Michael Bloomberg to Return to the Head of Bloomberg LP

Former three-term New York City mayor announced late Wednesday that he will return as head of Bloomberg LP at the end of the year. Michael Bloomberg is one of four original founders of the company that bears his name, which was founded in 1981. Daniel L. Doctoroff, who served as Deputy Mayor for Economic Development and Rebuilding under Mayor Bloomberg, will step aside as President and CEO of Bloomberg LP, a position he has held since January of 2008. Despite Mr. Bloomberg's initial intentions of investing most of his time devoted to philanthropic efforts of giving away his $32.8 billion fortune, he found himself becoming more and more interested in Bloomberg LP the further his involvement grew with the company.