By Helen Coster and Eva Mathews

(Reuters) -Bloomberg Media Chief Executive Officer Justin Smith is stepping down, effective immediately, to start a new media firm, Smith wrote in a tweet on Tuesday.

“After 8 years at Bloomberg Media, and more than 25 years in quality journalism, I’ve decided to pursue a personal dream, and a market opportunity, to launch a new kind of global news media company that serves unbiased journalism to a truly global audience,” Smith wrote.

The Wall Street Journal first reported the news of Smith’s departure and plans.

Scott Havens, Bloomberg Media’s chief growth officer, will take on the role, the Journal reported, citing a statement from Michael Bloomberg, the founder of Bloomberg L.P.

Smith, who moved to Bloomberg from Atlantic Media in 2013, will remain at Bloomberg as an adviser in the coming months to assist with the transition, the Journal added.

Bloomberg Media did not immediately respond to a Reuters request for comment.

Bloomberg Media competes with Reuters, the news division of Thomson Reuters Corp, in supplying news to media outlets.

(Reporting by Helen Coster in New York and Eva Mathews in Bengaluru; Editing by Amy Caren Daniel, Alexandra Hudson)