Former New York City Mayor Michael Bloomberg on Thursday announced succession plans for his global financial technology company, Bloomberg LP, hours after billionaire Rupert Murdoch stepped down as chairman of Fox Corp. and News Corp.

“At 81 years old, common sense says I should have succession plans,” Bloomberg said at the Climate Summit hosted by The New York Times in Manhattan.

“I give virtually all of the company’s profits to the foundation, and the foundation gave away last year $1.7 billion,” he added. “This year it will be a little bit more than that. But when I die, the foundation inherits the company. They, because of the tax laws, will have to get rid of it, sell it someplace or other over the first five years.”

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