Michael Bloomberg has hired John Micklethwait, editor-in-chief of the Economist, to take over all editorial operations at his financial data company, replacing Matt Winkler, who created the Bloomberg News service for the group’s terminals almost 25 years ago.

Mr Winkler will stay on in the new role of editor-in-chief emeritus, Bloomberg said yesterday, a job that will see him working directly with Mr Bloomberg, who has shaken up its leadership since deciding to retake the helm of the company he founded in 1981.

Mr Winkler, known for his ever-present bow tie and for the “Bloomberg Way”, his strict set of instructions for reporters and editors that has grown from a 30-page style guide to a 376-page book, has long been close to Mr Bloomberg, and co-wrote the former New York City mayor’s 1997 autobiography.