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Bloomberg insiders can’t be sure if Mike Bloomberg will choose an internal successor because he ‘believes in stability, and then change,’ report says

Michael Bloomberg at the Glasgow Science Center on the sidelines of the COP26 U.N. Climate Summit, 2021, in Glasgow, UK.Michael Bloomberg at COP26 climate summit in Glasgow, Scotland in November 2021.

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  • Michael Bloomberg is contemplating who might eventually replace him, the Financial Times reported.
  • The 81-year-old plans to give away most of his wealth that’s estimated at about $95 billion.
  • Sources told the FT that Bloomberg may decide to shun internal frontrunners and bring in an outsider.

Michael Bloomberg is keeping his executives guessing about who might succeed him, and could even look outside his financial data powerhouse, a report said.

The Financial Times interviewed several people close to the former New York mayor to gain an insight into how the billionaire might relinquish control of Bloomberg when he eventually decides to do so.

Bloomberg, who turned 81 in February, is worth nearly $95 billion, according to Forbes. That makes him one of the world’s richest people, in charge of a hugely influential company bearing his name.

While Bloomberg might be best known for its news division, only a fraction of its revenues come from media, per the FT. The company generates about $12 billion in annual revenues, with most of that coming from the Bloomberg terminals found on the desks of tens of thousands of bankers and businesspeople the world over. 

Although Bloomberg still goes into the company’s New York headquarters most days, according to the report, there is rising speculation about who is likely to get the nod when he no longer wants to remain at the helm. 

Jean-Paul Zammitt, Bloomberg’s CEO, is regarded as the most likely candidate to take over. He’s has been in charge of the company’s terminal sales business for years and has taken increasing responsibilities from other executives, per the report.

“Mike asks his senior leaders every time they meet if they have more than one successor, and while he has succession plans for himself, he has not discussed them with anyone,” Bloomberg representative Ty Trippet told the FT.

Vlad Kliatchko, a computer engineer originally from Russia and Bloomberg’s chief product officer, is seen as another possible candidate to replace Bloomberg.

However, the billionaire could also decide to look outside the company for a successor. 

“Only two people” run the company – Zammitt and Kliatchko – a former senior Bloomberg executive told the FT. They added that Bloomberg “has no need to go internally. Mike believes in stability, and then change.”

For now, Bloomberg remains very much hands-on, sometimes ensuring that employees are wearing their lanyards, an unnamed source told the FT.

Bloomberg donates most of his money through Bloomberg Philanthropies. He gave $1.7 billion to the organization last year, bringing his lifetime charitable donations to more than $14 billion, according to the site. 

He is also a signatory to The Giving Pledge, the initiative set up by Bill Gates, Melinda French Gates, and Warren Buffett in 2010. “Nearly all of my net worth will be given away in the years ahead or left to my foundation,” Bloomberg wrote on the pledge’s website.

Bloomberg didn’t immediately respond to a request for comment from Insider made outside normal working hours.

Read the original article on Business Insider