Ex-New York mayor back at Bloomberg

Sep 04, 2014, 2:54 AM EDT
Honoree, former New York City Mayor, Michael Bloomberg attends the 15th annual Art for Life Gala hosted by Russell and Danny Simmons at Fairview Farms on July 26, 2014 in Water Mill, New York
AFP/Getty Images

Former New York Mayor Michael Bloomberg has returned to the helm of Bloomberg, the data and financial news company he founded more than three decades ago. The BBC reports:

Mr Bloomberg still owns 88% of the company, and is taking up the role less than a year after leaving City Hall. He will be replacing Daniel Doctoroff, who steps aside as president and chief executive at the end of the year.

Both men indicated the decision was mutual after realising there was no room at the top for both of them. "I never intended to come back to Bloomberg LP after twelve years as Mayor," Mr. Bloomberg said in a statement.  "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. "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." Mr Bloomberg added that Mr Doctoroff "expertly guided Bloomberg LP through the worst financial crisis of our generation."

Mr Doctoroff has led Bloomberg for the past seven years, first as president and then as chief executive in 2011.