Thomson Reuters Corp. (TRI, TRI.T) named Andrew Rashbass, the
current group chief executive of The Economist Group, to the newly
created post of CEO of Reuters to lead its news and media
business.
Mr. Rashbass has worked for The Economist for 15 years in a
number of roles, including managing director of Economist.com and
publisher of The Economist. He has been group chief executive since
2008.
Mr. Rashbass will join Thomson Reuters in the summer and will be
based in London.
President and Editor-in-Chief Stephen J. Adler will report to
Mr. Rashbass.
"This key appointment underlines our passionate commitment to
Reuters news," said Chairman David Thomson.
Reuters, the news division of Thomson Reuters, competes with Dow
Jones & Co., publisher of The Wall Street Journal and Dow Jones
Newswires.
Thomson Reuters's top line has weakened over the past year as
growth in its legal and tax-and-accounting divisions hasn't been
able to fully offset declines in its core businesses serving
traders and investors. Poor sales in the finance-and-risk division,
its largest by revenue, also prompted a restructuring and the
departure of several top executives in 2011.
Thomson Reuters reported last month it swung to a first-quarter
loss on restructuring charges, while the financial-data and news
company's revenue declined 4.2%.
Shares closed Tuesday at $35.10 and were inactive premarket. The
stock is up 21% so far this year.
Write to Melodie Warner at melodie.warner@dowjones.com
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