Thread regarding Thomson Reuters layoffs

Corporates All Hands Meeting - Friday, 8/7, hosted by Brian P.

What do you think Brian P. is announcing in this meeting?

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Post ID: @OP+16aNopZd

24 replies (most recent on top)

EY is being brought on to analyze the effectiveness of demand gen marketing as a whole? There was an email that went out today. "One of the ways we’re trying to balance scale, efficiency and career for TR’s marketing profession is to look at how we resource our demand generation function . . . EY has been commissioned to do a discovery across all segments and regions to come up with a recommendation on how to best accomplish the above from an organization, process and measurement pov. After their discovery and recos are done, we will evaluate how to proceed in executing those recommendations."

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Post ID: @Ihkg+16aNopZd

The question is, if they are totally revamping the Corporates group, and they seemed to be doing well, what can the plan for the Tax Professionals segment be, which is doing poorly. I can only think its taking longer, since there is so much dead wood at the top, and they are working on severances packages. Good leaders find ways to be successful in any environment, just recycling them into other roles and expect a different result is just plain dumb. Tax Professionals need a complete overhaul, they have been making excuses about failing for 2 years now, time has to be up for them.

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Post ID: @nout+16aNopZd

This email is a good example of corporate verbosity and waffle. They haven't found the winning formula in the last decade, and persist with the same approach of cost cutting and layoffs. That is all they know. Are customers going to be better off? I'll leave that to you to answer. I suspect this latest approach will ultimately be another "miss", with more RIFs coming. As for the statement,"I'm proud of how far we have come." I'm sure the thousands of people laid off and whose livelihoods have been placed in jeopardy wouldn't think that.

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Post ID: @nwgk+16aNopZd

Wow. They keep aligning the company according to vague and subjective criteria and appointing the same orators as leadership, with the expectation that they've found the secret sauce to success.

In Finance and Risk there was once a reorg so confusing that a 50 page "Green Book" was issued as a roadmap. Clear as mud, that. It's always effective when your rank and file have only a loose grasp on what their mission is.

Thank you for laying me off 4 years ago, TR.

Sincerely,

The Ghost.

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Post ID: @nguj+16aNopZd

Subject: Invitation: Corporates All-Hands Team Meeting (August 20)

Team,

As part of our goal to provide the most positive experience and effective paths to serve our customers and grow our business, we are announcing some organizational changes that will be effective on January 1, 2021.

We formed the Corporates segment almost two years ago and, in that time, we have learned a lot about how our customers operate and how our sales organization can support them best.

I'm proud of how far we have come. Some of the things we put in place historically have worked and this team should be pleased with what we have accomplished to date and in generating strong traction. But as we continue to analyze our progress, listen to customer feedback and consider your suggestions, we can all admit that some areas need further refinement to maintain our momentum, including a further refined definition of our customer.

For large clients, these definitions will be modified to be focused on personas and buying trends in departments versus our current focus on organizational entities. For emerging, our shift is focused on a modified revenue threshold, greater adoption of digital acquisition, and expanded product offerings.

This advancement of our customer understanding allows the new organizational structure to align with the ultimate decision-makers which are the Tax Director, Chief Legal, Risk or Compliance Officer. Thus, bringing into focus the specific needs to our users and decision-makers, and ensure we are making the right connections.

This important definition refinement will undoubtedly support our future growth and will necessitate an organizational shift in the Corporates business to further align more closely to these customer needs. These changes include the following adjustments:

The Emerging sub-segment will now be called Small, Mid-market (SMB) and will now focus on companies with a top revenue threshold of $500M, instead of the current $750M. The group will also take responsibility for selling an expanded portfolio of products to include additional legal and risk products. This group will continue to be led by Aimee Egan.

The Large, Strategic and LSRC sales teams will now be organized around the new customer definition and will be split into Tax, Legal and Risk sub-segments. This will best align with our product offerings and allow our sales leaders to become more specialized.

While this may seem like a return to a product focus, it is not. This modification remains connected with our ultimate company-wide Thomson Reuters focus to get closer to the customer. We are now leveraging our immense learning and feedback over the last two years to better define our customers around buying departments.

Rob Bahash will lead the Tax sub-segment and Chris Maguire will lead the Risk group. We will be posting the role to lead the Legal group and are hopeful to have that position filled by early Q4. Each of these sub-segment leaders will then help us further ensure the appropriate sub-segment organizational structure.

Carol Fox will continue to oversee the Global Accounting Firms and will also assume the responsibility of managing a new group of Global Client Directors (GCD) responsible for relationships with specific large corporations and organized by industry. The GCDs will coordinate with sales teams in Legal, Tax and Risk. Those accounts, industries and detailed job descriptions are still being determined and will be communicated to the group once established.

