Thomson Reuters says engaged in CEO succession planning

21 Oct 2019

Thomson Reuters says engaged in CEO succession planning

. Thomson Chief Executive Jim Smith speaks about the deal with Blackstone Group in Toronto NEW YORK Thomson Corp (TO:TRI) is engaged in succession planning for Chief Executive Jim Smith as "a matter of good governance," the business information company said on Sunday. The company statement -releases/thomson--statement-on-ceo-succession-planning-300941671.html came after the Financial Times reported Thomson had begun a search for a new chief executive. David Thomson, the company's chairman, said the board "is fully supportive of Jim Smith and his management team. We are aligned on strategy and direction." Smith said in a memo to employees he was actively involved in the succession planning process. "To be clear, I'm not planning to go anywhere soon," Smith said. "Please know that when the time comes to hand over the reins, you will hear it from me." The Financial Times cited four unnamed sources as saying Thomson , which owns the news agency, had hired search firm Spencer Stuart to put together a list of internal and external candidates. The search was at an early stage, the newspaper said. In a statement, Thomson said: "The Board of Directors considers succession planning and benchmarking for all key executives a matter of good governance. Hence, the Board and management continuously assess internal candidates and work with search firms to scan the external market." Spencer Stuart declined to comment and a spokesman for Thomson declined to comment specifically on whether it had engaged Spencer Stuart. Smith oversaw the sale of a majority stake in the news and information provider's financial-data business to a Blackstone Group Inc-led (N:BX) consortium last year. Earlier this year, Blackstone agreed to sell the financial-data business, now called Refinitiv, to London Stock Exchange Group (L:LSE) for $27 billion.

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