Embracing Transformation: A Conversation with David Carrel, CMO of Thomson Reuters

June 27, 2023  |  
By Jeff Pedowitz
June 27, 2023
By Jeff Pedowitz

Companies are constantly adapting to meet the changing needs of their customers in today’s rapidly evolving business landscape. One such company is Thomson Reuters (TR), a global leader in legal, tax, and risk solutions. 

In the CMO Insights podcast, David Carrel, the Chief Marketing Officer of Thomson Reuters, discusses the company’s ongoing transformation and the role of marketing in driving this change. David shares insights into the challenges and opportunities that come with transforming a large, legacy organization into a content-driven technology company. 

A Journey Towards Integration and Innovation 

Thomson Reuters, with its workforce of 26,000 employees, embarked on a journey to integrate its diverse business units and operate as one cohesive entity. David emphasized that the transformation involved shifting from primarily a content producer to a technology focus. This shift required a change in mindset and a concerted effort to break down silos and foster collaboration across the organization. 

As the CMO, David highlighted his focus on creating a unified marketing group that operates centrally and with decentralized expertise in key areas. By bringing teams together and encouraging specialization, the marketing department aims to drive innovation and scale while aligning with the company’s broader transformation goals. 

Operating as a Technology Company 

David emphasized the importance of operating like a technology company to support Thomson Reuters’ transformation. This approach involves adopting agile processes, condensing timelines, and embracing ambiguity. The marketing team is moving quickly, leveraging video content, and exploring new ways to engage customers before official product launches. By adopting a technology-driven mindset, Thomson Reuters can maintain its legacy strengths while exploring new avenues for growth and customer engagement. 

Challenges and Excitement 

Undertaking such a significant transformation is not without its challenges. David acknowledged the need to balance speed with traditional operating methods, ensuring that necessary processes and quality checks are not compromised. Condensing timelines and embracing change also require a shift in mindset and may introduce ambiguity. However, David expressed his excitement for the challenges and how they energize the team. Being on the cutting edge of transformation drives passion, encourages innovative thinking, and fosters a culture of continuous improvement. 

Embracing a Culture of Innovation 

Reflecting on his experience at Amazon, David shared how leaning into uncertainty and taking risks can lead to groundbreaking results. He encouraged his team to embrace the unknown, make mistakes, and learn from them. This culture of innovation is fundamental to driving change and creating new growth opportunities. 

Thomson Reuters’ ongoing transformation journey highlights the vital role of marketing in driving change within an organization. As the CMO, David Carrel leads the charge by fostering collaboration, embracing technology, and instilling a culture of innovation. By operating as a content-driven technology company, Thomson Reuters is well-positioned to meet the evolving needs of its customers and drive sustainable growth. 

Watch the full interview here: 

YouTube player

As the business landscape continues to evolve, companies can draw inspiration from Thomson Reuters’ transformation journey. Organizations can successfully navigate change and create a brighter future by prioritizing integration, innovation, and customer-centric approaches. 

Connect with David Carrel – https://www.linkedin.com/in/david-carrel/ 

Connect with Jeff on LinkedIn – https://www.linkedin.com/in/jeffpedowitz/ 

Learn more about The Pedowitz Group https://www.pedowitzgroup.com/ 

Get Jeff’s book ‘F the Funnel’ - https://www.pedowitzgroup.com/resources/f-the-funnel/ 

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