UNC’s commencement speaker for May 2012 will be New York City Mayor Michael Bloomberg.

“It’s an honor,” said Dean Drescher, the senior class president who serves on the selection committee. “Mayor Bloomberg has made outstanding contributions in public service and philanthropy and is certainly someone that we’ll be happy to have at commencement.”

Bloomberg, the 108th mayor of New York City, was elected in 2001 and is the founder of Bloomberg L.P., a major financial news company. He is ranked 12th on Forbes’ list of wealthiest Americans.

Bloomberg will speak for no fee, per University tradition, and will receive an honorary doctor of laws degree, the Daily Tar Heel has reported.

Last May’s speaker was E.O. Wilson, a Pulitzer-winning environmentalist and Harvard professor. Administrators said that while they were pleased to have Wilson speak, he had not been their first choice, and that they hoped to improve their search selection for 2012.

The commencement speaker is chosen by a committee of students, faculty and administrators who meet throughout the year.

Bloomberg has previously served as a commencement speaker at GW University in 2011 and the University of Pennyslvania in 2008, among others.

“I think he’s going to do a great job,” said Student Body President Mary Cooper, also on the selection committee. “I think his background will lead him to be an engaging speaker, someone who will have a lot of good advice from his political experience.”