Tom Glocer, CEO of Thomas Reuters, in front of the New York Stock Exchange, 2008 (Courtesy of Reuters)

According to the New York Times blog Media Decoder, Thomas Reuters, the media company who owns such staples as Reuters, is replacing its CEO, Thomas H. Glocer.

Glocer has been at Reuters since 1993, where he started as Vice President of Reuters America. He was named CEO of Reuters Group, PLC, in July 2001. He then became CEO of Thomson Reuters, after a 2008 merger with Thomson Financial, in which they acquired Reuters Group for $17.2 billion.

Glocer’s replacement will be James C. Smith, formerly Thomson Reuters’s COO, who will replace him at the beginning of next year.

Thomson Reuters’ stock (Stock Symbol: TRI) fell roughly 2% Friday, ending the week valued at 26.34. Thomson Reuters has seen its shares sink 36 percent, over the past 12 months.

Nevertheless, Glocer has made quite a handsome reward off his exit. According to This Is Money, a blog that covers financial matters for the UK’s Daily Mail, Glocer’s payout is valued at  £23 million ($35.9 million), including £17.4 million ($27.1 million) in stock options.

For those who are unfamiliar with them, according to Reuters, Thomson Reuters, “makes the bulk of its money as a source of information, data and services for financial companies and other professionals, such as lawyers and doctors. However, it also owns the prominent Reuters news service.”

According to Forbes, along with changes to Thomson Reuters’ leadership, they will be changing the organizational structure of the company as well, organizing into five divisions: Financial & Risk, Legal, Intellectual Property & Science, Tax & Accounting, and Global Growth Organization.

These change will be an attempt to kickstart Thomson Reuters, which has stayed relatively stagnant in the media world. Their main competitors include giants like Bloomberg and the Dow Jones Corporation (of the News Corporation conglomerate). According the Financial Times, “the combination of Reuters and Thomson Financial made no dent in the growth of Bloomberg,” which it claimed was its arch rival. They cited Burton-Taylor Consulting, who estimated that Bloomberg’s market share rose from 25.9 percent in 2007, to 30.8 percent in 2011, while Thomson Reuters’ share fell from 36.1 percent, to 31.4 percent.

And, as for Mr. Glocer, what will he do now that he is stepping down? Perhaps, he might pick up blogging.

Advertisements