Michael Bloomberg Returning to Lead Namesake Media Firm

Michael Bloomberg Returning to Lead Namesake News Firm
Scott Roth, Invision/APFormer New York City Mayor Michael Bloomberg
NEW YORK -- 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 couldn't 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 isn't 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.


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23 Comments

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SCUL8RSB

Why do you keep putting losers on the news?

September 04 2014 at 2:40 PM Report abuse rate up rate down Reply
SCUL8RSB

He needs to get lost.

September 04 2014 at 1:15 PM Report abuse +1 rate up rate down Reply
patiodaddy

C Suggin' POS!

September 04 2014 at 11:44 AM Report abuse +2 rate up rate down Reply
patiodaddy

CSuggin' POS!

September 04 2014 at 11:44 AM Report abuse +1 rate up rate down Reply
patiodaddy

CSuggin' POS!

September 04 2014 at 11:43 AM Report abuse +1 rate up rate down Reply
imarks

Come on...the current CEO goes to Bloomberg and says it would be best to step down and let you take over the reins, as if Mike had no say in the idea.

September 04 2014 at 10:17 AM Report abuse rate up rate down Reply
jneal11254

He has never been out of his primary business......trying to force other people to eat, drink, hunt, and shoot according to his own desires. He could care less about the freedom of the rest of America because he thinks being super rich makes you super smart. He thinks the rest of us do not have the ability to make our own decisions.

September 04 2014 at 9:19 AM Report abuse +5 rate up rate down Reply
duddly42

Wish he would jump off a cliff, or a high rise!

September 04 2014 at 8:53 AM Report abuse +7 rate up rate down Reply
r528nfordl

Being a good Jewish boy you can never fill those pockets full enough right Mike

September 04 2014 at 8:49 AM Report abuse +3 rate up rate down Reply
1 reply to r528nfordl's comment
jackie

there are money hungry people they have more money then Mike
and they are not Jews ,its not fair to use the race of the man
like being a good Jewish boy ,I don't say he was the best or worst
he worked for a dollar a year so I heard where did the salary go if
he worked for nothing ?

September 04 2014 at 11:01 AM Report abuse rate up rate down Reply
Rich

Maybe this will keep him busy enough that he won't have time to try and dictate the size of soda that you can drink or work to undermine the 2nd Amendment. Either that or he's poured so much of his money into losing causes he needs to go back to work.

September 04 2014 at 8:48 AM Report abuse +4 rate up rate down Reply