Will Kennedy Quits As Head Of Reuters' Midtown NYC Sales

Will Kennedy, head of Reuters' midtown district sales team in New York, has resigned his position to join a Chicago-based insurance software firm. Reuters has yet to name a replacement, but likely will retain the structure of its New York sales teams, which are currently split between midtown and downtown Manhattan.

Kennedy, who has headed the midtown sales team since January 1990, is moving to Delphi Information Systems Inc., based in Rolling Meadows, Ill., a suburb of Chicago. There, he'll assume the post of executive vice president responsible for sales and marketing.

Observers say he'll be tricky to replace. His sales team, which sells market data and other Reuters trading-room products, currently has the largest P&L in North America. Its clients include such major accounts as Bear Stearns & Co. and Chemical Bank. Kennedy joined the company in 1986 as the only New York- based member of the executive committee of Rich Inc. during the switch manufacturer's absorption by Reuters. His responsibilities are currently being shared by midtown sales staffers.

Kennedy, who has never lived in Chicago, departs for the Windy City Wednesday. His successor will be selected by William O'Shea, executive vice president of Reuters America Inc. -- who some say has been Kennedy's mentor -- under counsel from mid-town sales staffers and managers.

Kennedy and downtown New York sales chief Mike Mazzola both report to O'Shea, who in turn reports to Reuters America president Brian Vaughan. O'Shea took control of the merged operations of Reuters' NorAm and New York operations early this year (IMD, Feb. 3).

Sources say many at Reuters are vying to fill Kennedy's shoes as the company attempts to accommodate enterprising executives battling for a shrinking number of vacant slots (IMD, Aug. 3). It isn't clear when O'Shea will make his appointment. Sources named no prime candidates for the post; O'Shea couldn't be reached for comment.

Kennedy, 38 years old, says he's leaving to pursue an opportunity at a small firm. He dismisses speculation that he has grown tired of waiting in line behind O'Shea, who at 48 isn't likely to be slowing down anytime soon.

Sources also speculate that an ongoing review of compensation and bonus structures at Reuters may have placed a ceiling on Kennedy's potential earnings at the company. Kennedy says that he was happy with conditions at Reuters.