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Unformatted text preview: September 25, 2003 BOSS TALK The Outsider American Lawyer Tom Glocer Hopes to Turn Reuters Around; 'I've Gotten a Thicker Skin' By CHARLES GOLDSMITH and NIKHIL DEOGUN Staff Reporters of THE WALL STREET JOURNAL As the first American chief executive of Reuters Group PLC, the 152-year-old British media company, Tom Glocer didn't waste much time in puncturing the pomp. His predecessor as CEO sat in a dark wood- paneled office, with a private bathroom, closed off from the rest of the executive suite. Mr. Glocer, who arrived in London in July 2001, opened it all up, installing only glass partitions. "I like to see the people I'm working with," he says. As Reuters's 10th CEO, Mr. Glocer cuts a very different figure from his predecessors. Fond of pink, open-necked shirts and married to a former Miss Finland, the 43-year-old Mr. Glocer is the first non- journalist to head a company whose roots lie deep in Fleet Street, where its corporate headquarters remain, though it's set to move elsewhere in London in 2005. A graduate of Yale Law School and a onetime corporate lawyer, Mr. Glocer has led the company far beyond its ink-stained heritage by focusing on developing new data products that now comprise about 90% of the company's revenues. The company has suffered in recent years from the financial-services downturn and its own complacency; Mr. Glocer is trying to turn it around through a three-year restructuring that includes cutting 3,000 jobs. Along the way, the Reuters CEO has felt the sting of Britain's ferocious press himself. His U.S.-style pay package -- which includes a salary of £816,000 ($1.4 million), bonus of £612,000 and other benefits of £282,000 -- drew lots of attention. One tabloid featured him on its "Dirty Dozen" list of CEOs for a provision that paid him £2 million if fired. Reuters's recent business travails have earned such headlines as "Outsider Struggles to Find His Feet" and "Reuters Ground Control to Major Tom -- Time is Up." WSJ.com - The Outsider file:///F|/Newspaper Articles/Wall Street Journal/The Outsider.htm (1 of 5)1/12/2009 7:39:50 AM WSJ.com - The Outsider Mr. Glocer is one of a handful of American highfliers who became CEOs of big British institutions. Others include Marjorie Scardino at publisher Pearson PLC; Arun Sarin at mobile phone operator Vodafone PLC; Rose Marie Bravo at clothier Burberry Group PLC, and Barbara Cassani, who ran British Airways PLC's low-cost carrier Go and now heads London's bid to land the 2012 summer Olympic Games. Mr. Glocer spoke with The Wall Street Journal about working as an American CEO overseas, dealing with British media and following British rugby. (Reuters's information services compete with Dow Jones Newswires, a service of Dow Jones & Co., publisher of The Wall Street Journal. Reuters and Dow Jones jointly own the data base Factiva.) Excerpts: WSJ: What's it like being an American CEO for a very British institution ?...
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- Winter '11
- Management, The Wall Street Journal, Dow Jones & Company, Reuters, Tom Glocer, Mr. Glocer