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Bloomberg only had praise for his former deputy, who took revenues from $5.4 billion in 2007, just before he became President, to over $9 billion this year.  “This is a sad day for me and my company,” Bloomberg said, adding “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.”
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Bloomberg LP is the global market leader in financial data, claiming to control 32% of the market.  The company surpassed Thomson Reuters as number one, and under Doctoroff’s leadership has tried to expand elsewhere.  While growth has been impressive, it has begun to slow as the internet and competitors eat away at its main revenue generator: the Bloomberg Terminal.  Last year, company-wide revenue hit $8.3 billion, yet the 320,000 subscribers the terminal business counted on, each paying about $20,000 a year, generated approximately $6.4 billion in sales, or more than 79% of overall revenue.
Doctoroff pushed hard to diversify the company, building an important news and television unit, adding on legal, government, and alternate energy information, and creating an enterprise products and solution unit.  While the latter’s sales topped $1 billion, other groups aren’t doing so well. Bloomberg Businessweek, acquired in 2009, is estimated by some to have losses in the tens of millions, with the TV unit potentially tripling that.
Bloomberg still derives the bulk of his net worth from his 88% stake in the company he founded in 1981 alongside Thomas Secunda, Charles Zegar, and Duncan MacMillan.  Under his stewardship, Bloomberg LP will face the challenge of a new era, where a falling number of traders can go to different and potentially cheaper sources of data and information.  He will also have to figure out how to create a profitable media empire, and continue to grow the group’s enterprise business.
In the meantime, Doctoroff can continue to be the former Mayor’s “friend, adviser, and partner,” as Bloomberg put it in the press release.  He’s been offered a seat in the board of the Bloomberg Philanthropies.   A seat he’ll probably accept.