After an executive shakeup last month, Bloomberg founder Michael Bloomberg has announced plans for his media empire after he passes away.
In an appearance at a climate change summit hosted by The New York Times, Bloomberg revealed his media companies would be left to his foundation before being sold.
“I give virtually all of the company’s profits to the foundation, and the foundation gave away last year $1.7 billion,” said Bloomberg. “This year it will be a little bit more than that. But when I die, the foundation inherits the company. They — because of the tax laws — will have to get rid of it, sell it someplace or other over the first five years.”
He added “At 81 years old, common sense says I should have succession plans.”
In August, Vlad Kliatchko was named CEO of the company, with several other changes taking place on the Board of Directors. At the time, Bloomberg noted that he was likely to be interrogated about a potential succession plan.
“I’m sure these changes raise questions about me, so let me put them to rest: I’m not going anywhere,” the billionaire told employees in a memo at the time. “I’ve never used a title in the company, so I won’t change what I’ll be called – just ‘Mike.'”
