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Thomson Reuters announced on Thursday that its CEO Thomas H. Glocer will retire at the end of the year and that COO James C. Smith will replace him.
The move is part of a “new organizational structure and leadership” the company will adopt Jan. 1, and latest in series of exec shuffles at the company.
Just this summer, the company let go five executives, including Devin Wenig, head of the markets division, and Chris Ahearn, head of Reuters Media.
Thomson and Reuters merged in 2008. The company makes the bulk of its money as a source of information, data and services for financial companies and other professionals, such as lawyers and doctors. However, it also owns the prominent Reuters news service.
Glocer has run the company since Thomson merged with Reuters, and had run Reuters prior to that.
Also read: Thomson Reuters Ousts 5 Top Executives
“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,” David Thomson, chairman of Thomson Reuters, said in a statement.
"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," Glocer said.
As for Smith, he joined the Thompson Newspaper group in 1987, ultimately serving as head of operations for the group in the U.S. Thomson then sold the group, and Smith became executive vice president of the company.
“His instincts and his customer focus have been the basis of a remarkable career in our business,” Thomson said of Smith. Related Articles: Thomson Reuters Ousts 5 Top Executives