CRAIN’S CHICAGO BUSINESS | Greg Hinz
Here’s an afternoon grab bag featuring new city Treasurer Kurt Summers, a departure from the pension fund which covers Chicago Public School teachers and a nifty guide to next week’s gubernatorial election.
Newly appointed city Treasurer Kurt Summers is showing a real affinity for the green stuff. On top of the email solicitation I already reported on, he threw a big-name fundraiser and has roped in some pretty well-known folks to lead his finance team.
The Oct. 28 event was held at Grosvenor Capital Management LP. Team Summers isn’t saying how much it raised, but the attendees could buy a small country, including Grosvenor chief Michael Sacks, retired banker Norm Bobbins, ex-city Olympics boss Pat Ryan, and Johnson Publishing Co. CEO Desiree Rogers.
Co-chairing his finance committee are Chicago Board of Education ex-Chairman Gery Chico, Hyatt Hotel Corp. board member Jason Pritzker, private-equity mogul Stuart Taylor and People’s Gas exec Will Evans, among others.
Chicago Teachers’ Pension Fund Executive Director Kevin Huber, who has been ailing, has submitted his resignation as operations chief of the $10.8 billion fund and will leave effective Dec. 31.
Not everyone out there was a fan, but I thought Mr. Huber was one of the first to consistently sound the alarm about the potential danger of government shorting its required contributions to its retirement system. I wish him the best.
Interim Executive Director Peter Driscoll will stay on through March while the fund board conducts a search for a successor.
Meanwhile, check out this nifty graphic from the folks at Reboot Illinois about how turnout in gubernatorial elections has been really light, only topping the 60 percent mark once since 1978.
Signs are that it will perk up this time. But more on that later.