|[September 03, 2014]
Daniel L. Doctoroff Stepping Aside as CEO of Bloomberg LP at End of 2014
NEW YORK --(Business Wire)--
Bloomberg (News - Alert) 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
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
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
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 (News - Alert). 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
Mr. Doctoroff is a founder of Culture Shed, an innovative new cultural
institution at Hudson Yards on Manhattan's West Side, and Target (News - Alert) 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
[ Back To TMCnet.com's Homepage ]