Reuters incoming chief executive Tom Glocer has unveiled a wide ranging shake-up that is expected to result in 500 job losses. The redundancies - which Reuters has yet to confirm - are part of a long-term plan to radically transform the news and information group.
Reuters is reorganising its business operations around its principal customer segments: Investment Banking/Brokerage, Treasury, Asset Management and Corporates/Media. These will replace the current product-based divisions of Reuters Information (RI), Reuters Trading Solutions (RTS), and Reuterspace.
Reuters positions these changes, along with the previously announced business transformation programme, as intending to create a customer-focused organisation which uses the latest internet-based technologies to serve Reuters clients around the world.
Roll-out of the new organisational structure will begin when Tom Glocer, chief executive designate, succeeds Peter Job, the present chief executive. Job retires at the end of July. Reuters expects the changes to be substantially complete by the end of the year.
The changes to the board level include:
- Philip Green, who currently runs the two Reuters Financial divisions, RI and RTS, will assume the new position of Reuters chief operating officer (COO) in July. He joined the company in 1999 and the board in 2000.
- Geoff Weetman, director of human resources, will join the board in July. He has been with Reuters since 1973 and has held various financial and general management positions, including that of managing director, Asia, before taking up his current role in 1998.
- Rob Rowley, chief executive, Reuterspace, will retire from Reuters and step down from the board at the end of the year. In the interim, he will oversee the integration of the businesses which currently make up the Reuterspace division into the new organisation. These businesses will form the nucleus of the Corporates/Media customer segment.
- Jean-Claude Marchand, group marketing director, will retire from the board and leave the company in July. He will serve as an advisor to the company until the end of the year.