Bloomberg News announced Tuesday that it has hired The Economist's editor-in-chief John Micklethwait to replace its founding editor, Matthew Winkler, who will now assume a new role and work directly with Michael Bloomberg on “strategic initiatives.” Micklethwait, 52, is expected to begin work at Bloomberg’s global headquarters in New York City in early 2015.

According to a company statement released Tuesday, 59-year-old Winkler, who has led Bloomberg’s newsroom for 25 years, will step aside to become the editor-in-chief emeritus. The announcement is being viewed as the company’s latest shakeup of its management after three-term New York City Mayor Michael Bloomberg recently said that he would reprise his role at the head of the company in 2015.

“Hiring Matt Winkler 25 years ago was one of the best decisions I’ve ever made … His experience will be enormously beneficial to me as I re-assume full-time leadership of the company,” Bloomberg said, in the statement. “There is no one better qualified to build on Matt’s legacy than John Micklethwait. He has done an extraordinary job at The Economist… he is a perfect fit for Bloomberg.”

Before joining The Economist as a finance correspondent in 1987, Micklethwait worked as a banker at Chase Manhattan between 1985 and 1987. His previous roles at The Economist included being the newspaper's business editor and United States editor.

During his tenure as editor-in-chief of The Economist since 2006, Micklethwait is known for having steered the newspaper through difficult times, particularly when print media experienced an increasing movement of content to the web and mobile platforms, according to analysts.

“The Economist has come out with its reputation enhanced as a business that has understood how to manage that transition,” Douglas McCabe, a media analyst at Enders Analysis, told Reuters.

The Economist said, in a statement Tuesday, that the company’s board is starting the search for Micklethwait’s successor. The new editor is expected to be confirmed before the end of January, when Micklethwait will step down, The Economist added.