Financial data company Thomson Reuters Corp. is disbanding its current divisional structure, moving instead to a set of business units as it announced a pair of executive changes.
The units will replace the company's current markets and professional divisions. Thomson Reuters said it will maintain its current financial reporting structure for the remainder of the year.
"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," said Chief Executive Thomas H. Glocer.
As part of the changes, the company said James C. Smith, currently chief executive of the professional division, will step up as chief operating officer of Thomson Reuters.
Also Wednesday, the company said longtime Chief Financial Officer Robert D. Daleo will retire in July 2012. Daleo will be succeeded by Stephane Bello, currently chief financial officer of the professional division, effective Jan. 1. Daleo will serve as vice chairman until his retirement.
Thomson Reuters gets more than half of its revenue from selling packages of financial data, news and analysis tools to investment banks, fund managers and other finance professionals through its markets division. Yet the company has been grappling with slow sales of those products, partly due to the weak economic recovery.
The company in July announced the departure of six executives at the markets division, including the unit's chief executive, in a restructuring.