Close friend of the founder Michael Bloomberg, Daniel L. Doctoroff announced his decision to leave Bloomberg LP at the end of the year on Wednesday.

Bloomberg retains nearly 90% of the highly-profitable private company, so it’s not out of the ordinary that he would wish to return though he’s not shying from the challenge.

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“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.”

“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,” he said. “I have gotten very involved in the company again and that led to Dan coming to me recently to say he thought it would be best for him to turn the leadership of the company back to me.”

The two have been nearly inseparable for some time as Doctoroff served as a deputy mayor to Bloomberg before leaving his post in 2008. While he went to work at Bloomberg LP nearly immediately, he was given the post of CEO in July of 2011.

Michael Bloomberg system not rigged
Michael Bloomberg

Doctoroff leaves on a high

Bloomberg has been hanging out at the offices of Bloomberg LP for some time having left the mayor’s office in early 2013 but he’s oft been quoted as saying he never truly expected to return, rather focus on his advocacy efforts and foundation.

By no means was Doctoroff pushed out, in fact he set financial records each year for the company as well as redesigning Bloomberg Businessweek while also having moved the company into general news.

“Leaving is not an easy decision, but it is the right one for the company, for Mike and for me at this stage of my life,” Doctoroff said. “It is and has always been Mike’s company and given his renewed interest and energy, it only makes sense for him to retake the helm.”