As Inside Market Data went to press, Thomson Reuters made a number of surprise cuts to senior management—including Devin Wenig, chief executive of the vendor’s Markets division—as part of a major reorganization of its financial information organization designed to “flatten” its structure, simplify its business model, create synergies and accelerate growth, officials say.
Thomson Reuters’ Markets division previously comprised four business areas—Sales & Trading, encompassing its trader desktop solutions, headed by recent hire Shanker Ramamurthy (IMD, May 30); Enterprise, which includes the vendor’s feeds, data platforms and reference data businesses, headed by Jon Robson; Investment & Advisory, which provides data and services to portfolio managers, investment bankers and research analysts, headed by Eric Frank; and Media, which comprises the vendor’s news business, headed by Chris Ahearn.
Under the new structure, the vendor will merge the Sales & Trading unit with the Investment & Advisory group to form a new department, dubbed Financial Professionals & Marketplaces, which will be headed by Ramamurthy. As a result, Eric Frank is one of several execs leaving the vendor, along with Ahearn, who is replaced as head of Media by Susan Taylor Martin, former president of global investment focus accounts.
The vendor also let go chief marketing officer Lee Ann Daly, managing director of global sales and customer service Joerg Floeck and global head of HR for the Markets division John Reid-Dodick. Robson will continue to run an “expanded” Enterprise business, renamed Enterprise Solutions—though the vendor declines to provide any further details of what this expansion will involve.
Thomson Reuters CEO Tom Glocer will take over the Markets division following the departure of Wenig, who spent a total of 17 years at the vendor, including as chief operating officer of Reuters prior to its merger with Thomson Corp. in 2007.
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