UPDATE 1-Thomson Reuters hires Economist CEO to lead media unit

Wed May 29, 2013 9:45am EDT
 
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May 29 (Reuters) - Thomson Reuters Corp said on Wednesday it had hired Andrew Rashbass, currently group chief executive of The Economist Group, to be CEO of its Reuters news business.

"We are determined that Reuters news should not only fulfill its critical mission but also its potential in creating long-term value for our customers and shareholders," David Thomson, chairman of Thomson Reuters, said in a statement.

Rashbass has spent 15 years at The Economist in several roles, including managing director of Economist.com and publisher of the magazine. Pearson Plc's The Financial Times Ltd holds a 50 percent stake in the parent holding group of The Economist.

Rashbass will report to Thomson Reuters CEO James Smith and will be based in London in the newly created role at Reuters. Stephen Adler, president and editor-in-chief at Reuters, will report to Rashbass.

"We are both committed to great journalism and his appointment will allow us to continue to do great journalism with a greater likelihood of doing even better commercially," Adler said in a statement. "I'm looking forward to working with him."