Following a 12-year hiatus to serve as mayor of New York City, Michael Bloomberg will return to Bloomberg LP, the media and financial news and data service he founded and which helped make him one of the richest people in the world. In an announcement made late Wednesday, Bloomberg LP said Bloomberg would replace Daniel Doctoroff, who served as president and CEO of the company.
Doctoroff, who joined Bloomberg LP as president in January 2008 and became CEO in July 2011, previously served for six years as New York City’s Deputy Mayor for Economic Development and Rebuilding in the Bloomberg administration.
“I really wanted Dan to stay and continue in his leadership role,” Bloomberg said in a statement implying Doctoroff chose to step down.
“I never intended to come back to Bloomberg LP after twelve years as Mayor,” he added. “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.”
During his tenure at Bloomberg LP, Doctoroff was credited with:
Company revenues increased from $5.4 billion in 2007 to over $9 billion in 2014 in spite of the impact of the financial crisis and its aftermath.
Bloomberg’s market share in the financial information sector increased from 26% to 32%.
While the total number of securities and investment professionals globally has fallen, Bloomberg Terminal subscribers have grown from 273,000 to 321,000, through greater penetration of existing markets and diversification into new markets, including emerging markets and corporations.
Bloomberg News added over 500 reporters and editors, bucking the contraction among major news organizations, while significantly enhancing its global influence through expanded digital and television presence and the acquisition of Bloomberg Businessweek.
The company successfully diversified beyond the Terminal, which serves front-office personnel such as traders, salespeople and portfolio managers, into “enterprise” products and solutions, with revenues growing from those businesses from $305 million to $1.08 billion.
The company expanded into the markets for legal, government and alternative energy information, providing critical information for Terminal subscribers and serving new end users.