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Thursday, 7 June, 2001, 11:04 GMT 12:04 UK
Reuters in management shake-up

Global news and information provider Reuters has announced a far-reaching reorganisation, to coincide with the arrival of its new chief executive, Tom Glocer, at the end of July.

The company's product-focused divisions will be replaced by four customer-focused businesses, looking after investment banks and brokers, treasury, asset management, and corporate and media clients.

The restructuring is expected to lead to job cuts, but Reuters declined to be drawn on a report in the Financial Times newspaper, which suggested that up to 500 staff were facing the sack.

A company spokesman said: "We have said on a number of occasions that as part of the business transformation programme to reposition the company on an internet-based model, staff numbers will be impacted."

Losing out

Some top managers already know their fate. The boss of Reuterspace, Rob Rowley, who was supposed to lead the company into the internet age, will retire and leave the company board at the end of the year.

Reuterspace is set to become the core of the corporate clients and media customer division.

Mr Rowley had lost out in the race to succeed Peter Job as chief executive.

The successful candidate, Tom Glocer, is the first American to lead the London-based information provider.

A lawyer, he is also the first non-journalist to head the company.

In recent years, Reuters has found it difficult to secure its market leadership in one of the few industries that have seen their business model overturned by the internet.

Reuters is one of the world's leading news agencies, although the key source of its income is the provision of financial data to customers such as banks, brokers and fund managers.

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