Thomson Reuters Corp. is reshuffling its executive ranks by appointing Brian Peccarelli and Neil Masterson as co-chief operating officers.
The news and information giant is in the midst of a complex reorganization after striking a US$17-billion deal in January with Blackstone Group LP to spin out its financial and risk arm – the company’s largest division.
The co-COOs announced on Monday will help lead a streamlined Thomson Reuters focused on picking up the pace of growth in two remaining business lines, which cater to legal as well as tax and accounting professionals.
At the same time, four other senior executives are leaving the company. And the new structure, which is effective July 1, may also give some clue to the company’s succession planning.
“We are working to become a faster and more agile organization, and develop the next generation of leadership and talent,” Jim Smith, president and chief executive officer of Thomson Reuters, said in a news release.
Mr. Peccarelli, who had been president of tax and accounting, will be co-COO in charge of customer markets, giving him responsibility for driving sales. He will also directly lead the legal professionals business.
And Mr. Masterson, the company’s current chief transformation officer, will be co-COO responsible for operations and enablement, managing commercial and technology operations.
The president of the legal business, Susan Taylor Martin, will leave at the end of June after 25 years at Thomson Reuters and return to Britain from New York.
Gonzalo Lissarrague, the president of the global growth organization, who has been with Thomson Reuters since 1991, will also depart.
And as the company shrinks its corporate centre to reflect the smaller size of the new company, without its financial and risk business, chief communications officer Gus Carlson and chief strategy officer Brian Scanlon are also departing.
Reuters News will still be run by president and editor-in-chief Steve Adler.
Thomson Reuters reaffirmed its financial outlook for 2018 and intends to close the deal with Blackstone before the end of this year.