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Bluebook
How Bold Leadership Unlocked a $27 Billion Success Story
Bluebook offers a behind-the-scenes look at one of the boldest transformations in financial markets history: the inside story of Refinitiv. From its dramatic carve-out, strategy and culture reset, to one of the most successful private equity exits in recent history, Refinitiv’s story spans boardroom battles, billion-dollar decisions and the personal cost of playing such a high-stakes game.
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A blueprint for business transformation and growth
A smart, fast-paced, and entertaining read about how trust, vision, and partnership built something extraordinary. Whether you're into leadership, financial markets, or just a gripping business story, Bluebook delivers insight and inspiration in equal measure.
At its heart is the Refinitiv deal, one of the most significant carve-outs in recent business history. Valued at $20 billion, Thomson Reuters Financial & Risk division was spun out, transformed, and ultimately sold to the London Stock Exchange Group for $27 billion just three years later.
Led by CEO David Craig and backed by private equity giant Blackstone, this was more than a deal; it was a bold reinvention. It's a story of how data, leadership, and long-term vision created $7 billion in new value. In a world where information moves faster than certainty, Bluebook demonstrates what happens when clarity cuts through the noise. From corporate brinkmanship to cultural transformation, from brand rebirth to operational overhaul, this is the behind-the-scenes story of navigating complexity and driving impact.
Part memoir, part masterclass, Bluebook is essential reading for anyone who's ever led change, survived a spinout, or wondered how great businesses are built.
Read an extract from Bluebook
Reviews for Bluebook
In Bluebook, David Craig takes us inside the boardroom and data centre to learn the remarkable story of the formation of Refinitiv out of the Financial & Risk division of Thomson Reuters and its transformation in partnership with Blackstone. While those of us close to the company know much of the story and its leaders, every reader interested in how to transform an ageing tech-based business and complete an incredibly complex private equity transaction will appreciate David’s masterclass.
Tom Glocer
Former CEO Reuters and Thomson Reuters. Lead Director, Morgan Stanley and Merck & Co and Executive Chair of Capitolis and BlueVoyant
In Bluebook, David Craig takes us behind the scenes of one of the most impressive private equity buy-outs of the last twenty years. It’s a cracking read, and it gives you a good sense of the personal journey David went through in leading the transformation of Refinitiv.
Julian Birkinshaw
Dean, Ivey Business School
David Craig’s ‘Bluebook’ is an unflinchingly honest and practical guide to large-scale business transformation and navigating high-stakes private equity deals. It is a rare insider’s view, drawing from his leadership of the $20 billion Refinitiv carve-out from Thomson Reuters. It combines compelling anecdotes with actionable lessons they don’t teach at business school—like “people, not plans, prove decisive” and “make the ‘why’ loud, clear and constant”. Candid, personal and relentlessly strategic, ‘Bluebook’ is a must-read for any leader seeking clarity, courage and a blueprint for, cultural change, high-stakes decision-making and creation of long-term value.
Dame Amelia Fawcett
Non-Executive Director and Former Lead Director, State Street Corporation
The Refinitiv story is a beautiful example of how to create a lot of value for employees, customers and shareholders in an astonishingly short period of time.
Brian West
Refinitiv CFO
Over the years CEOs and students alike have asked me for examples of good organisations who have changed strategy, structure, culture and achieved something spectacular. There are very few such stories. However this story of Refinitiv is one such story. Under David Craig’s focused leadership he tells the story of how a choice and change in direction, backed by the right level of resourcing and focus from Blackstone enabled him to take a business once in turnaround as part of Thomson Reuters to be one of the largest most successful buyouts of recent years. The Bluebook is a tale of strategic choices backed by sufficient resources and focusing as much on following the market opportunities as getting the right organisational leadership and culture in place to land the strategy well. It’s a classic example of how to get a strategy right. It’s also a very good read!
Jessica Spungin
Adjunct Professor of Strategy and Entrepreneurship at London Business School
David Craig offers an insider’s view of what it takes to close a major deal and transform a business swiftly. It’s not just strategy—trust, alignment, focus, and people are all critical. The Refinitiv carve-out, one of the most significant in recent history, shows how leadership, culture, and vision can unlock extraordinary value quickly and offers valuable lessons for anyone involved in complex transformations or private equity.
John Romeo
Managing Partner, Oliver Wyman