Craig, Refinitiv boss, will leave his LSEG parent at the end of the year
LONDON (Reuters) – The London Stock Exchange Group announced on Wednesday that David Craig, managing director of its data and analytics business Refinitiv, will step down at the end of 2021 and be replaced by ex-Bloomberg executive Andrea Remyn Stone.
The London Stock Exchange operator finalized its $ 27 billion purchase of Refinitiv in January from a consortium led by Blackstone and including Thomson Reuters, owner of Reuters News.
Craig became CEO of Refinitiv in 2018, after leading the team that founded the company out of the finance and risk division of Thomson Reuters.
Stone, who was hired by Craig in January 2020 and will become head of the data and analytics group effective July 1, previously worked at financial data provider Bloomberg LP and Dealogic.
From July, Craig will act as the group’s advisor until his departure at the end of 2021.
The buyout was finalized in March when LSEG shares fell on higher-than-expected costs to improve the resilience of Refinitiv’s legacy platform.
In early April, Refinitiv terminals, used by financial companies around the world, suffered a power outage lasting several hours.
Later in April, LSEG CEO David Schwimmer said the integration and savings from the takeover were on track, noting that Refinitiv had no surprises in store because “we had done a lot of due diligence “.
This month, LSEG said it was in talks with Thomson Reuters over their news content distribution deal, following a dispute over whether Reuters News could set up a paywall on its website.
Thomson Reuters holds a significant minority stake in LSEG following the Refinitiv transaction.
(Reporting by Huw Jones in London and Pushkala Aripaka in Bengaluru; editing by Louise Heavens and Jason Neely)