Thomson Reuters Corp. has promoted internal executive Jim Smith to the position of chief operating officer as the company abandons its former divisional structure, the company announced Wednesday. Formerly the executive in charge of the company’s professional division, Smith will now oversee all of the company’s operations under the new undivided structure that will merge the company’s previously separate professional and markets divisions. "The changes we are announcing today will streamline our organization and enable us to work better across business units to achieve growth and capture operating efficiencies from scale," Thomson Reuters CEO Thomas Glocer said in a release Wednesday. "The professional markets in which we operate are marked by increasing collaboration among specialists and Thomson Reuters must operate with the speed and agility needed to serve these demanding professionals." Also Wednesday, the company announced that chief financial officer Robert Daleo was set to retire next July and that Stephane Bello, the current professional division financial chief, will succeed him. Bello will assume his new role on Jan. 1, 2012, the company noted, and Daleo will serve as the company’s vice-chairman until his retirement.