Philip Green walks as Reuters scraps COO role

Philip Green walks as Reuters scraps COO role

Reuters chief operating officer Philip Green is to leave the company at the end of the month after his role was scrapped as part of senior management restructuring at the firm.

The operational management of the business will be brought under the direct control of the group management committee, chaired by chief executive Tom Glocer.

In a statement, Glocer says: "The purpose of this management change is to slim down and bring greater focus to senior management as we reshape Reuters business. We have undertaken to reduce costs and I believe it is imperative that we cut expenditure at every level in the company."

Green joined Reuters as chief executive of its Trading Systems business in 1999 and was appointed to the newly-created role of chief operating officer in 2001.

The restructuring is part of Reuters' larger programme of streamling and cost cuts introduced in February when the group reported its biggest ever annual loss and announced plans to shed 3000 staff over the next three years.

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