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Bloomberg chair steps down
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March 5, 2001: 8:34 p.m. ET
Michael Bloomberg remains CEO of news provider, Arthur Levitt joins board
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NEW YORK (CNNfn) - Global business news provider Bloomberg LP confirmed Monday that billionaire founder Michael Bloomberg has stepped down as chairman but will remain as CEO, positioning himself for a possible run for New York City mayor.
Bloomberg, 59, who owns three quarters of the privately-held company, will be replaced by Peter Grauer, a managing director at Credit Suisse First Boston. Bloomberg will remain in charge of day-to-day operations, a spokesman said.
The news provider, which competes against Reuters (RTRSY: Research, Estimates), Dow Jones (DJ: Research, Estimates) and BridgeNews, also added four board members. The additions include: Arthur Levitt, former chairman of the Securities and Exchange Commission; Jane Bryant Quinn, a Newsweek contributing editor and columnist; Frank Savage, chairman of Alliance Capital Management International, a unit of Alliance Capital Management LP; and, Thomas Secunda, a founding partner of Bloomberg.
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Michael Bloomberg has long been expected to announce his candidacy for New York City's mayoral race. Bloomberg, who left Salomon Smith Barney and started the New York-based media outlet in 1981, is a former Democrat who is expected to run as a Republican.
"Over the last few years as I have devoted increased time to public service and as our our worldwide business has grown in complexity, the need to expand the range of advice provided by our board has become more evident," Bloomberg said in a prepared statement.
"These four additions will help me, my successors, and all our seven-thousand employees maintain the company's exacting standards and keep our products ahead of our customers' needs," Bloomberg said.
Political observers have said Bloomberg would need to reduce his role in the company in order to free himself from perceived conflicts of interest between his media outlets and his candidacy for public office.
Incumbent Rudy Giuliani, a Republican, will not be a candidate in this November's election because the city charter's new term limits prevent him from seeking a third term.
Four prominent Democrats have raised millions of dollars for the mayor's race: city Public Advocate Mark Green, city Comptroller Alan Hevesi, city council President Peter Vallone, and Bronx Borough President Ferdinand Ferrer.
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There is a comparative vacuum on the Republican side. One potential contender, former New York police Chief William Bratton, had said he will forego the contest.
Bloomberg has hired a pair of top pollsters to do research: Doug Schoen, one of President Clinton's former pollsters, and GOP pollster Frank Luntz.
Bloomberg is also trying to hire media strategist David Garth, who handled successful mayoral camapigns for Giuliani, Ed Koch, and John Lindsay.
"He's looking at a race for a mayor and he has not made a final decision," said Bill Cunningham, a political strategist hired by Bloomberg.
Cunningham previously served as campaign manager and chief of staff to New York's retired U.S. Senator, Daniel Patrick Moynihan. 
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