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Reuters denies that FitzGerald is to replace Hogg

LONDON - Reuters, the troubled financial information company, has denied that Niall FitzGerald is to take over from Sir Christopher Hogg as its chairman, after reports over the weekend that Hogg was to leave to boost shareholder confidence in the company.

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In a regulatory statement, Reuters said: "Following recently announced changes to the board of directors of Reuters Group, there has been speculation in the media concerning the selection of a new chairman to succeed Sir Christopher Hogg. Reuters confirms that no such decision has been taken or is currently planned."

FitzGerald, chief executive of Unilever, was tipped in several newspapers to be taking the role of chairman, and according to reports was to be appointed by the end of the year. Just over a week ago, FitzGerald was named as a non-executive director of Reuters. Hogg has been chairman of the company since 1985.

On Wednesday, Reuters' share price lost almost 23%, crashing by 47.25p to 160.75p - a 12-year low.

The company has suffered against competitors such as Bloomberg, and has been forced to make thousands of job cuts over the past 12 months. The company has warned that it expects revenues to fall further.

Shares in the company fell by 1.8% or 3.25p when the market opened this morning to trade at 173.75p.

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