Obituary - Pehr Gyllenhammar, who played key role in Reuters merger with Thomson

Gyllenhammar, who died on November 21 after an undisclosed illness, was a non-executive director from Reuters public float in 1984 until 1997, and then chairman of the Reuters Founders Share Company until 2012.

Despite concern from journalist trade unions and other critics, he strongly supported the merger with Thomson even though it waived a clause in the agency’s Trust Principles saying it should never pass into the hands of one interest, group or faction. 

Gyllenhammar justified the waiver giving Thomson a majority share on the grounds of Reuters’ poor financial circumstances at the time.

"The future of Reuters takes precedence over the principles,” he declared. “If Reuters were not strong enough to continue on its own, the principles would have no meaning.”

Gyllenhammar, one of Sweden’s most influential businessmen, was best known as the chairman and CEO of Volvo for two decades up to 1994.

During his long business career he was also a director at many companies in addition to Volvo,  including Atlas Copco, Aviva,  Philips, Polygram, Renault, SEB and United Technologies. He received numerous foreign honours including France’s Legion d’Honneur.

Former Thomson Reuters CEO Tom Glocer told the Baron: “For a non-journalist, Pehr loved Reuters and was deeply committed to the cause of great journalism. First, as a (very) independent director on Reuters Main Board and then as the long-time chairman of The Founders Share Company, Pehr fiercely defended the Reuters Trust Principles.”

“I learned a great deal about business, life and resilience from Pehr. I shall miss him greatly.”

Swedish Finance Minister Elisabeth Svantesson said: “Pehr has meant a lot to Sweden over the decades, primarily through his commitment and hard work in Swedish business and especially as CEO and Chairman of Volvo.”

He is survived by his third wife, Lee Welton Croll, and five children.

  ■