Aug 21, 2023 - Economy

Bloomberg shakes up leadership team, overhauls board

Photo by Bruce Glikas/FilmMagic

Bloomberg L.P. co-founder and CEO Michael Bloomberg appointed a slew of new c-suite executives to run his multi-billion dollar media and data services empire on Monday, according to an internal note obtained by Axios.

Why it matters: The changes call to question whether Bloomberg, 81, is plotting for the company's future beyond him.

  • In the memo, the former New York City mayor addressed the issue, writing, "I'm not going anywhere."
  • Existing leadership executives, including Bloomberg L.P. chairman Peter Grauer and Bloomberg L.P. co-founder and vice chairman Tom Secunda, he said, will continue "hitting the road" alongside Bloomberg, to focus "on our diversity and other initiatives."

Details: Bloomberg's product chief Vlad Kliatchko will take over as CEO, per the note. Patti Roskill, Bloomberg L.P.'s chief enterprise officer, will become chief financial officer.

  • The company's president of Bloomberg financial products, JP Zammitt, will become president of Bloomberg L.P. — the holding group for Bloomberg's data services business as well as its news arm, Bloomberg Media.
  • All three executives were elevated in 2022 during a company restructuring.
  • Bloomberg did respond to Axios' request for comment by publication time.

Between the lines: Bloomberg's memo also said the company will create a new board of directors, chaired by Mark Carney, the former governor of the Bank of England.

  • "We’ll add other new members in short order, and most existing members will move to 'Emeritus Status — while the next group can take a fresh look at where we are and where we should be," the memo read.

Catch up quick: The future of Bloomberg L.P. came into greater focus after Bloomberg announced he would run for the White House in 2020.

  • At the time, Bloomberg said he would either sell his media company, or put it in a blind trust if he became president.

The big picture: Bloomberg L.P. is privately held. It doesn't regularly disclose information about its financials or long-term corporate strategy.

  • The company makes the vast majority of its revenue from selling subscriptions to its data services software, The Terminal.
  • Revenue for Bloomberg L.P. surpassed $10 billion for the first time in 2018,
Go deeper