Business

Michael Bloomberg Returning to Lead Bloomberg LP

In this Aug. 5, 2014 file photo, Michael Bloomberg welcomes leaders to the U.S.-Africa Business Forum during the U.S.-Africa Leaders Summit at the Mandarin Oriental Hotel in Washington. The former New York Mayor is returning to lead the financial data and news company he founded in 1981 but left to serve three terms in City Hall. Bloomberg LP said Wednesday, Sept. 3, 2014, current CEO Daniel Doctoroff will step down at the end of the year.  (AP Photo/Jacquelyn Martin, file)
In this Aug. 5, 2014 file photo, Michael Bloomberg welcomes leaders to the U.S.-Africa Business Forum during the U.S.-Africa Leaders Summit at the Mandarin Oriental Hotel in Washington. The former New York Mayor is returning to lead the financial data and news company he founded in 1981 but left to serve three terms in City Hall. Bloomberg LP said Wednesday, Sept. 3, 2014, current CEO Daniel Doctoroff will step down at the end of the year. (AP Photo/Jacquelyn Martin, file)

 

NEW YORK (AP) — Former Mayor Michael Bloomberg is returning to lead the financial data and news company he founded in 1981 but left to serve three terms in City Hall.

The company, Bloomberg LP, said Wednesday that current CEO Daniel Doctoroff will step down at the end of the year.

Doctoroff was a deputy mayor under Bloomberg. His departure makes way for Bloomberg to take back the helm of the company, of which he still owns more than 85 percent.

The 72-year-old Bloomberg handed the reins of America’s largest city to Bill de Blasio on Jan. 1.

In a statement, Bloomberg said he never intended to return to his company after 12 years as mayor. But after reacquainting with its operations, he said, he could not resist its lure.

“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,” said Bloomberg, whose company has grown to employ more than 15,000 people in 73 countries and has made him a billionaire.

Doctoroff joined Bloomberg LP in 2008 and became CEO in July 2011. Before that he served six years as Bloomberg’s deputy mayor for economic development. He said he had no job lined up but in the short term would focus on his not-for-profit interests.

Bloomberg, whose fortune Forbes estimates at $33.2 billion, credited Doctoroff with guiding the company through the financial crisis of 2008 and the deep recession that followed.

Bloomberg LP is privately held and is not obliged to divulge financial information, but it said Wednesday that its revenue grew to more than $9 billion this year from $5.4 billion in 2007. Its subscribers have grown to 321,000 from 273,000, it said, while it added more than 500 reporters and editors.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker