Ex Bank of England governor Mark Carney has been selected as the chairman of a newly established board of directors at Bloomberg, a prominent US financial information and media company.

]The firm’s major management reorganization also includes the appointment of Vlad Kliatchko, Bloomberg’s head of product, as the new Chief Executive Officer.

Bloomberg experiences major reorganization amid succession speculation

This significant shakeup follows speculation about succession planning within the company. The announcement of these changes was reportedly made by the firm’s founder, Michael Bloomberg, in an internal email to staff.

Mark Carney’s involvement with Michael Bloomberg on climate-related initiatives in the past has influenced his appointment.

He will reportedly maintain his position as the chairman of Canadian investment firm Brookfield Asset Management alongside his new role at Bloomberg.

While more new board members are set to be appointed shortly, existing members will be given honorary positions.

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The email from Michael Bloomberg emphasized his continued involvement in the company and quelled any rumors of his departure.

Mark Carney, known for his roles as the governor of the Bank of England and the Bank of Canada, also currently serves as the United Nations special envoy on climate action and finance.

He is recognized for his expertise in finance and climate-related matters.

Bloomberg, founded by Michael Bloomberg in 1981, is undergoing this management reorganization under the leadership of its founder, who returned to the company in 2014.

The billionaire philanthropist has an estimated net worth exceeding $96 billion according to Forbes magazine.