Daniel L. Doctoroff, President of Bloomberg LP since 2008, has been promoted to CEO of the company. The New York Times says that the move will now require Doctoroff to oversee Bloomberg’s marketing, corporate communications, professional development and finance and administration sectors.

The promotion also means that day-to-day activity management for Bloomberg will shift from Chairman Peter T. Grauer – who has had executive duties since 2002 – to Doctoroff.

Doctoroff begins his new position on August 1.