Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Refinitiv boss Craig to leave parent LSEG at end of year

Stock Markets May 26, 2021 02:50PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo/File Photo
 
BX
-1.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TRI
-0.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Huw Jones

LONDON (Reuters) - London Stock Exchange Group (LON:LSEG) said on Wednesday David Craig, chief executive officer of its Refinitiv data and analytics business, would be stepping down from his current role in July and handing over his responsibilities to ex-Bloomberg executive Andrea Remyn Stone.

Craig would serve in an advisory capacity from July and leave the company at the end of the year, the LSEG said in a statement.

The London bourse operator completed its $27 billion purchase of Refinitiv in January from a consortium led by Blackstone (NYSE:BX) and including Thomson Reuters (NYSE:TRI), owner of Reuters News.

The takeover came into sharp focus on March 5 when LSEG shares tumbled more than 12% on higher-than-expected costs for improving the resilience of Refinitiv's legacy platform. LSEG said it would spend a billion pounds this year on the integration.

Stone, who was hired by Craig in January 2020 and will become group head of data and analytics from July 1, previously worked at financial data provider Bloomberg LP and at Dealogic.

"The team is laser focused on delivering the integration," Stone said in the LSEG statement announcing her appointment.

Craig became CEO of Refinitiv in 2018, having led the team that founded the company out of the financial and risk division of Thomson Reuters. He had joined Reuters as chief strategy officer in 2007.

"With credit to David, he took a long-term view when he first recruited Andrea," LSEG CEO David Schwimmer said in the statement.

A person familiar with the situation said that Craig had been assured three years at Refinitiv, which end this year, and that Schwimmer likely wanted someone new in charge "to exert his authority over a division that's worth 70% of his revenues."

The LSEG press office declined to comment.

A fund manager who is among the top 20 shareholders in LSEG said that while Craig was generally well regarded by investors, a fresh pair of eyes at the helm of Refinitiv was "probably no bad thing."

LSEG shares remain some 20% below March 5 levels. They did not react to the announcement of Craig's exit.

In early April, Refinitiv's terminals, used by financial firms across the world, suffered a blackout lasting several hours.

Later in April, Schwimmer said that integration and savings from the Refinitiv takeover were on track, noting Refinitiv had not delivered any surprises as "we had done a lot of due diligence".

Last week, LSEG said it was in talks with Thomson Reuters over their agreement to distribute news content, following a dispute over whether Reuters News could put up a paywall on its website.

Thomson Reuters holds a significant minority stake in LSEG following the Refinitiv deal. Refinitiv is also the largest customer for Reuters News, which earns half its annual revenues through an annual payment worth $325 million.

Graphic: LSEG shares, https://fingfx.thomsonreuters.com/gfx/mkt/xegvbdrwlvq/lse.PNG

Refinitiv boss Craig to leave parent LSEG at end of year
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email