OLD Media Moves

Thomson Reuters CEO: We have a lot to be thankful for

November 22, 2011

Posted by Chris Roush


Thomson Reuters CEO Tom Glocer sent out the following e-mail to the Reuters news staff on Tuesday morning:

Dear Colleagues,

This week Americans celebrate the Thanksgiving holiday.  Thanksgiving is a time to remember and be grateful for all the good things in life, and to eat a big turkey dinner.  Personally, I think turkey tastes bland, but taking a moment to count your blessings is always a good idea.  At Thomson Reuters, we have a lot to be thankful for and proud of this year, but it’s easy to forget that amid the stresses of a vulnerable global economy and ongoing organizational change. So here’s a quick list of some things to celebrate.

As you recall from our third-quarter earnings report, many of our businesses are growing strongly.  Our Enterprise, Trading Marketplaces, Legal, Tax & Accounting, and Intellectual Property & Science businesses have been delivering powerful growth.  Regionally, we are growing in rapidly developing markets in Asia, the Middle East/Africa, and Latin America, which bodes well for our future. I am working directly with Media and Editorial, and I can tell you first-hand that we have built the strongest news organization I’ve seen in my 18 years working here.  I see great things ahead for News as a core distinguishing asset for the whole company.

We can feel good about the work underway to rekindle growth in the businesses that have been struggling.  I have been leading a major strategy effort focused on the financial information market, which I reviewed with our Board just last week.  In some areas we have a steep climb ahead, but we have what it takes ultimately to succeed and I am working closely with the leaders of those businesses to get us back on the path to robust growth.

In addition to strategy, we have shifted into high gear on operations.  If you know Jim Smith’s record as CEO of Professional and previously COO of Thomson, you know that he’s ideally suited to drive our Customer First initiative. Jim and I are working together to  align the company with our customers’ evolving needs.  From talking to colleagues across our businesses, though, I know that many people are tired of organizational change and that the rumor mill is hyperactive.  I understand.  Change and the uncertainty that comes with it are hard to handle.  But let me assure you – the reason Customer First is taking time is that Jim is collaborating with our business and functional leaders to get this operating model right.  Before the year is out, decisions will be taken and announced, and we will begin 2012 with a shared road map for success. Meanwhile, the best thing you can do from any perspective is to stay focused on meeting your 2011 objectives.

Along with strategy and operations, the third leg of the stool is finance.  We can be proud and thankful about the company’s rock-solid financial position, strong balance sheet and excellent credit rating.  Bob Daleo has done an exemplary job as CFO and the transition to Stephane Bello is going smoothly.

Yes, our markets are changing.  That’s true for most big companies these days.  The fact that we are changing to keep pace may be a source of anxiety for some, but overall it should be a source of comfort.  Any company that tries to stand still today will find itself moving backward. This Thanksgiving, I am thankful for all the good things about  our company and that Thomson Reuters is blessed with many thousands of talented people who will settle for nothing less than excellence.

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