New auditors to start at Reuters in savings drive

6 January 2005
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06 January 2005

A new external auditing contract at Reuters will come into place early this year after it went out to tender for the first time in over a decade.

The sourcing department at the media giant has also negotiated a contract for legal services in moves to establish a more efficient profile for the business.

Rod McPhee, head of UK sourcing, told SM there were now few areas that were "off limits" for the department, which was now seen as a cross-functional partner in the business and "a must-have at the table".

The deals come as part of the company's Fast Forward business transformation plan initiated last year to deliver £440 million over three years.

Although McPhee would not confirm figures, the £440 million reportedly comprises £340 million in staff reduction and £100 million in efficiency savings.

SMjan2005

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