NEW YORK - Former New York City Mayor Michael Bloomberg will return to the helm of Bloomberg LP, the data and financial news company he founded, the company announced Wednesday.
Daniel Doctoroff will be stepping down as president and chief executive officer at the end of the year.
"Bloomberg LP will not name a replacement, but rather will again be led by Mr. Bloomberg with support from the existing leadership team," the company said.
Doctoroff, 56, joined Bloomberg LP as president in January 2008 and became CEO in July 2011. He served for six years as deputy mayor for Economic development and rebuilding in the Bloomberg administration.
Bloomberg, the company's majority shareholder, said he was sad to see Doctoroff go
"I really wanted Dan to stay and continue in his leadership role. But I understand his decision," Bloomberg said.
The 72-year-old Bloomberg served three terms as mayor of New York City before turning over City Hall to Bill de Blasio on Jan. 1.
He had been expected to focus on philanthropic work on such issues as gun control and public health. But Bloomberg, whose fortune Forbes estimates at $33.2 billion, said he was drawn back into the business.
"I never intended to come back to Bloomberg LP after 12 years as mayor. However, the more time I spent reacquainting myself with the company, the more exciting and interesting I found it," he said.
Bloomberg LP said Wednesday that its revenue grew to more than $9 billion this year from $5.4 billion in 2007. It said its subscribers have grown to 321,000 from 273,000.