New York—James C. Smith, currently COO of Thomson Reuters, will take over as CEO of the company on Jan. 1. He will succeed Thomas H. Glocer, who is retiring.
Glocer became CEO of Thomson Reuters in 2008 after Thomson Financial acquired Reuters Group for $17.2 billion. He had been CEO of Reuters before the acquisition.
In conjunction with this announcement, Thomson Reuters unveiled the new, “flatter” organizational structure it promised earlier this year. This new structure will go into effect Jan. 1.
Thomson Reuters, currently divided into Thomson Reuters Markets and Thomson Reuters Professional, will consist of five business units: Financial & Risk, with David Craig as president; Legal, with Mike Suchsland as president; Intellectual Property & Science, with Chris Kibarian as president; Tax & Accounting, with Brian Peccarelli as president; and Global Growth Organization, with Shanker Ramamurthy as president.
These business unit heads will report to Smith. Thomson Reuters Editor in Chief Stephen J. Adler; Susan Taylor-Martin, president of Media; and Jon Robson, who will head a new-business development office, will also report to Smith.
“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,” David Thomson, chairman of Thomson Reuters, said in a statement.
A Reuters report on the changes at its parent company attributed the moves to disappointment in the performance of Thomson Reuters Markets, which serves the still struggling financial sector. Thomson Reuters' share price closed Thursday at $26.88, down 36% from its 52-week high of $42.15.