Dan Doctoroff stepped down on Friday as the chairman and CEO of Bloomberg. He had served in those positions since 2008.
The company announced in September that Mr. Doctoroff would be stepping down. He is leaving because Michael Bloomberg decided to return to that position in his namesake company after completing three terms as mayor of New York.
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Doctoroff sent out an internal memo in which he wrote, “I love this company, and there’s a part of me that can’t help but feel a bit of disappointment that I won’t be involved in all of the amazing things you will do in the future. I’m deeply proud of what we’ve achieved together over these years under profoundly challenging conditions.”
The memo added, “When a company gets to be as successful as ours, there’s a real risk in thinking that what worked in the past will keep working in the future. We’ve avoided that trap by operating in a constant state of evolution and improvement. That’s why our company and our team have never been in better shape than today.”
The memo was published in full in Capital New York.
When Michael Bloomberg announced the decision to replace Mr. Doctoroff with himself the former New York mayor issued a statement saying, “This is a sad day for me and my company. I really wanted Dan to stay and continue in his leadership role. But I understand his decision. I never intended to come back to Bloomberg LP after twelve years as Mayor. However, the more time I spent reacquainting myself with the company, the more exciting and interesting I found it – in large part, due to Dan’s efforts. I have gotten very involved in the company again and that led to Dan coming to me recently to say he thought it would be best for him to turn the leadership of the company back to me. It was a gracious and thoughtful offer and one that I finally accepted after significant pushback and great reluctance.”