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 The privately held company, in which Bloomberg is the majority
shareholder, said Doctoroff would step aside as president and chief
executive at year-end.
Bloomberg, whose fortune is estimated at more than $32 billion, had
expected to spend much of his time on philanthropic efforts after
leaving office in late 2013. Those efforts have included fights for
public health and gun control.
"This is a sad day for me and my company," Bloomberg said in a
statement. "I really wanted Dan to stay and continue in his
leadership role. But I understand his decision."
Bloomberg, who stepped down as New York mayor last December, added
he "never intended to come back to Bloomberg LP" after 12 years as
New York's mayor.
Bloomberg competes with Thomson Reuters.
Doctoroff became Bloomberg LP president in 2008 and CEO in July
2011. During that period, the company's revenues increased from $5.4
billion to more than $9 billion, he said in a memo to the company's
employees.
"So why have I decided to leave now?," Doctoroff said in the memo.
"Simply put, while Mike never intended to come back full time, after
he left City Hall and started to get to know the company again, he
rediscovered what an exciting and incredible place this is. So he
naturally wanted to be more involved."
Doctoroff, 56, a former New York deputy mayor, told the New York
Times that he informed Bloomberg two weeks ago that he intended to
resign. Bloomberg encouraged him to stay.
"This wasn't the plan," Bloomberg told the Times. "It was his idea.
If it was up to me, he would have stayed."
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Bloomberg started the company in 1981, using a $10 million severance
package he received after he was laid off after investment bank
Salomon Brothers had been acquired. He had headed equity trading at
Salomon.
During Doctoroff's tenure at the company, the numbers of
subscriptions for its terminals have grown from 273,000 to 321,000,
the company said in a statement. The company expanded from providing
financial information to markets for legal, government and
alternative energy information.
Doctoroff stressed he was not leaving for another opportunity, but
would focus more of his time on non-profit activities. He also
accepted Bloomberg's invitation to join the board of the Bloomberg
Philanthropies, the former Mayor said in the statement.
(Reporting by Peter Cooney in Washington and Ronald Grover in Los
Angeles; Editing by Sandra Maler and Ken Wills)
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