Reuters Replaces CEO Glocer

New CEO James Smith is a Thomson Vet

In the second media leadership change this week, Thomson Reuters is replacing its chief executive, Thomas Glocer.

Glocer joined Reuters Group in 1993. When Reuters merged with Canada’s Thomson Corp. in 2008, he emerged as the leader of the combined company. Reuters reported that with Glocer’s removal, the company is removing the last senior Reuters executive from its top ranks.

Replacing him is James Smith, the chief operating officer and a vet of Thomson Newspaper Group, part of what is now Thomson Reuters.

The New York Times reported that the CEO change at Thomson Reuters comes at a tumultuous time for the company, as the economic downturn has made its corporate financial customers less willing to pay for its costly news and information services. At the same time, the Times reported, Thomson Reuters is losing market share to competitors like Bloomberg and Dow Jones.

Elsewhere in the media industry, Time Warner on Wednesday named Laura Lang, CEO of Digitas, as the new CEO of its magazine publishing unit, Time Inc., ending a nine-month-long search.