Thomson Reuters has hired Andrew Rashbass, chief executive of The Economist Group, to take on a newly created role overseeing the sprawling Reuters news operation.
In his time as head of the group that publishes The Economist magazine, Mr. Rashbass oversaw a period of growth, especially in the type of deep-pocketed global readers Reuters covets. Even as other magazines suffered declines in advertising and newsstand sales, The Economist had attracted new digital subscribers and sold nearly 1.5 million copies each week, according to the Alliance for Audited Media.
Reuters employs more than 2,800 journalists in nearly 200 bureaus worldwide. Much of the news they produce is distributed via Thomson Reuters financial terminals as well as in newspapers and Web sites that pick up Reuters articles. Mr. Rashbass’s hiring signals Thomson Reuters’s continued desire to turn its news organization into a dominant — and profitable — force.
“Andrew’s track record as C.E.O. of The Economist Group speaks for itself,” James C. Smith, chief executive of Thomson Reuters, said in a statement. “He brings to us a rare blend of commercial acumen, sensitivity to the best traditions of quality journalism and editorial integrity.”
Mr. Rashbass, 49,, will be based in London, where for the last 15 years he has held various positions at The Economist. He served as managing editor of Economist.com and publisher of the weekly economic and world events magazine. He has been chief executive of The Economist Group, half owned by Pearson, since 2008.
In his new capacity, Mr. Rashbass will hold the title of chief executive of Reuters. Stephen J. Adler, Reuters’s president and editor in chief, will report to Mr. Rashbass.
Thomson Reuters, with revenues of $12.9 billion in fiscal 2012, no longer owns a print publication and makes the vast majority of its revenues from its financial and legal data services. But unlike its main competitor, Bloomberg, Thomson Reuters has deep roots in regional newspapers, feeding speculation about whether the company eventually wants to expand its news organization with a print publication like The Financial Times, which is also owned by Pearson.
The company publishes an occasional Reuters magazine at events like the World Economic Forum in Davos, Switzerland, and recently redesigned its consumer Web site. (Pearson has said The Financial Times is not for sale.)
“Our family’s commitment to news stretches back three generations,” said David Thomson, chairman of Thomson Reuters. “We are determined that Reuters news should not only fulfill its critical journalistic mission but also its potential in creating long-term value for our customers and shareholders.”
Article source: http://www.nytimes.com/2013/05/30/business/media/reuters-names-new-head-of-news-operation.html?partner=rss&emc=rss