Michael Bloomberg, billionaire and former mayor of New York, has decided to return to the helm of his business, Bloomberg LP, a financial data and media company.

Bloomberg told associates and executives at the company that current CEO Daniel Doctoroff would resign at the end of the year and that he would take over as chief executive, according to a report from The New York Times.

This appears to be an about face for Bloomberg, who previously said he would not be returning to his company full time, despite him still owning 88 percent of the firm. He had been expected to spend his time on philanthropic efforts.

After his final term as mayor expired at the start of the year, Bloomberg took a vacation and then began work for his charity foundation. But he said he found he was most engaged by working at Bloomberg LP and began to spend more time at the company.

Doctoroff told Bloomberg two weeks ago that he planned to step down at the end of the year, clearing the way for Bloomberg's full return.

"When Mike decided he wanted to spend some time at the company, and then spent more time, obviously things changed," Doctoroff said. "It isn't the job I had for the past six years. It's his -- he wants to be involved. He doesn't want to consult with me on everything. I get that."

Bloomberg, speaking from a coffee shop on Wednesday with Doctoroff by his side, said that his intention was never to push Doctoroff out the door. The two remain friends and the soon-to-be former CEO will take a leadership position with Bloomberg's foundation.

"This wasn't the plan," said Bloomberg. "It was his idea. If it was up to me, he would have stayed.

Bloomberg founded the company in 1981 and it has grown into a powerhouse. It is expected to bring in $9 billion in revenue this year, according to The Wall Street Journal.