In 2012, Thomson Reuters appointed Jim Smith as CEO.[1] In July 2016, Thomson Reuters agreed to sell its intellectual property and science operation for $3.55 billion to private equity firms.[12] In October 2016, Thomson Reuters announced expansions and relocations to Toronto.[12] As part of cuts and restructuring, in November 2016, Thomson Reuters Corp. eliminated 2,000 worldwide jobs out of its around 50,000 employees.[12]