Former NYC Mayor Michael Bloomberg Taking Back the Reins at Bloomberg News
Only eight months after ending his 12-year run as the mayor of New York City, Michael Bloomberg announced Wednesday that he will return as president and CEO of Bloomberg LP, the global news organization he founded in 1981.
At the end of this year he will replace Daniel Doctoroff, who has chosen to step aside. Doctoroff has been president since 2008 and CEO since 2011. Before that he was a deputy mayor for economic development in the Bloomberg administration.
“I never intended to come back to Bloomberg LP after twelve years as mayor,” Bloomberg said in a statement from the company. “However, the more time I spent reacquainting myself with the company, the more exciting and interesting I found it — in large part, due to Dan’s efforts. I have gotten very involved in the company again and that led to Dan coming to me recently to say he thought it would be best for him to turn the leadership of the company back to me.”
Bloomberg, 72, still owns 88 percent of the equity in the public company. He had been expected to spend his time after being mayor on philanthropy, giving away his $32.8 billion fortune. However, he began to spend a few hours a day at Bloomberg headquarters in Manhattan and soon was attending meetings and providing input.
Two weeks ago, Doctoroff told Bloomberg he was going to resign because, according to The New York Times, he was frustrated with how the leadership had shifted back to Bloomberg. While Bloomberg urged him to say on, Doctoroff said he was going to leave.
“Mike is kind of like God at the company,” Doctoroff told The New York Times. “He created the universe. He issued the Ten Commandments, and then he disappeared. And then he came back. You have to understand that when God comes back, things are going to be different. When God reappeared, people defer.”
Bloomberg has become a global news organization that is a factor in the financial industry and as a source of business news on TV, radio and the Internet and over private platforms. Since 2007, company revenues have increased from $5.4 billion to $9 billion in 2014.
When Bloomberg started the company after holding positions at major Wall Street banks, its primary business was providing terminals to investment firms with proprietary data. It has since expanded to provide information about energy, legal, government and other activities.
Bloomberg also has a TV network and owns what used to be BusinessWeek magazine.
Before joining the Bloomberg administration, Doctoroff was an investment banker and the managing partner of Oak Hill Capital Partners, a private equity firm.
Doctoroff said in a statement that he is not leaving Bloomberg for another job but instead will focus his time on not-for-profit interests. “Once again,” said Doctoroff, “I welcome the opportunity to embark on a new chapter and, in time, will decide what’s next.”