Bloomberg L.P., a Financial Data Giant, Overhauls Its Leadership Ranks

Michael R. Bloomberg, the founder of the financial data colossus Bloomberg L.P., announced a new chief executive and president on Monday, a possible indication of who will take over for him when he steps away from the company.

Mr. Bloomberg, 81, also announced plans to appoint a new board to steer the business, a purveyor of data terminals that generates more than $12 billion in revenue annually.

Vlad Kliatchko, 54, Bloomberg’s chief product officer, was appointed chief executive of the company, Mr. Bloomberg said in a memo to employees Monday. Jean-Paul Zammitt, 55, formerly Bloomberg’s chief commercial officer, was named president.

Mr. Bloomberg said in his memo that he had no plans to step away any time soon, noting that he was not taking on any new title. Neither Mr. Zammitt nor Mr. Kliatchko is replacing anyone at the company; the last chief executive at Bloomberg, Dan Doctoroff, stepped down in 2014.

“I’m sure these changes raise questions about me, so let me put them to rest: I’m not going anywhere,” Mr. Bloomberg wrote. He added: “I’ve never used a title in the company, so I won’t change what I’ll be called — just ‘Mike.’”

Mr. Bloomberg made his fortune by creating data terminals and a media empire that holds sway over financial professionals around the world. He has also been deeply involved in politics, including as a three-term mayor of New York.

The company employs more than 23,000 people around the world. That includes around 2,700 journalists, making it one of the biggest global news organizations, though the media division makes up a small fraction of the company’s overall revenue.

Mr. Bloomberg has been circumspect on the question of his succession in the past. Earlier this year, a spokesman for Bloomberg told The Financial Times that Mr. Bloomberg frequently asks his senior executives whether they have more than one successor, adding that he has undisclosed succession plans for himself.

A Bloomberg spokesman declined on Monday to comment on Mr. Bloomberg’s succession plans. The company has said that Mr. Bloomberg intends to give the company away to his philanthropic arm when he dies, if not sooner.

Semafor earlier reported on the leadership changes.


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