Thomson Reuters Taps New CFO to Steer AI-Era Strategy

TORONTO, ON – March 02, 2026 – Thomson Reuters (TSX/Nasdaq: TRI) today announced a major leadership transition in its finance division, appointing veteran technology and finance executive Gary E. Bischoping, Jr. as its next Chief Financial Officer. The move signals a strategic pivot as the global content and technology giant deepens its investment into the "AI era."

Bischoping will succeed Mike Eastwood, who is retiring from the CFO role after a tenure marked by significant financial strengthening and strategic repositioning. The transition is designed for continuity, with Eastwood remaining as an advisor to CEO Steve Hasker and taking on the role of Chairman of the Board for the Thomson Reuters Foundation.

The change comes as Thomson Reuters leverages a period of robust financial health to accelerate its transformation, with a heavy focus on integrating generative AI across its suite of products for legal, tax, and corporate professionals. Bischoping is set to join the company on April 13, 2026, and will officially assume the CFO responsibilities on May 8, 2026.

A New Financial Architect for the AI Era

Gary E. Bischoping, Jr. arrives at Thomson Reuters with a formidable resume spanning over three decades in global finance, particularly within the technology and private equity sectors. His appointment is being framed by the company as a deliberate choice to secure a leader with the precise experience needed for its next phase of growth.

"Gary is a proven finance leader with deep experience across global organizations," said CEO Steve Hasker in the company's announcement. "He brings the right combination of financial rigor, strategic insight, and operational leadership to guide Thomson Reuters through its next chapter -- including the opportunities ahead in the AI era."

Most recently, Bischoping was a Partner at private equity firm Hellman & Friedman, where he led the Finance Center of Excellence. In that capacity, he was instrumental in working with leadership teams across the firm's portfolio to strengthen financial operations and governance—experience that will be directly applicable at a complex organization like Thomson Reuters.

Prior to his role in private equity, Bischoping served as CFO at Finastra, a global financial technology company, and at Varian Medical Systems. His time at Finastra, which began in 2020, was notable for revamping the capital allocation process to fuel growth-accelerating investments. He also spearheaded several transformation programs, including the development of an internal machine-learning-based finance tool. His background is further solidified by more than 17 years in senior finance leadership at Dell Technologies, where he held roles including divisional CFO and Treasurer, gaining deep operational experience within one of the world's largest tech companies.

This background in both large-scale technology operations and value-focused private equity positions Bischoping to oversee Thomson Reuters' significant capital deployment towards AI while ensuring stringent financial discipline and operational efficiency.

Eastwood's Legacy of Transformation and Growth

Mike Eastwood's retirement from the CFO role follows a period of what CEO Steve Hasker described as "meaningful transformation." Eastwood's financial stewardship has been pivotal in creating the stable and profitable foundation upon which the company now plans to build its AI-driven future.

"Mike has been a principled and trusted leader for Thomson Reuters, guiding the company through a period of meaningful transformation," Hasker stated. "He strengthened our financial foundation, sharpened our strategic focus, and helped position the company for long term growth."

Under Eastwood's leadership, the company's financial performance has been consistently strong. For the full year 2025, Thomson Reuters reported 7% organic revenue growth, a key metric of underlying business health. This was largely driven by its "Big Three" segments—Legal Professionals, Corporates, and Tax & Accounting Professionals—which collectively posted an impressive 9% organic growth.

Profitability also saw significant improvement during his tenure. The company’s adjusted EBITDA margin expanded to 39.2% in 2025, a 100-basis-point increase from the prior year. This financial discipline translated into substantial cash generation, with the company delivering $1.95 billion in free cash flow, slightly exceeding its own outlook. This cash has been used to reward shareholders, with a completed $1 billion share repurchase program in 2025 and a 10% dividend increase announced for 2026, marking the 33rd consecutive year of dividend increases.

Eastwood’s tenure was not just about managing the numbers; it was about strategic capital allocation that set the stage for the current AI push, including overseeing initial investments that topped $200 million in 2025 alone.

Fortifying the Foundation for AI Growth

The CFO transition is occurring at a critical juncture for Thomson Reuters as it goes all-in on artificial intelligence. The company is betting that its unique combination of proprietary, trusted content and advanced AI technology will create an insurmountable competitive moat. This "Content + AI" strategy is central to its future, and Bischoping’s role will be to ensure the financial architecture supports this ambition.

The company's recent performance shows this strategy is already gaining traction. In 2025, the annualized contract value (ACV) from new Generative AI-enabled products skyrocketed, accounting for 28% of the total, indicating rapid client adoption. Products like Westlaw, which leverages AI to analyze a repository of 1.9 billion legal documents, and the AI assistant CoCounsel are at the forefront of this push.

This strategic investment is backed by a fortress-like balance sheet. With more cash than debt and an Altman Z-Score of 5.67—a strong indicator of financial health—Thomson Reuters has the capacity for aggressive and opportunistic investments. The company projects it has an estimated $11 billion of capital capacity through 2028 to deploy towards its strategic goals.

For 2026, the company is forecasting even stronger growth, with organic revenue expected to rise between 7.5% and 8%. This outlook is built on the expectation that continued AI investment will drive productivity, accelerate decision-making for its professional clients, and open new revenue streams.

Continuity Through Philanthropy and Counsel

While stepping back from the CFO position, Mike Eastwood is not severing ties with the organization. His transition to two key roles underscores the company's focus on a smooth and orderly succession.

Firstly, Eastwood will become Chairman of the Board of the Thomson Reuters Foundation, the company's philanthropic arm. He succeeds Jim Smith, a former President and CEO of Thomson Reuters, highlighting the prestige and importance of the position within the corporate ecosystem. The Foundation is dedicated to advancing media freedom, fostering inclusive economies, and promoting human rights through initiatives like its global pro bono legal service, TrustLaw, and its independent journalism platform, Context. Eastwood's strategic and financial acumen will be leveraged to guide the Foundation's future impact.

Secondly, he will continue to serve as a trusted advisor to CEO Steve Hasker. "I'm grateful he will continue to advise me and expand his leadership through the Thomson Reuters Foundation," Hasker noted. This arrangement ensures that Eastwood's deep institutional knowledge and experience from navigating the company's recent transformation remain accessible to the leadership team.

To ensure a seamless public and investor-facing handover, both Eastwood and his successor, Gary Bischoping, are scheduled to participate in the company's first-quarter earnings call on May 5, 2026, where they will likely provide further details on the company's financial strategy and outlook.