After months of hanging around the Bloomberg offices looking for something to do, Michael Bloomberg announced late Wednesday he'll be officially returning to the company he built, to take back his role as chief executive. In the process, he'll be knocking his former deputy mayor, Daniel Doctoroff, off the perch.
The former three-term New York City mayor with a $32.8 billion fortune (thanks mostly to his 88 percent stake in Bloomberg LP) had spent just eight months out of his mayoral job. He had promised to put his efforts behind giving away his wealth through philanthropic efforts, while working a small part time role on the editorial side of his company.
Clearly, it didn't take. The New York Times reported the following Thursday on Bloomberg's comeback:
Mr. Bloomberg said he fell in love again with the company that he founded in 1981. He said that after vacationing for a couple of weeks in January and working on his philanthropy, he realized that he felt most excited by his work at Bloomberg L.P.
It seems that Bloomberg's looming figure in the office created tension for Doctoroff, who felt he couldn't truly run the company with its namesake hanging around. As Bloomberg himself put it to Times, "he wants to be the C.E.O. of a company and with my name on the door, the best he could do is be co-C.E.O." At the same time, Bloomberg didn't want to consult with Doctoroff on every little decision he was making. Ultimately, Doctoroff offered to step aside and give the ex-mayor his job back.