By: (AP) Phil Lynch is stepping down as chief executive of Reuters America, and will be replaced by Michael Steinharter, parent company Reuters Group PLC said Monday.
Steinharter, who was recruited to the British news and information company by Lynch, will take over on Jan. 1, Reuters Group said.
Steinharter worked for International Business Machines Corp. for 22 years before joining Reuters in 2003 as executive vice president of sales and account management.
A Reuters spokesman refused to comment on the reason for Lynch's departure or whether he has secured another job.
Lynch will stay at Reuters until the beginning of the year to assist with the transition.
Last month, Reuters reported an 8 percent increase in quarterly sales. The London-based company has struggled to increase sales against fierce competition from Bloomberg LP and Thomson Financial, while mergers and consolidations in the banking industry have reduced demand for its financial products.
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