NEW YORK, Sept. 4 (UPI) -- Former New York City Mayor Michael Bloomberg announced Wednesday he is returning as CEO to the Bloomberg LP after 12 years.
The decision comes after current president and CEO Daniel Doctoroff, 56, decided to step down. He assumed the position of president in 2008 after resigning as Bloomberg's deputy mayor and later elevated to CEO in 2011. During his tenure, revenues increased from $5.4 billion in 2007 to more than $9 billion anticipated in 2014. Its market share in the financial information sector rose from 26 percent to 32 percent and its terminal subscribers have grown from 273,000 to 321,000.
"This is a sad day for me and my company," said Bloomberg. "I really wanted Dan to stay and continue in his leadership role. But I understand his decision."
"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. "It is and has always been Mike's company and given his renewed interest and energy, it only makes sense for him to retake the helm."
Bloomberg, who founded the company in 1981 and still owns 90 percent of the privately held company, previously expressed no desire to return as CEO after 12 years in a backseat role. Since he left the mayor's office, he has been spending more time at the Bloomberg LP offices in Manhattan. The recent changes and prospective future shifts in the company marked a shift in his decision.
"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," 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."
Bloomberg is changing its media company. It is redesigning Bloomberg Businessweek and expanding Bloomberg Politics by hiring veteran journalists to create a team to write stories for online and its wire.