News Digest

Michael Bloomberg to return as head of Bloomberg company

Former New York Mayor Michael Bloomberg will return as head of Bloomberg LP, the data and financial news company he founded in 1981, replacing Daniel Doctoroff who has decided to step aside. The privately held company, in which Bloomberg is the majority shareholder, said Doctoroff would step aside as president and chief executive at year-end. Bloomberg had expected to spend much of his time on philanthropic efforts after leaving office in late 2013. Those efforts have included fights for public health and gun control.

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.

Michael Bloomberg

Bloomberg, who stepped down as New York mayor last December, added he “never intended to come back to Bloomberg LP” after 12 years as New York’s mayor. Doctoroff became Bloomberg LP president in 2008 and CEO in July 2011. During that period, the company’s revenues increased from $5.4 billion to more than $9 billion. Bloomberg started the company in 1981, using a $10 million severance package he received after he was laid off after investment bank Salomon Brothers had been acquired. He had headed equity trading at Salomon.

After he (Bloomberg) left City Hall and started to get to know the company again, he rediscovered what an exciting and incredible place this is.

Daniel Doctoroff