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Reuters boss Tom Glocer to step down after 10 years

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image captionTom Glocer was the last remaining Reuters executive on the joint board

The chief executive of news group Reuters is to step down after 10 years in charge.

Tom Glocer will leave his post on 1 January and will be replaced by the group's current chief operating officer, James Smith.

The move follows concerns over the fall in the Reuters share price, which has dropped 29% this year.

The fall is equal to a $5bn (£3.2bn; 3.7bn euros) paper loss for Thomson, which bought Reuters in 2008.

Mr Glocer is the last remaining Reuters executive on the company's board.

It is the second promotion in a year for James Smith, who joined the Thomson company in 2000.

He was promoted to the chief operating officer role in September.

Mr Glocer became the first American to lead the Reuters Group when he took the helm in 2001.

He won plaudits for a strict cost-cutting exercise in which he cut thousands of jobs to make the firm more competitive.

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