CHICAGO - Cook County, Ill.'s long-serving former chief financial officer, Thomas Glaser, will join the office of county treasurer Maria Pappas Monday following his resignation this week from his position in the county's procurement office.
Glaser's departure was among several resignations and demotions expected this week in a reported shakeup in board President Todd Stroger's administration, according to published reports.
Glaser, 50, served as county CFO for 11 years under President John Stroger, Todd's father, who left office in early 2006 after suffering a debilitating stroke. He recently died from complications of the stroke.
The county won several ratings upgrades under Glaser, whose profile as a national voice for municipal issuers rose as a result of tenure in committee positions with the Government Finance Officers Association, including president from May 2006 to June 2007.
After taking office, Todd Stroger replaced Glaser with Donna Dunnings, a member of the county's financial team and Stroger's cousin, who had reportedly clashed with Glaser over the years.
Glaser was moved to the higher-paying but less prominent position as chief operating office at the county's massive health bureau. Less than a year later, Glaser, who worked as a public finance banker before joining the county government, was demoted again to a position in the hospital's procurement office and had been in the market for a new position with another government issuer or in the private sector.
Glaser will join the treasurer's office as chief operating officer.
"I've been trying to get Tom Glaser down here for five years," Pappas said. "The guy's brilliant. This is the county bank. He belongs in banking. He can do nothing but assist this administration."
As the treasurer's chief operating officer, Glaser will earn $165,000 a year - the same amount he made in his most recent position as associate director of contracts, purchasing, and auditing for the health bureau, said Pappas. As COO of the hospitals Glaser made $225,000, and as county CFO his salary was $142,000.
Glaser will be among eight senior staff members at the treasurer's office. He will oversee independent projects - including a request for proposals the treasurer's office is putting together for new banking services for the estimated $12 billion short-term investment fund managed by the office, as well as a project to gather 20 years' worth of property tax data on the county web site.
"He's going to help me generate revenue," said Pappas. "The guy is an absolute star. My only problem is I hope I can keep him."
Glaser's move to the treasurer's office comes as the county is expected to turn over control of the health department to an independent board of directors at the urging of Sen. Richard Durbin, D-Ill., and other officials. With a budget of $850 million and a fiscal 2007 deficit of at least $70 million, the health department is widely considered to be mismanaged and a so-called patronage dumping ground for Stroger.
Glaser is reportedly one of several top managers across county government who may be demoted or whose resignations were sought, according to published reports. Some change was expected at the health department as the independent board takes over the department.
