Devin Wenig, who has run Thomson Reuters $7.5bn markets division since Thomson Corp’s 2008 takeover of Reuters, is leaving the company suddenly in a shake-up which the group said was intended to accelerate growth in the financial data business.
The unexpected exit of Mr Wenig, who had been chief operating officer of Reuters and spent 17 years with the two companies, was seen by industry members as a sign that Woodbridge, the Thomson family’s holding company, was seeking faster change after 12 months in which its shares have fallen by 9.9 per cent.
Eikon, the new trading platform launched by Mr Wenig last year to unify the former offerings of Thomson Financial and Reuters into one web-based product, is perceived by analysts and industry members to have got off to a slower start than the company had hoped.
Mr Wenig declined to comment, but two people who received a valedictory e-mail from him on Thursday said the Thomson Reuters board had asked him in recent days to make more substantial changes to his team and operations than he was prepared to accept.
The company, which had been expected to announce changes to its sales organisation next week, reaffirmed its outlook for the full year in a brief statement on Thursday evening, which announced at the end that Mr Wenig had decided to leave.
It added that next Thursday’s earnings report for the second quarter should show ongoing revenues of between $3.1 billion and $3.2 billion, up approximately 4 per cent before currency swings, and adjusted earnings per share between 49 and 52 cents, up from 41 cents a year earlier.
The statement announced that Thomson Reuters Markets, would be “streamlined” by combining its former sales and trading and investment and advisory businesses into a new division called financial professionals and marketplaces.
A separate enterprise solutions division will still focus on large financial clients and the media unit looks likely to remain unchanged.
Tom Glocer, chief executive, said: “These changes are intended to accelerate growth as we flatten our organisation to operate as an integrated company and unleash cross-company capabilities and operating synergies.”
Mr Glocer will take on oversight of Thomson Reuters Markets, but people familiar with the company said that the reshuffle could lead to bigger roles for a small group of managers including Shanker Ramamurthy, who joined this year from IBM to head sales and trading.
The Thomson Reuters board has been looking for new growth strategies as it came to the end of a three-year integration period in which cost savings had driven results.
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