The former mayor announced Wednesday he is returning to Bloomberg LP at the end of the year.
Bloomberg's former Deputy Mayor for Economic Development and Rebuilding, Dan Doctoroff, will be stepping down as president and CEO after running the company since 2008.
"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. I never intended to come back to Bloomberg LP after twelve years as Mayor. 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."
Bloomberg praised Doctoroff's efforts in helping the city's economic recovery after the 9/11 attacks, as well as his leadership of Bloomberg LP.
Doctoroff said he is not leaving Bloomberg for another opportunity, but said he will focus on a variety of not-for-profit activities, including research into therapies for ALS, which claimed the lives of his father and uncle, and launching an innovative new cultural institution on the West Side of Manhattan.
"I want to thank Mike Bloomberg for giving me the honor of being the steward of his great company. I am very confident that I turn it back to him well prepared to face future challenges and capitalize on the extraordinary opportunities it has before it," said Doctoroff.