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Weekly News Digest

June 11, 2001 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITIís Twitter account: @ITINewsBreaks.

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Reuters Announces Board Changes, New Structure

Reuters (http://www.reuters.com) has announced a series of board changes as the first phase of an organizational change program led by chief executive designate Tom Glocer. As part of this program, Reuters will reorganize its business operations around the principal customer segments it serves: Investment Banking/Brokerage, Treasury, Asset Management, and Corporates/Media. These will replace the current product-based divisions of Reuters Information (RI), Reuters Trading Solutions (RTS), and Reuterspace.

These changes, along with the previously announced business transformation program, are intended to create a customer-focused organization that uses the latest Internet-based technologies. Rollout of the new organizational structure will begin when Glocer succeeds Peter Job, the present chief executive, who retires at the end of July. According to the company, it will be substantially completed by the end of the year.

Among the organizational changes at board level are the following:

  • Philip Green, who currently runs the two Reuters Financial divisions, RI and RTS, will assume the new position of Reuters chief operating officer in July.
  • Geoff Weetman, director of human resources, will join the board in July.
  • Rob Rowley, chief executive at Reuterspace, will retire from Reuters and step down from the board at the end of the year. In the interim, he will oversee the integration of the businesses that currently make up the Reuterspace division into the new organization. They will form the nucleus of the Corporates/Media customer segment.
  • Jean-Claude Marchand, group marketing director, will retire from the board and leave the company in July. He will serve as an advisor to the company until the end of the year.
The Financial Times reported that Reuters will cut 500 jobs in the coming weeks, in addition to the 50 top managers already set to be dismissed. The company has said it hopes to achieve 150 million pounds ($208 million U.S.) in annual savings by 2003.



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