Barely a year after leaving the New York City Mayor’s office, Michael R. Bloomberg will be returning to the media firm he founded and bears his name. Bloomberg, 72, will again lead Bloomberg LP as the current president and CEO is stepping down.
Bloomberg announced the news on Wednesday, confirming that Daniel L. Doctoroff is leaving as President and CEO of the company. He became president in 2008 and CEO in 2011 and had previously been Bloomberg’s Deputy Mayor for Economic Development and Rebuilding for six years.
Bloomberg himself will not take the titles, but will take over the company, working with the remaining executive leadership.
In a statement, Bloomberg said that he had hoped Doctoroff would stay on longer. “I never intended to come back to Bloomberg LP after twelve years as Mayor. 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 effort,” Bloomberg said.
Bloomberg said that Doctoroff will stay on as an advisor for him.
While Doctoroff oversaw Bloomberg LP, revenues grew from $5.4 billion in 2007 to over $9 billion this year. Bloomberg News also saw significant growth, adding 500 reporters and editors. Even though the financial sector has shrunk following the 2008 financial crisis, the company saw Terminal subscriber growth jump to 321,000 under Doctoroff.
Since Bloomberg left the mayor’s office following twelve years, Bloomberg has continued his philanthropic efforts. In April, he vowed to spend $50 million on a campaign against the National Rifle Association.
image via Walter McBride/INFphoto.com