Former New York City Mayor Michael R. Bloomberg is set to return the company he founded more than three decades ago.
Bloomberg, whose tenure as mayor came to an end this year, will take over at the end of 2014 when Daniel Doctoroff, who has served as president and chief executive since 2008, steps aside.
“I never intended to come back to Bloomberg LP after twelve years as mayor,” 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.”
During Doctoroff’s run as president, Bloomberg LP revenue increased from $5.4 billion to more than $9 billion in 2014, according to the company.
Bloomberg, 72, also serves as chairman of Mayors Against Illegal Guns, a group that calls for stricter gun laws to be implemented in states across the country. Before Wednesday’s announcement, it was believed Bloomberg, whose net worth is more than $30 billion, would take a more philanthropic role in his post-mayoral career.
Bloomberg lauded Doctoroff in the statement, saying the company is as strong as it has ever been.
“Financially, we have set records every year during his tenure. Our management team is the most talented and deepest in our history. We have professionalized every unit of the company. We have thoughtfully diversified, in part by opening ourselves up to new business models, technologies and ideas, processes, people and acquisitions,” Bloomberg said.