|By Business Wire||
|September 3, 2014 08:57 PM EDT||
Bloomberg LP and Michael R. Bloomberg, its founder and majority shareholder, announced today that Daniel L. Doctoroff will be stepping aside from his role as President and Chief Executive Officer of the company effective at the end of this year. Bloomberg LP will not name a replacement, but rather will again be led by Mr. Bloomberg with support from the existing leadership team.
Mr. Doctoroff, 56, joined Bloomberg LP as President in January 2008 and became CEO in July 2011. Prior to joining Bloomberg LP, Doctoroff served for six years as New York City’s Deputy Mayor for Economic Development and Rebuilding in the Bloomberg administration.
“This is a sad day for me and my company,” said Mr. Bloomberg. “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,” said Mr. Bloomberg. “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.”
Mr. 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.”
Mr. Doctoroff continued, “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.”
During Mr. Doctoroff’s tenure at Bloomberg LP:
- Company revenues increased from $5.4 billion in 2007 to over $9 billion in 2014 in spite of the impact of the financial crisis and its aftermath.
- Bloomberg’s market share in the financial information sector increased from 26% to 32%.
- While the total number of securities and investment professionals globally has fallen, Bloomberg Terminal subscribers have grown from 273,000 to 321,000, through greater penetration of existing markets and diversification into new markets, including emerging markets and corporations.
- Bloomberg News added over 500 reporters and editors, bucking the contraction among major news organizations, while significantly enhancing its global influence through expanded digital and television presence and the acquisition of Bloomberg Businessweek.
- The company successfully diversified beyond the Terminal, which serves front-office personnel such as traders, salespeople and portfolio managers, into “enterprise” products and solutions, with revenues growing from those businesses from $305 million to $1.08 billion.
- The company expanded into the markets for legal, government and alternative energy information, providing critical information for Terminal subscribers and serving new end users.
Mr. Bloomberg added, “Dan will always be a part of the Bloomberg family -- he will continue to be my friend, advisor and partner for years to come. I have asked him to join the Board of Bloomberg Philanthropies and I’m sure I will personally support future initiatives he decides to pursue.”
Prior to joining the Bloomberg administration, Mr. Doctoroff was Managing Partner of Oak Hill Capital Partners (a private equity firm) and an investment banker at Lehman Brothers. He became involved in municipal issues and economic development as a result of leading the effort to bring the 2012 Olympic Games to New York, which ultimately became the blueprint for New York’s post-9/11 economic development strategy.
Mr. Doctoroff is a founder of Culture Shed, an innovative new cultural institution at Hudson Yards on Manhattan’s West Side, and Target ALS, the research consortium that he founded (with Bloomberg Philanthropies and David Rubinstein) which is dedicated to developing therapies for ALS, which claimed the lives of his father and uncle. In addition, Mr. Doctoroff serves on the boards of World Resources Institute, Human Rights First, and the University of Chicago.
Mr. Doctoroff emphasized that, while in the short-term he would like to focus more of his time on not-for-profit interests, he is not leaving Bloomberg LP for another specific opportunity. “My career has included being an investor, a public official, a corporate executive and leading not-for-profit organizations,” Mr. Doctoroff said. “I’ve thoroughly enjoyed each of those different challenges. Once again, I welcome the opportunity to embark on a new chapter and, in time, will decide what’s next.”
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