Michael Bloomberg to return to head of business empire
The billionaire former mayor of New York City Michael Bloomberg will return to the position of CEO at the company that made him one of the richest men in the United States.
The New York Times reports that the current CEO of Bloomberg L.P., Daniel L. Doctoroff, will step down at the end of 2014. Bloomberg will take over operations in 2015.
Bloomberg is named for its founder and started out as a dedicated information and trading platform for stock traders and investors. It provided real time data on stocks while also enabling the purchase and sale of stocks. Since then, the company has become a major player in media. A news website, television network, magazine, and radio station all bear the Bloomberg name.
Bloomberg made a name for himself advancing paternalistic governmental policies in New York City. He successfully outlawed smoking the vast majority of New York City's business and spaces, both public and private. The policy that attracted the most attention in this vein of his leadership was the decision to outlaw the sale of sugary drinks in servings larger than 16 ounces.
Bloomberg's term as mayor was not without controversy either. He was widely criticized for his unwavering support of the stop and frisk policy. This allowed the New York Police Department to stop and pat down anyone. These stops could be justified by what a person was wearing, or if an officer determined someone's behavior was suspicious. That policy was later found to be unconstitutional.
The decision to return to the world of business has come as a surprise to many observers as Bloomberg is 72-years-old. Many had expected him to continue his political projects, such as his support for politicians who would vote for stronger gun control legislation.
