July 23, 2011
The Wall Street Journal
Reuters Corp. shed more executives amid the continued fallout of a
shake-up at one of the financial-data company's key divisions.
The company said Friday that five executives are leaving, including Chris Ahearn, the top business executive for its news operations.
Thomson Reuters said it is combining duties of some executives as part of a "streamlining" effort. The company attributed Mr. Ahearn's departure to a reorganization announced Thursday in its markets division, which included the departure of Devin Wenig, the division's top executive. The company's chief executive, Tom Glocer, will oversee the markets division for now.
Mr. Ahearn couldn't be reached at his Thomson Reuters work telephone, or on his cellphone.
Shares of Thomson Reuters fell
3.1% Friday to $35.51 on the New York Stock Exchange.
Thomson Reuters competes with news organizations such as The Wall Street Journal's publisher, Dow Jones & Co., and Bloomberg LP, which like Thomson sells subscriptions for a bundle of news and market data delivered through desktop computing terminals. Thomson Reuters also sells data, news and information to firms in the legal, health-care, tax and accounting professions.
The markets division -- which provides news, financial data and other services to traders, Wall Street firms and financial professionals -- accounts for more than half of Thomson Reuters's revenue and profits.
Analysts said the
reorganization and staff departures fueled concerns that Thomson
Reuters had lost ground to rivals. The shake-up also
underscores the company's integration struggles more than three
years after it was created in a merger of Canada's Thomson Corp. and
Reuters Group PLC of the U.K.
Spending on financial data and
analysis reached $23.7 billion last year, a 4.2% increase from 2009,
Douglas B Taylor,
managing partner of market-data research and consulting firm
Burton-Taylor International Consulting LLC.
Mr. Taylor estimates Thomson
Reuters lost market share in the business of selling financial-data
terminals while Bloomberg LP and
Systems Inc. gained share.
Thomson Reuters declined to
comment on market share or the company's financial performance.
On Thursday, the company said
growth in its markets division was somewhat slower than it expected
in the second quarter, while sales were strong in its division
selling legal, science, tax and accounting information.
by Shira Ovide
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