Business

Bloomberg To Resume Leadership Of Firm He Founded

Outgoing Mayor Michael Bloomberg speaks at the opening ceremony of Four World Trade Center on Nov. 13, 2013. (credit: Getty Images)

Outgoing Mayor Michael Bloomberg speaks at the opening ceremony of Four World Trade Center on Nov. 13, 2013. (credit: Getty Images)

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NEW YORK (CBSNewYork) — Former Mayor Michael Bloomberg is set to resume the leadership of his business empire — although he said in a news release that was planning no such thing.

The Bloomberg LP financial data and media firm announced Wednesday that current chief executive Daniel L. Doctoroff would be leaving his post at the end of the year, and Bloomberg would reassume it.

Bloomberg had insisted for several years that he did not plan to return to running the company, according to a New York Times report reported.

He had been expected to focus on philanthropic work on such issues as gun control, public health and immigration issues, while spending a few hours a day at the firm, the newspaper reported.

Former Mayor Michael Bloomberg To Head Back To Work At Bloomberg LP

bloomberg big dl Bloomberg To Resume Leadership Of Firm He Founded
Alex Silverman reports

But Bloomberg has been taking a greater hands-on role at the company, and Doctoroff decided to resign in frustration with the changes in how the leadership was operating, the newspaper reported.

Bloomberg told the newspaper that the new arrangement was the brainchild of Doctoroff, who also once served as deputy mayor for economic development and rebuilding under Bloomberg.

The former mayor said in the news release that he wanted Doctoroff to stay as CEO.

“This is a sad day for me and my company,” Bloomberg said in the release. “I really wanted Dan 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 told the paper he feels energized back at the company and his work there won’t get in the way of his other mission: giving away his many billions of dollars.

Bloomberg left office at the end of last year, after three terms.

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