OLD Media Moves

Doctoroff’s note to Bloomberg employees

September 5, 2014

Posted by Chris Roush

Here is the note that outgoing Bloomberg CEO Dan Doctoroff send to the staff:

A little less than seven years ago, Mike Bloomberg wheeled around in his chair in City Hall and bestowed on me the greatest honor possible: he entrusted me with his company. It is with great pride that I now turn it back to him. At the end of this year, I will step aside as the President and CEO, and Mike will once again assume the helm of the company.

Over the past seven years, against the backdrop of the worst financial crisis in our lifetime, Bloomberg has thrived. Our market position in every business in which we compete has never been stronger. Our management team has never been deeper or more talented. Our news organization has continued its relentless climb toward out goal of “most influential provider of business and financial news.” We have leveraged our strengths into new businesses. We have challenged many of our traditional ways of doing things and become more open to new technologies, ideas, business models and people. Since 2008, our revenues have grown from $5.4 billion to more [than] $9 billion.

So why have I decided to leave now? Simply put, while Mike never intended to come back full time, after he left City Hall and started getting to know the company again, he rediscovered what an exciting and incredible place this is. So, he naturally wanted to be more involved. I have always viewed myself as Mike’s steward of the company. It is and has always been his company, and given his renewed interest, it is natural for him to resume leadership of the company.

I couldn’t be more grateful to Mike for thirteen years of friendship and the opportunity of a lifetime he’s given me over these past seven years. My admiration and affection for him have never been greater. My time leading one of the world’s great companies, which is endowed with such a special culture that is nurtured by 16,000 creative, intense colleagues who are committed to delivering remarkable products, content, and services has been an irreplaceable gift.

I am not leaving Bloomberg for another opportunity. In the near-term, I will focus on a variety of not-for-profit activities, including research into therapies for ALS (a disease that took the lives of my father and uncle), and launching an innovative new cultural institution on the West Side of Manhattan. And I’ll remain close to Mike and the company, including serving on the board of Bloomberg Philanthropies. I’ve done a lot of different things over the course of my career and I am excited to figure out the next act.

Over the next four months, I will work closely with Mike, Peter, Tom and our entire team to ensure a smooth transition. If there is one thing of which I am confident, it is that we have never been better prepared to face the challenges and, most important, seize the enormous opportunities that we have in front of us.

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