Reuters CEO departs for Euromoney

Reuters news agency said Thursday its chief executive Andrew Rashbass is stepping down to join the business publishing firm Euromoney Institutional Investor Plc.
Reuters, a unit of the financial information and media group Thomson Reuters, said Stephen Adler, who is president and editor-in-chief of  the news division, would assume interim CEO responsibility as of May 1.
Rashbass, who came to Reuters less than two years ago, was named executive chairman of Euromoney, which produces a range of financial publications.
Reuters news, which competes with AFP, is a small unit within the multibillion-dollar Thomson Reuters group.
The move comes with the media sector facing heavy pressures from a shift of readership from print to online news, hurting many newspapers and other clients of news agencies.
The Reuters news division saw revenues for 2014 drop four percent to $319 million. In the fourth quarter, the news operations' revenues were $79 million, unchanged from a year earlier.
Reuters has some 2,600 journalists in nearly 200 locations around the globe, according to the company.