On December 31, 2011, Thomas H. Glocer, chief executive officer of Thomson Reuters and Reuters Group PLC since 2001, will retire and be succeeded on January 1, 2012 by James C. Smith, currently chief operating officer of Thomson Reuters. Mr. Glocer will also retire as a director of Thomson Reuters on December 31, 2011.
The business unit leaders named above will report to Mr. Smith, as will Editor-in-Chief Stephen J. Adler, Susan Taylor-Martin, president of Media and Jon Robson, who will head a new business development office.
"By the end of this 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,” said Mr. Glocer. “Jim Smith is a very talented executive with whom I have worked closely over the past four years; he is ready to lead Thomson Reuters.”
"Tom will be remembered as the individual who turned around Reuters ten years ago, led the company to growth and guided its sale to form Thomson Reuters,” said David Thomson, chairman of Thomson Reuters. “Over the past four years, Tom successfully directed an extensive integration, expanded our business internationally, revitalized the Reuters news organization and championed talent across the entire business. The board joins me in thanking Tom for his dedication and service to our company and wishes the very best for him and his family.”
Mr. Smith has wide-ranging management experience across the organization. Prior to being appointed chief operating officer of Thomson Reuters, he served as chief executive officer for the Professional division, overseeing the corporation's legal, tax and accounting, healthcare and science business information segments. Before that, Mr. Smith served as chief operating officer of The Thomson Corporation and also as president and chief executive officer of Thomson Learning's Academic and Reference group, where he led the higher education, academic publishing, courseware and reference businesses.
Mr. Smith joined the Thomson Newspaper group in 1987. He held several staff and operating positions, culminating in his role as head of operations for Thomson Newspapers in the U.S. Following the sale of the Thomson Newspaper group in 2000, he was appointed executive vice president of The Thomson Corporation in 2001. He began his career as a journalist.
“Jim Smith will provide strong leadership for Thomson Reuters at this juncture. He has earned the respect and confidence of his colleagues and the board alike,” said Mr. Thomson. “His instincts and his customer focus have been the basis of a remarkable career in our business.”
“Working with Tom Glocer, the board oversaw the successful execution of an established succession plan in the second half of 2011 and we look forward to beginning the new year with a new management team, new organizational structure, and ever stronger commitment to deliver long-term, sustainable value for all shareholders,” continued Mr. Thomson.
The company also reaffirms its outlook for the full year 2011 excluding any one-time charges that will be incurred related to the restructuring.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Frank J. Golden