Mike Bloomberg To Return To The Helm At Bloomberg LP
September 4, 2014 at 3:58 AM (PT)
Former NEW YORK CITY Mayor MICHAEL BLOOMBERG will return to his namesake media company BLOOMBERG LP to lead the company at the end of the year. BLOOMBERG, who was not expected to return and who owns 88% of the company, will unofficially replace DANIEL DOCTOROFF, who will step aside to allow BLOOMBERG to return to the helm.
DOCTOROFF, the former Deputy Mayor for Economic Development and Rebuilding for NEW YORK CITY, joined BLOOMBERG LP, which owns BLOOMBERG RADIO and News WBBR-A/NEW YORK, as President in 2008 and was named CEO in 2011. BLOOMBERG is not formally being named a replacement for DOCTOROFF.
BLOOMBERG said, “This is a sad day for me and my company. I really wanted DAN to stay and continue in his leadership role. But I understand his decision. 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 efforts. 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. It was a gracious and thoughtful offer and one that I finally accepted after significant pushback and great reluctance.
“DAN DOCTOROFF has been one of my closest colleagues and friends for thirteen years. While at City Hall, he was the architect of the remarkable economic resurgence of NEW YORK CITY after SEPTEMBER 11, ushering in one of the greatest periods of development and job growth in the city’s history as well as conceiving of the city’s pioneering sustainability program. Despite the fact that he knew next-to-nothing about BLOOMBERG LP and its business model, I asked him to lead my company with the same kind of disciplined and creative leadership he demonstrated in City Hall. He immediately immersed himself in the business and expertly guided BLOOMBERG LP through the worst financial crisis of our generation.
“Under DAN’s leadership, our position in every market in which we compete is the strongest it has ever been. Financially, we have set records every year during his tenure. Our management team is the most talented and deepest in our history. We have professionalized every unit of the company. We have thoughtfully diversified, in part by opening ourselves up to new business models, technologies and ideas, processes, people and acquisitions. And yet, we have managed to retain the culture that lies at the heart of our success. I’ve said it many times before, DAN’s record in City Hall and at BLOOMBERG demonstrates he is one of the finest leaders and managers I have ever known.”
DOCTOROFF said, “I want to thank MIKE BLOOMBERG for giving me the honor of being the steward of his great company. I am very confident that I turn it back to him well prepared to face future challenges and capitalize on the extraordinary opportunities it has before it. I also want to thank my colleagues on the senior management team, especially PETER GRAUER, TOM SECUNDA, and MATT WINKLER, all of whom were there well before me, who have been the real drivers of BLOOMBERG’s success.
"I love the company and have deep respect and affection for MIKE, so leaving is not an easy decision, but it is the right one for the company, for MIKE and for me at this stage of my life. 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. I take pride in our achievements over the past seven years and I know the company will only grow stronger.”