Daniel L. Doctoroff, former deputy to New York mayor Michael Bloomberg and current president of Bloomberg L.P., has been promoted to CEO of the company effective August 1, reports The New York Times.

The 30-year-old company has been on an expansion kick in recent years, adding new properties like Bloomberg Businessweek, Bloomberg View, and Bloomberg Government. In June, it hired a new head of Bloomberg Television and launched a major ad campaign to promote the network.

“In addition to our very successful core businesses, the Bloomberg terminal, and Bloomberg News, we have started eight new businesses just in the past few years,” Bloomberg L.P.'s longtime chairman Peter T. Peter T. Grauer said in a statement. “Dan is perfectly suited to manage our increasingly diversified business model.”

Bloomberg L.P. hasn’t had a CEO since 2008 when Grauer took over many of the company’s day-to-day activities, with Doctoroff as his deputy. As president, Doctoroff was responsible for the company’s financial products, data products, news, multimedia, operations and ventures units. With his added title of CEO, Doctoroff will also be in charge of Bloomberg’s finance and administration, marketing, corporate communications, and professional development units.

As CEO, Doctoroff will take on much of Bloomberg's day-to-day activity from Grauer, who will become a “more traditional chairman,” says the NYT.