Media Mogul Bloomberg Steps Down as Chairman
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NEW YORK — U.S. media mogul Michael Bloomberg, widely expected to run for mayor of New York, on Monday stepped down as chairman of the financial news and information company he founded.
The privately held company also added four new board members, bringing the total to seven. Among the newcomers are former Securities and Exchange Commission Chairman Arthur Levitt and financial columnist Jane Bryant Quinn.
Political analysts said the move and an expanded board probably meant Bloomberg was one step closer to running for mayor of the United States’ biggest city.
Peter Grauer, a managing director of Credit Suisse First Boston and a member of the board at Bloomberg, will become chairman. Bloomberg, 59, will remain as chief executive. He owns about 75% of the company.
New York media have widely predicted that Bloomberg will use his deep pockets in the race to succeed Republican Mayor Rudolph Giuliani in November elections.
The board changes “really [have] little to do with the mayor thing,” Bloomberg told Reuters on Monday.
The new directors will add more diversity and wider experience to what had been an all-male, all-white board, he said.
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