Another challenging year for Thomson Reuters - CEO James Smith

“During my break, I could not help but reflect on the opportunity and the responsibility of leading Thomson Reuters as CEO,” Smith told the group’s 55,000 employees. “In thinking about the best way to begin, it was helpful to dream about where I wanted to end. What do I want Thomson Reuters to be known for when my tenure as CEO has ended?

“I want us to be known for:

“■ Our intimate understanding of customers, their needs and how we can help them achieve their business goals;

“■ The quality of our products;

“■ The excellence of our customer service;

“■ The caliber, character and engagement of our people;

“■ And a level of teamwork that makes possible a truly ‘boundaryless’ organization, where the whole delivers far more than just the sum of its parts.

“If we can accomplish all that, the financial results will take care of themselves.”

To do that, however, would need change in the way some things are done and focus on new measurements of success.

“In the coming weeks, expect to hear more about how we will set targets and keep track of our progress in critical areas like competitive position and customer satisfaction. We will elevate the dialog surrounding new product development and sales effectiveness. We will bring renewed commitment to the development of our people and to improving the diversity of our workforce. And we will address aspects of our performance culture to make sure we all celebrate and share in each other’s successes.”

Smith, who took over from Tom Glocer at the turn of the year, added that there would be plenty of tactical priorities and key initiatives to focus on in the coming year. All of them would reflect the long-range goals he had set out.

“I have no doubt that 2012 will be another challenging year. Market conditions remain uncertain in many places and quite difficult in others. The lagging nature of our subscription-based business model means that it takes time to turn the ship, especially in choppy seas.

“But regardless of the short-term challenges, I am confident that we have begun laying the foundation for a successful future. As I reflected over my holiday break on all the changes we announced at the end of 2011, I could not think of one decision I would have changed. The senior team is in place. It has never been stronger, nor more committed to mutual success…

“I have never been more confident of our ability to succeed in the long term. Our best days are ahead of us.” ■