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Michael Bloomberg Returns To Head Bloomberg L.P.

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Former New York City Mayor Michael Bloomberg is heading back to take the reins of the company he founded, just eight months after leaving the mayor's office, the New York Times reports.

 

A statement from Bloomberg L.P. said that Daniel L. Doctoroff would be stepping down as President and CEO, effective at the end of the year, and Bloomberg would replace him.

 

The Times reports that Bloomberg had been spending more time at the company in recent months, but the return to a larger role was unplanned. Bloomberg, who owns 88 percent of the company, told the Times, "This wasn’t the plan," and, "It was his idea," referring to Doctoroff who joined the former mayor Wednesday afternoon. "If it was up to me, he would have stayed," Bloomberg said.

 

Doctoroff reportedly announced he would be leaving two weeks ago, citing tension arising over Bloomberg's increasing presence at the company. "When Mike decided he wanted to spend some time at the company, and then spent more time, obviously things changed,” Doctoroff said, adding, "It isn’t the job I had for the past six years. It’s his -- he wants to be involved. He doesn’t want to consult with me on everything. I get that." Bloomberg urged him to remain in his position, but his efforts were unsuccessful. Doctoroff is to take a position on the board of his foundation. The Times notes that he and Bloomberg remain friends.

 

Bloomberg, who founded the financial data and media company in 1981, said he felt energized in his return to the company, and that he would continue his work for philanthropic efforts, such as gun control, immigration and public health.

 

This is a developing story. Check back for updates.

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