Bloomberg returns to Bloomberg
04 September 2014 | 3810 views | 0
Former New York mayor Michael Bloomberg is returning to lead the financial data and news giant he founded more than 30 years ago.
Bloomberg, whose 12 year reign as mayor ended just eight months ago, replaces Daniel Doctoroff, who joined the firm as president in 2008 and became CEO in 2011.
72 year old Bloomberg, who still owns 88% of the company that bears his name, had been expected to spend his post-mayoral career on philanthropic efforts, pushing for changes to gun control and immigration laws as well as giving away his $33 billion fortune.
However, says Bloomberg: "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."
Adds Doctoroff: "It is and has always been Mike's company and given his renewed interest and energy, it only makes sense for him to retake the helm."
During Doctoroff's time at the company, Bloomberg has seen its revenues rise from $5.4 billion to over $9 billion, with terminal subscriptions growing from 273,000 to 321,000.
But the company has had a tricky year. Its relationships with its bank clients took a hit in 2013 when it emerged that the firm's journalists had snooped by monitoring page views and log-ins by traders using its desktop data terminals.
And some of these banks, led by Goldman Sachs, are now preparing to break free of their reliance on Bloomberg by setting up their own chat service. Several have also signed up for a new open messaging network being set up by Markit and backed by Thomson Reuters.