Michael Bloomberg eyes run at New York mayor

From CNN Producer Phil Hirschkorn

NEW YORK (CNN) -- Michael Bloomberg, the billionaire chairman and namesake of a financial news and information company, gave up one of his titles on Monday, another move positioning himself for a possible run for New York mayor.

Bloomberg, 59, who own's three-quarters of his privately held company, stepped down as chairman of the board but will remain the company's chief executive officer, said company spokeswoman Chris Taylor.

In doing so, Bloomberg expanded his board of directors, which includes himself, from three to seven members. He also elevated board member Peter Grauer to board chairman.

"Over the last few years as I have devoted increased time to public service and as 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 7,000 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 a 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.

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 former President Bill Clinton's ex-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.

"He's talked about it for months," Cunningham said of the possibility that Bloomberg might enter the mayor's race. Of Monday's move, Cunningham added, "I think this is the natural progression whether or not he runs for mayor."

Bloomberg L.P., founded in 1981, provides information services for professional investors, and owns a wire service, television and radio stations.

Bloomberg's personal net worth is about $4 billion, according to Forbes magazine.

His new board members are former Securities and Exchange commission Chairman Arthur Levitt, financial news journalist Jane Bryant Quinn, investment company executive Frank Savage, and founding Bloombrg partner Thomas Secunda.

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