Editor-in-chief Stephen Adler 'could face axe' - report

Adler may be the man on the hot seat, it said in a follow-up to Rashbass’s close-down of the Reuters Next web project on Wednesday.

“Rashbass’ actions are just the most visible sign of the drive to wring more profits out of the $13 billion-a-year Thomson Reuters operation,” the newspaper said.

It’s been 20 months since Tom Glocer was forced out as CEO, being replaced by James Smith, who has close ties to the Thomson family, the Post noted.

“But the latest news suggests there is still unhappiness on the part of the Thomson family with the pace of the turnaround.”

The Next site was a relatively small business – which one executive estimated had burned through about $5 million before Rashbass pulled the plug, the Post said.

“It was not an enormous sum to lose, but it does demonstrate a new era of fiscal care now underway in the viciously competitive financial information world. And that could spell potential trouble for Adler, hired by the ousted CEO Glocer.

“Adler had only been given the additional title of president in January – and then suddenly four months later, he had a new boss, who started in mid-July.

“One insider said that Rashbass clearly is intent on boosting profit. ‘One of the quickest ways to boost profits is to eliminate waste,’ said the insider.

“Added another veteran, ‘I might be looking over my shoulder if I were Steve Adler.’

“Another well-connected source said, ‘I don’t think his job is in jeopardy, but he is going to be under tremendous pressure to cut costs.’”

The Post said rumblings that there may be a new round of bloodletting have circulated for months. One source said it would not surprise him if the 2,700-person editorial staff was chopped by several hundred by year end.

“If they are going to do it, this is the season, although we haven’t heard anything yet,” said Peter Szekely, secretary-treasurer of The Newspaper Guild of New York, who had earlier in his career worked at Reuters.

A Reuters spokeswoman insisted the move to shut down Next did not impact Adler’s role whatsoever.

“The Next development is exactly what Andrew said it was — an ambitious project that did not meet its deadlines or budgets. It had nothing to do with editorial quality or Steve Adler and his team.” ■