Just when you thought it was safe, and Thomson Reuters had seen the worst of the organisational turmoil that has beset it since the departure of Markets CEO Devin Wenig in the summer, the company has announced the new, flatter organisation it will adopt on January 1. There is no place for CEO Tom Glocer, who is retiring.
Taking his place is James C. Smith, recently appointed chief operating officer of Thomson Reuters, who takes on a new structure that finally subsumes Reuters into the Thomson organisation. Gone are the Enterprise and the recently formed Financial Professionals & Markets business units.
In their place, the former Thomson Reuters Markets – created by the merger of Thomson Financial and Reuters – will become the Financial & Risk group, headed by David Craig, most recently head of Thomson Reuters’ Governance, Risk & Compliance group and before that chief strategy officer.
Craig is one of five direct reports to Smith. The others are: Mike Suchsland, president, Legal; Chris Kibarian, president, Intellectual Property & Science; Brian Peccarelli, president, Tax & Accounting; and, intriguingly, Shanker Ramamurthy, who’ll head a new Global Growth Organization as president.
Also reporting to Smith is, among others, former Enterprise head Jon Robson. Robson’s remit is to lead a new business development office. Presumably, this and Ramamurthy’s Global Growth Organization will span the entirety of Thomson Reuters’ scope of activities and not focus merely on financial markets.
Whether this latest organisational move is the last, and whether it will spark yet more change internally, clearly remains to be seen.