Welcome!

News Feed Item

Daniel L. Doctoroff Stepping Aside as CEO of Bloomberg LP at End of 2014

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.”

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...