Thomson Reuters reorganizes divisions, names new CFO & COO
Thomson Reuters (NYSE:TRI)(TSE:TRI) Wednesday said it will reorganize its business divisions as it named James Smith as chief operating officer and Stephane Bello as chief financial officer.
Smith, currently the operating chief of the media group's Professional division, begins his new position Wednesday. Bello, currently finance chief of the Professional division, will start in his new role January 1, replacing Robert Daleo who is due to retire.
Thomson Reuters also said it will disband its divisional structure and move to a set of focused business units, maintaining its current financial reporting structure for the rest of 2011, allowing the company to work better across business units and achieve efficiencies.
Thomson Reuters' CEO, Thomas H. Glocer, said: "The changes we are announcing today will streamline our organization and enable us to work better across business units to achieve growth and capture operating efficiencies from scale."
In July, the firm parted with six executives at its Markets division, which contains its news and financial information businesses, including the unit's chief executive Devon Wenig, in a restructuring. It also put its healthcare information business up for sale earlier this year.
Earlier this month, the information group signed a deal to sell its Trade and Risk Management business, part of Thomson's Enterprise Solutions division, to Vista Equity Partners.
Shares in the media group were down 0.28% in New York at $28.27.
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