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Reuters looks to American
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December 6, 2000: 10:20 a.m. ET
U.K. news firm gives top job to Tom Glocer, first American CEO
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LONDON (CNNfn) - Reuters Group PLC named information division chief Tom Glocer as its chief executive officer Wednesday, ending a 14-month search for a successor to retiring CEO Peter Job.
Glocer, 41, a former attorney with law firm Davis, Polk & Wardwell, will be the first American to take the helm of the blue-blooded U.K. company, and is expected to take the helm in July 2001. He joined  Reuters in 1993 and became head of Reuters Information, the company's data dissemination business, in January 2000.
Word of the succession comes as the London-based provider of financial news and data has been gearing up an initial public offering for its electronic trading platform Instinet, planned for early next year.
The company recently announced a 75-percent jump in first-half profit thanks to a one-time gain from investments, while core profit was little changed from a year earlier. 
"The board decided to announce the new chief executive in good time to sustain the considerable forward momentum of the group that has been building all this year," Chairman Christopher Hogg said in a statement.
Reuters, which sells market news and data to companies such as CNN and other media companies, has also been pushing into cyberspace in a bid to drive another revenue stream.
On the London stock exchange Wednesday afternoon following the announcement, shares of Reuters (RTR) rose 7.8 percent, or 92 pence, to 1,277 pence. The stock was already up 6 percent ahead of the news.
"The [media] sector is doing well today ... but there has been a positive reaction to Reuters announcement also," Omar Sheikh, an analyst with Charles Stanley & Co., told CNNfn.com. Sheikh, who rates the stock a "buy", added: "The market likes the fact this guy has a good reputation." 
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Reuters
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