David Shaffer, an executive v-p and Thomson Corp. board member, has been named to succeed Pat Tierney as CEO of Thomson Financial. While president and CEO of Thomson Learning, Shaffer helped integrate several Harcourt properties into the group. Tierney will be leaving Thomson at the end of the year. Ron Schlosser, president and CEO of Thomson Scientific & Healthcare, will replace Shaffer as head of the learning group.
Also within Thomson Learning, Ron Dunn, president and CEO of the Academic Publishing Group, will take on the additional responsibilities of managing the learning group's international operations, succeeding Bob Cullen, who has been named president and CEO of Thomson Scientific & Healthcare. Shaffer, Schlosser and Cullen will report to Dick Harrington, Thomson president and CEO.
Thomson Financial has had a difficult year. Weakness in the global financial markets contributed to a 3% decline in revenue, to $1.16 billion, for the first nine months of 2002. Boosted by the Harcourt businesses, revenue at Thomson Learning increased 31% in the period, to $1.61 billion with sales in the third quarter up 13%, to $765 million. In the quarter, sales rose at Thomson Learning's higher education, library reference and international segments, offsetting continued softness in the corporate training category.
The learning group is the only one of Thomson's four groups that does not generate more than half its revenue from electronic publishing. Harrington said Schlosser's experience with integrating print and electronic components would help him prepare Thomson Learning to adapt to the growing demand for electronic products in the education and training markets. Harrington also said that despite the management shifts, there are no plans to deviate from Thomson's strategy of making tactical acquisitions.
