Tom Glocer and Devin Wenig with their millions of $ were the downfall of this once great company. The systematic replacement of experienced relationships with up start MBA students with zero experience and worse still, zero relationships. We meet regularly with so called ‘global directors’ and they have no idea how to negotiate or build relationships. It’s all cheap talk and veiled arrogance. Their ship has sailed and I’ll bet Blackstone has no interest in the bulk of people but rather the data which they will Chunk and sell. Bloomberg won but even they look shaky. I used to love the old REUTERS days. Real people, great clients and a backbone of a company.
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Well they were the results of poor due diligence a massive push by former Woodbridge consigliere Geoff Beattie into the international realm by buying an international company which was hemorrhaging cash and about to sh-- the bed. Former Thomson CEO & CFO were against it, but board won out. Many on current TR board were against BS buyout and one even resigned over it.
They will slice and dice both businesses and wring out the cash. Kenneth’s Thomson is rolling over in his grave and D--k Harrington and Bob Daleo are shaking their heads saying we told you so. Damn shame.
https://www.thelayoff.com/t/VFnLU64
The Switch process dealt a fatal blow. But mind you the Bozo explosion had started even before then!