Michael Bloomberg returning to lead Bloomberg LP

Posted at 11:40 PM, Sep 03, 2014
and last updated 2014-09-03 23:40:48-04

NEW YORK (AP) – Former New York Mayor Michael Bloomberg is returning to lead the financial data and news company he founded in 1981 but left to serve three terms in City Hall.

Bloomberg LP said Wednesday current CEO Daniel Doctoroff will step down at the end of the year.

Doctoroff was a former deputy mayor under Bloomberg. His departure makes way for Bloomberg to take back the helm of the company, of which he still owns more than 85 percent.

The 72-year-old Bloomberg handed the reins of America’s largest city to Bill de Blasio on Jan. 1.

His company has grown to employ more than 15,000 people in 73 countries and has made him a billionaire.