Michael Bloomberg, mayor-elect of New York City, said yesterday he plans to resign from the Johns Hopkins University board of trustees when his term as chairman is up in May.
Not surprisingly, the financial mogul said he's going to be a little busy running one of the largest cities in the world.
"You can't really do both," Bloomberg said yesterday while in Baltimore for a board meeting.
Bloomberg, a 1964 electrical engineering graduate of Johns Hopkins, added that he's resigning from all the company boards he sits on, not just that of his alma mater. A trustee since 1987, he will be replaced as chairman by Raymond A. "Chip" Mason of Legg Mason Inc.
"Obviously we're disappointed," said university President William R. Brody. "On the other hand, we're delighted that Mike is undertaking what may be the biggest challenge in the U.S."
Since Bloomberg's term as chairman began in 1996, the university's endowment has more than doubled, to $1.8 billion as of June. Officials credit the growth to Bloomberg's leadership and the economic boom during most of that period.
Bloomberg emphasized yesterday that his new job won't get in the way of his philanthropic pursuits.
"Everybody still wants your money," he said jokingly. "I intend to keep up the donations."
Over the years he has given more than $100 million to the university. Its School of Public Health was renamed after him this year, the second university building to bear his name.
Bloomberg's record as the donor of the single largest gift to the university was eclipsed last month by New York clothing industry billionaire Sidney Kimmel's $150 million donation to its cancer center.