December 2, 2011
The Financial Times
Thomson Reuters to ‘confront reality’
Tom Glocer’s accelerated departure as chief executive of Thomson Reuters marks “the beginning of the end of a turbulent period of executive change” for the information group, Jim Smith, his successor, has told staff.
The third sudden upheaval in five months left many in the company
shaken and its shares down another 1.5 per cent to $26.81 on Friday.
Three-and-a-half years after what had been presented as a merger, Mr
Glocer’s former colleagues from the London-listed
Reuters have been reminded
that the deal was a takeover by Canada’s Thomson Corporation.
deal, Thomson had kept a low profile. David Thomson, the
publicity-shy third-generation chairman, had left big decisions to
unflashy but focused operators such as Mr Smith, Dick Harrington and
Geoff Beattie, the consigliere running the family holding company,
in Toronto and with its western legal business in Eagan, Minnesota,
Thomson punched below its weight outside North America. But by
acquiring Reuters, with its global news brand, towers in Canary
Wharf and Times Square and a high-profile chief executive in Mr
Glocer, “they flirted with having a personality”, one insider said.
shake-up shows that the Thomsons, with 55 per cent of the group’s
shares, see a pressing need to focus on internal operations and, in
the words of one person close to the company, to “confront reality”
Their task is
to solve stubborn problems with product design and customer service
in the group’s financial markets business. “Tom was not happy”
at the prospect of a tough year of restructuring, one former
colleague said, accelerating his exit plans by at least six months.
of Reuters and Thomson Financial made no dent in the growth of
its arch rival.
Burton-Taylor International Consulting LLC estimates that
Bloomberg’s market share rose from 25.9 per cent in 2007 to 30.8 per
cent this year, while the combined Thomson and Reuters share fell
from 36.1 per cent to 33.2 per cent.
“The merger of the two hasn’t created something that was more appealing to the market or more competitive with Bloomberg,” said Douglas B Taylor of Burton-Taylor.
Eikon, designed to replace several old Thomson and Reuters systems and go head-to-head with Bloomberg, “has been a big disappointment”, he said. It was an improvement on previous products but was rushed out with too many flaws.
Mr Smith said
pointedly that his priorities were “improving our underlying
technology platforms and dramatically improving product quality and
The market in
which Bloomberg and Thomson Reuters compete has become harsher,
noted Claudio Aspesi of
“They found themselves in a crisis – rolling out a new generation of
products in the market when the market was shrinking, not growing.
So fighting for market share was all that more difficult.”
reaffirmed its guidance for 2011, but its latest earnings suggest
that the markets division is still losing share to Bloomberg, which
is expected this year to add almost 15,000 subscriptions of
$20,000-a-year to the 300,000 it had a year ago.
familiar with Mr Smith said: “One doesn’t get the sense he is a
visionary, transforming leader but instead somebody who is extremely
willing to put in the energy and time required to make the
businesses work well. He is good at nurturing talent and
surrounding himself with good management. These are important
has led to promotions for some little-known allies of Mr Smith,
notably David Craig, who has vaulted from leading the company’s risk
operation to running all of the financial business.
According to Mr
Aspesi, Mr Smith’s new team has one or two quarters to write off any
problems it finds. “The longer he waits, the longer it becomes
his problem. Early next year, we will probably learn of any
significant restructuring, lay-offs or any other significant
by Andrew Edgecliffe-Johnson in New York and Salamander Davoudi in London
Latest Burton-Taylor News
May 17, 2013
Il Sole 24 Ore
Offuscato Il Modello Bloomberg
Giornalismo, scoop e una rete di dati
funzionano se vangono mantenuti separati
Il sogno di Michael Bloomberg è rosa ed è una celebrità in tutti i continenti. Un sogno scosso da uno scandalo che proprio per questo motivo crediamo stia irritando il sindaco di New York assai più del previsto. Avvicinare il suo nome a pratiche giornalistiche a dir poco eterodosse rischia di allontanarlo dall'ambito frutto che siede in un cubo nero e luccicante sulla sponda del Tamigi: il Financial Times. Full Story
This story, as well as all Burton-Taylor news may be accessed through the Press Room link below.
Latest Burton-Taylor Research
April 10, 2013
Public Relations Information & Software Global
Share & Segment Sizing 2013
Burton-Taylor delivers a comprehensive, 88 page analysis of public relations information & software supplier share, demand segmentation, vendor demographics and survey results of key user expectations. The analysis is sufficiently detailed as to allow public relations information & software providers or industry analysts to clearly understand competitive positioning currently, historically, globally, regionally and within individual demand segments and to enable public relations information & software users to make better informed, more confident and more appropriate purchase decisions which could result in greater profitability.
This report, as well as all Burton-Taylor free or for purchase research, may be requested through the All Research link below.