Bloomberg LP’s co-founder and CEO, Michael Bloomberg, announced a significant reshuffling of top-level executives within his multi-billion-dollar media and data services empire on Monday, as revealed in an internal memo obtained by Axios.
Why it’s significant: These changes raise questions about whether Bloomberg, who is 81 years old, is strategizing for the company’s future beyond his leadership.
Addressing this concern in the memo, the former mayor of New York City stated firmly, “I’m not going anywhere.”
Here are the key details: According to the note, Vlad Kliatchko, Bloomberg’s product chief, will assume the role of CEO. Patti Roskill, currently the chief enterprise officer, will transition into the position of chief financial officer.
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Meanwhile, JP Zammitt, who serves as the president of Bloomberg financial products, will take on the role of president of Bloomberg LP. This encompasses oversight of Bloomberg’s data services business and its news division, Bloomberg Media. Notably, all three of these executives had previously been promoted in 2022 as part of a company-wide restructuring.
In addition to these leadership changes, Bloomberg’s memo outlined plans to establish a new board of directors, with Mark Carney, the former governor of the Bank of England, assuming the position of chairman.
The broader context: Bloomberg LP primarily generates its revenue by selling subscriptions to its data services software, known as The Terminal. Notably, the company achieved a significant milestone in 2018 when its revenue exceeded $10 billion for the first time.
