David Craig is a man who knows a thing or two about leading major organisational change projects, from his background as a partner at McKinsey advising companies on strategy to turning around Thomson Reuters’ largest – but “unloved” – financial and risk division, and spearheading its subsequent separation and reincarnation as Refinitiv.

In his new book, Bluebook: How bold leadership unlocked a $27bn success story, Craig shares lessons from this practical education in transformation, including the importance of taking tough calls early on.

“I wasn't brave enough and certainly not confident enough,” he says, reflecting on his early days at Thomson Reuters where he was charged with heading up the integration of the two companies. “I was still that new McKinsey guy.”

Perhaps it was this reflection that provided the rocket fuel to his plans with Refinitiv. The company launched in October 2018 under the new majority ownership of private equity firm Blackstone.

Ten months later – and a year and a half after the $20bn carveout deal was first struck – Refinitiv’s owners agreed its acquisition by the London Stock Exchange Group (LSEG) for $27bn, marking a $7bn exercise in value creation. LSEG’s purchase closed in January 2021, by which point the financial data and technology platform had been overhauled and its Tradeweb electronic marketplaces business IPOed.

“Something that frustrates me with many organisations is they haven't realised the value of time. It's important to make decisions properly, but it's also important to make them quickly. I see too many organisations bogged down in ponderous decision-making, bureaucracy, and lack of accountability. [With Refinitiv] we really saw the benefit of speeding things up.”

Credits:

Presenter: Antonia Garrett Peel

Producer: Inga Marsden

Artwork: Jenny Hardy

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