Refinitiv’s chief executive David Craig is to step away from his role at the London Stock Exchange Group at the end of this year.
Craig currently serves as the London bourse operator’s group head of data and analytics. He will be replaced by Andrea Remyn Stone, LSEG’s chief product officer as of 1 July, and remain with the firm as an adviser until the end of the year.
LSEG purchased Refinitiv following a $27bn all-stock deal in 2019, though the process took two years to complete amid regulatory scrutiny and pandemic-driven delays.
Craig’s exit comes after he and Stone voiced concerns about a move by news agency Reuters to implement a paywalled content strategy, which they said was “not permitted” under the terms of the group’s 2018 Refinitiv sale.
LSEG boss David Schwimmer said Craig had intended for Stone to move up through the ranks upon hiring her as Refinitiv’s chief customer proposition officer last year.
“With credit to David, he took a long-term view when he first recruited Andrea,” Schwimmer said in a 26 May statement. “Her appointment reflects the leadership bench strength in place across LSEG and our emphasis on developing strong talent.”
LSEG reported a total revenue of £2.1bn last year, a 3% increase from 2019 as it sought to fully integrate Refinitiv within its business. It also posted an operating profit of £755m, up 2%.
“It has been a privilege to lead the change and innovation in the Refinitiv business for the last nine-and-a-half years,” said Craig.
“From the original separation out of Thomson Reuters to completing the sale of Refinitiv earlier this year, I am enormously proud of everything we have achieved and the potential for the business as part of LSEG. Now, with the integration firmly on track and a strong performance in our first quarter as a combined business, I will support Andrea with the leadership transition we have been preparing for.”
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