Tom Glocer's position as CEO of Thomson Reuters had seemed shaky since problems with the company's former markets division were widely publicized earlier this year. And the company has announced that he will retire and be succeeded on January 1 by James C. Smith, currently the company's COO. The company also announced a new organizational structure that replaces its recently abolished division.

Glocer referred to the transition plan he had launched during the summer had achieved its objectives. However, the Thomson family, which controls the company, had reportedly been unhappy with the performance of Eikon, the product that had been launched into the financial services market to compete with Bloomberg. Glocer had sacked six executives at the former Markets division, including its head, Devin Wenig, who was considered a protégé and possible successor. News reports said Glocer was the last senior Reuters executive left from the 2008 Thomson and Reuters merger.

Prior to being named COO in September, Smith was CEO of the former professional division and oversaw the company's legal, tax and accounting, healthcare and science business information segments.. Smith joined the Thomson newspaper group in 1987 and had been a career journalist. Glocer became CEO of Reuters in 2001 and was reported to be the company's first non-journalist and American to hold that company's top spot.