Devin Wenig, who led the integration of Reuters (NYSE: TRI) when it merged with Thomson Corp. in 2008, has been reorganized out of Thomson Reuters in the latest game of musical chairs at the financial services, news and information company. Wenig was CEO of the Markets Division. CEO Tom Glocer, citing a need to “accelerate growth” — and will take over the new version of Markets himself in an effort to push disappointing results off the needle.
Wenig’s departure was buried in the late-afternoon release with a dry”thank you” from Glocer. He singled out the 17-year-vet for “the successful integration of Reuters, consolidating Markets product lines into a two-platform strategy (Eikon and Elektron), and fostering innovation across the business.”
But the same release also explains how the Markets division is being reorganized to streamline it:
– Financial Professionals & Marketplaces combines Sales & Trading and Investment & Advisory to focus on “services for professionals delivered to screens and trading marketplaces.”
– Enterprise Solutions expands the Enterprise unit to focus on “services and infrastructure for financial firms as a whole”
– Media, which has been undergoing its own reformation, will continue to focus on news & info for media and business professionals
Thomson Reuters has faced increasingly steep competition from an ever-expanding Bloomberg in the past two years. The moves come ahead of TRI earnings July 28; the company affirmed its 2011 guidance and said it expects a roughly 4 percent increase in revenues for the last quarter.