Robin Wigglesworth of the Financial Times writes about the future of Bloomberg LP, owner of Bloomberg News, after founder Michael Bloomberg departs.
Wigglesworth writes, “In February, Michael Bloomberg turned 81. People with knowledge of the company’s internal dynamics and its founder suggest he is likely to transfer ownership of his empire to a trust that will finance Bloomberg Philanthropies for perpetuity, similar to the move recently made by Patagonia’s founder Yvon Chouinard. That would be one of the largest charitable donations in history. ‘He has committed to giving the company away to Bloomberg Philanthropies when he dies, if not sooner,’ company spokesman Ty Trippet told the FT.
“According to most insiders, Bloomberg’s likely successor is CEO Jean-Paul Zammitt, a company veteran. Yet some note that a new internal contender has recently emerged and that the mercurial Bloomberg might also look outside the company when he finally steps back, as he did when he left to be New York mayor in 2002. ‘Mike asks his senior leaders every time they meet if they have more than one successor, and while he has succession plans for himself, he has not discussed them with anyone,’ Trippet said. But as the finance industry continues to be transformed by changes to technology and new ways of working, a question even more urgent is coming to the fore: what comes after the terminal?”
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