Bloomberg LP appointed Vlad Kliatchko to be its new CEO

Bloomberg’s Chief Product Officer, Vlad Kliatchko, 54, has been named the company’s CEO, Bloomberg announced in a note to staff members. Former Chief Commercial Officer for Bloomberg, Jean-Paul Zammitt, 55, was appointed President. The founder of the financial data behemoth Bloomberg L.P., Michael R. Bloomberg, unveiled a new Chief Executive and President on Monday, possibly indicating who will succeed him when he leaves the company. The 81-year-old Bloomberg also disclosed plans to elect a new board to run the company, a provider of data terminals with an annual revenue of more than $12 billion.

In his memo,  Bloomberg stated that he had no immediate plans to leave his position and added that he was not assuming any new responsibilities. Neither Zammitt nor Kliatchko is taking over for anyone at the business; Dan Doctoroff, the previous CEO, retired from Bloomberg in 2014. Data terminals and a media empire that controls the opinions of financial specialists all around the world were two ways that  Bloomberg amassed his wealth. He has also had a long history in politics, including three terms as mayor of New York. Over 23,000 individuals work for the organisation globally. Despite only accounting for a small portion of the company’s overall earnings, the media section employs some 2,700 journalists, making it one of the largest global news organisations.

In the past, Bloomberg has been reserved when discussing his succession. This year, a representative for Bloomberg told The Financial Times that Bloomberg routinely inquired about the existence of many successors among his senior executives and that he also had personal succession plans that were not publicly known. Bloomberg’s succession plans were not addressed by a Bloomberg spokesman on Monday. According to the business, when Bloomberg passes away, if not sooner, he plans to donate the company to his charity arm.