Corporates Europe, led by Sarah Robbins; Partnerships and Alliances, led by Chris Carlstead; Customer Success led by Chip Ferris and Professional Services led by Rich Alessi will remain largely unchanged.

In addition to leading the Partnerships & Alliances sub-segment, Chris Carlstead has also been leading, on an interim basis, the Strategic Accounts team since April of this year. I want to thank Chris for his leadership and contribution to the team, a role he will continue in until the end of this year.

Please know we believe this to be the best path to continue to move the Corporates segment forward successfully, build on what we have done well and to help our sales reps, managers and leadership grow within Thomson Reuters.

It is important to note that the changes we are announcing today will be effective on January 1, 2021. In the meantime, I urge everyone to remain focused on your current remit to have a strong close to 2020 – as compensation and bonuses in 2020 will continue to align with 2020 structure and plans.

We know you may have many questions and we are happy to answer them.

We invite you to join us for a Town Hall tomorrow at 8:30 a.m. CT / 9:30 a.m. ET as we review these organizational changes and aim to answer as many questions as possible. Please RSVP using the buttons below to ensure you receive the link to the meeting.

Thank you,

Brian Peccarelli
Chief Operating Officer, Customer Markets

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Post ID: @njgx+16aNopZd

The email said "Please stop replying to all", with a follow up "Please remove me from this distribution", and a final "Has anyone seen my lamp?"

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Post ID: @nyao+16aNopZd

Brian P. Just made some announcements to corps sub segments but not sure how that plays out to everyday folks. He just sent out an email.

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Post ID: @masf+16aNopZd

Agreed. Unfortunately, there are a lot of threads about TR layoffs on this website containing speculative and uninformative b s that comes to nothing. I'm sure posting facts would be more helpful to most of us.

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Post ID: @dwny+16aNopZd

Why was there so much buzz in this thread about what BP was going to say in this meeting, then absolutely no follow-up about what he actually said?

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Post ID: @cnoz+16aNopZd

He may just want to tell everyone he saved a bunch of money on his car insurance.

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Post ID: @6xpz+16aNopZd

It seems to me that BP is very unpopular since there are many derogatory posts about him on here. He probably doesn't care so why should you? He is laughing all the way to the bank.

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Post ID: @5ury+16aNopZd

So many posts here by a former disgruntled executive. Someone who left but clearly holds a grudge against Brian. Who could that be? Who could that be?

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Post ID: @5epw+16aNopZd

Let's think about this for a second, earnings are reported on Aug 5 and an internal meeting Friday Aug 7, maybe they are going to thank everyone for a job well done or they are going to go into a bit more detail about what they will be saying on their q2 earnings call. My guess is that they will miss earnings and revenue targets and will say layoffs were the last resort, but with limited visibility they are going to need to reduce headcount. Maybe they are announcing a voluntary/early retirement packages in advance of mass layoffs.

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Post ID: @4yhq+16aNopZd

Maybe they are selling some pieces of corporates or possibly getting out of certain lines to focus on core businesses or acquiring a competitor. They didn't bring Hasker on, with his pedigree, to stay the course. It can be anything or nothing, could be Brian P is stepping down, could be that they are putting the entire company up for sale, or could be they take the entire thing private. Could be they are cancelling onsite synergy and doing it all online. In fairness I would say that the last reorg was a complete and utter failure from an execution standpoint, so maybe they acknowledge that and publicly flog the segment leaders responsible for picking the misfits running they chose to run the sub segments. I guess my point is, it can be anything.

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Post ID: @4jfc+16aNopZd

Something big is being announced. There is some corps open forum meeting on 8.5 . . . Precursor?

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Post ID: @3tdi+16aNopZd

He truly is the definition of "ya never know". Just hang in long enough and get lucky and you can climb the ladder without any discernible skills. He was loyal to his friends, until he wasn't, he did it his way.

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Post ID: @1rkn+16aNopZd

The sad part is this incompetent boob will leave there with millions of dollars in cash, prize and a year's supply of Rice a Roni side dishes.

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Post ID: @1uzf+16aNopZd

Maybe that the cafeteria is reopening in Carrollton or more likely to talk about the progress (or lack thereof) of the business and introduce all the new leaders, and possibly say he is retiring at the end of the year. Also say that Synergy is cancelled for 2020 along with all offsite events.

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Post ID: @xvh+16aNopZd

Hopefully he is moving on so the company has a chance to succeed without him. I hop he moves to Portland.

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Post ID: @hsj+16aNopZd

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