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Ex-New York mayor Bloomberg returns as head of news empire

AFP | Former New York mayor Michael Bloomberg speaks in Washington, DC on August 5.
2 min

Former New York mayor and multi-billionaire Michael Bloomberg is returning to lead the financial data and news company he founded in 1981 but left to serve three terms in City Hall.

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Bloomberg's return comes after the company's president and chief executive Dan Doctoroff stepped down, the firm said on Wednesday.

A statement on Bloomberg's website said the company's 72-year-old founder was returning to head the business "with support from the existing leadership team" following Doctoroff's departure.

Doctoroff had spent six years as Deputy Mayor for Economic Development in Bloomberg's New York administration before joining the tycoon's company as president in 2008 and later becoming chief executive in 2011.

Bloomberg said in a statement he had hoped Doctoroff would stay on at the company.
"This is a sad day for me and my company," said 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."

Bloomberg, a conservative independent, handed the reins of America’s largest city to Democrat Bill de Blasio on January 1.

Bloomberg LP is privately held and is not obliged to divulge financial information, but it said on Wednesday that its revenue grew to more than $9 billion this year from $5.4 billion in 2007. Its subscribers have grown to 321,000 from 273,000, it said, while it added more than 500 reporters and editors.

Bloomberg still owns more than 85 percent of the company. Forbes estimates his fortune at $33.2 billion.

(FRANCE 24 with AP, AFP)

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