Former New York Mayor Michael Bloomberg is to return as head of his media and financial information empire after the company’s president and chief executive Dan Doctoroff stepped down, the firm said Wednesday.

A statement on Bloomberg’s website said the company’s 72-year-old founder was returning to head the business “with support from the existing leadership team” following Doctoroff’s departure.

Doctoroff had spent six years as Deputy Mayor for Economic Development in Bloomberg’s New York administration before joining the tycoon’s company as president in 2008 and later becoming chief executive in 2011.

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Bloomberg said in a statement he had hoped Doctoroff would stay on at the company.

“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.”