Former New York Mayor Michael Bloomberg will again lead the company he founded.
Dan Doctoroff, who joined Bloomberg LP as its president in 2008 and became chief executive officer in 2011, will step down at the end of the year, the company said in a statement posted to its website today. Instead of naming a replacement, the company "will again be led by Mr. Bloomberg with support from the existing leadership team."
“I really wanted Dan to stay and continue in his leadership role. But I understand his decision," Bloomberg said in a statement.
Bloomberg, 72, who founded the company in 1981, said he never intended to return to it after serving 12 years as mayor. He was succeeded by Bill de Blasio earlier this year.
"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," he said. "I have gotten very involved in the company again and that led to Dan coming to me recently to say he thought it would be best for him to turn the leadership of the company back to me. It was a gracious and thoughtful offer and one that I finally accepted after significant pushback and great reluctance.”
Before joining the company, Doctoroff served as deputy mayor for six years during Bloomberg's tenure.
“I love the company and have deep respect and affection for Mike, 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," Doctoroff said in a statement.
Doctoroff said he plans on focusing on not-for-profits, including research into therapies for ALS, which took the lives of his father and uncle.
New York-based Bloomberg LP provides financial data and news to clients worldwide through its terminals and has over 15,000 employees.