Thomson Reuters CEO under pressure

Shira Ovide of The Wall Street Journal reports that Thomson Reuters CEO Tom Glocer is being pressured by the family that controls the company to improve its performance.

Ovide writes, “The company makes more than half of its revenue from selling packages of financial data, news and sophisticated analysis tools to investment banks, fund managers and other finance professionals through its key markets division. Thomson Reuters and Mr. Glocer have been grappling with slow sales of those products, partly due to the weak economic recovery.

“But the investment industry also has been slow to embrace a revamped financial-data product, called Eikon, that Thomson Reuters spent heavily to develop.

“Thomson Reuters’s troubles spilled into public view last week, when the company announced the departure of six executives at the markets division, including the unit’s chief executive, in a restructuring.

“The disclosure, just days ahead of the company’s second-quarter earnings report, caught investors and some people close to the company by surprise. The division’s CEO, Devin Wenig, had been close to Mr. Glocer, and many investors and company executives had considered him a possible successor to the company’s leader.”

Read more here.