Former New York Mayor Michael Bloomberg, 72, has said he is returning to lead Bloomberg LP, the financial data and news company he co-founded in 1982.
Bloomberg will replace CEO Daniel Doctoroff, 56, who has decided to step aside, the company announced on Wednesday.
The former Mayor has a net estimated worth of $33.2 billion according to Forbes. He will assume charge of the company by the end of 2014.
"I really wanted Dan (Daniel Doctoroff) to stay and continue in his leadership role. But I understand his decision. I never intended to come back to Bloomberg LP after twelve years as Mayor. However, the more time I spent reacquainting myself with the company, the more exciting and interesting I found it – in large part, due to Dan's efforts," Bloomberg said in a statement.
Daniel Doctoroff joined Bloomberg LP as its president in 2008 and became the CEO in July 2011. During that period, the company's revenues rose from $5.4 billion to more than $9 billion. Additionally, the company's market share increased from 26% to 32%. Bloomberg also added over 500 reporters and editors besides acquiring Bloomberg Business week.
"Our position in every market we compete in, is stronger than ever before. Financially, we have set records every year during Dan's tenure," Bloomberg added.
Doctoroff, however, would continue to play an advisory role for the company. Bloomberg has also offered to make him a member of the Board of Bloomberg Philanthropies.
"I love the company and have deep respect and affection for Mike (Michael Bloomberg), so leaving is not an easy decision, but it is the right one for the company, for Mike and for me at this stage of my life. It is and has always been Mike's company and given his renewed interest and energy, it only makes sense for him to retake the helm. I take pride in our achievements over the past seven years and I know the company will only grow stronger," Doctoroff added.
Doctoroff has previously been a Managing Partner at Oak Hill Capital Partners and an investment banker at Lehman Brothers.