July 14, 2024

Media Decoder: Doctoroff Named Chief Executive of Bloomberg L.P.

Daniel L. Doctoroff, a former deputy to Mayor Michael Bloomberg of New York who became president of Bloomberg L.P. three and a half years ago, was promoted on Tuesday to be the company’s chief executive.

The promotion will shift day-to-day responsibility for all of Bloomberg L.P. to Mr. Doctoroff from Peter T. Grauer, the longtime chairman of the sprawling financial and media company founded by Mr. Bloomberg 30 years ago. It comes at a time when Bloomberg L.P., historically known for its financial terminals, is expanding its terrain — with Bloomberg Businessweek, Bloomberg Government and Bloomberg View being three much-talked-about examples.

“In addition to our very successful core businesses, the Bloomberg terminal and Bloomberg News, we have started eight new businesses just in the past few years,” Mr. Grauer said in a statement. “Dan is perfectly suited to manage our increasingly diversified business model.”

The promotion is effective Aug. 1. Employees were notified Tuesday morning in an internal e-mail memorandum. Mr. Doctoroff will continue to report to Mr. Grauer.

Also Tuesday, Thomas F. Secunda, the manager of Bloomberg’s biggest unit, financial products, was named a vice chairman of the company.

Bloomberg has not had a chief executive officer since mid-2008, when Lex Fenwick was moved to a business incubator called Bloomberg Ventures. At that time Mr. Grauer, the chairman of Bloomberg since 2001, took on day-to-day oversight of many of the company’s divisions, with Mr. Doctoroff, who had joined the company as its president six months earlier, as his deputy.

As president, Mr. Doctoroff was responsible for the financial products, data products, news, multimedia, operations and ventures units of Bloomberg. As chief executive and president, he will add to his portfolio the finance and administration, marketing, corporate communications and professional development units.

The move will make Mr. Grauer a more traditional chairman. According to the internal memo, he will “focus on several key areas: ensuring that we are building and maintaining high-level relationships with customers and other external stakeholders, including senior government officials; enhancing our legal, compliance and security functions; driving our world-class sustainability and philanthropy programs; and building our unique culture through mentoring and new leadership and career development programs.”

Article source: http://feeds.nytimes.com/click.phdo?i=95a54bcfe9d5cfbc79ce51d0e72cbc87

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