CHICAGO - Chicago Mayor Rahm Emanuel announced Wednesday that next month, investment banker Steven Koch will replace departing deputy mayor Mark Angelson, who focused on economic and job development, business and budget issues.

Angelson, a former chief executive officer of R.R. Donnelley & Sons, joined the administration when Emanuel took office. He served as deputy mayor for a salary of $1 and as chairman of a new entity called the Mayor's Economic, Budgetary and Business Development Council.

Angelson is leaving to head up the International Institute of Education's Scholar Rescue Fund next month. He also will return to Northwestern University as a trustee and business school teacher.

Koch has worked for the last 27 years as a corporate-side investment banker at Credit Suisse. Emanuel tapped Koch previously to serve on his government and budget transition team as well as on an advisory group charged with reforming the city's tax-increment financing.

"Steve's experience in business and government, coupled with his strong network and exceptional career history, will continue to help create economic opportunity and jobs for Chicagoans while crafting a brighter future for all Chicagoans," Emanuel said in a statement.

Koch also will receive an annual salary of $1.

The city's key fiscal issues include closing a $369 million budget gap in next year's budget and growing deficits expected in future years, reforming pensions, job creation, union negotiations and getting the new Chicago Infrastructure Trust up and running.

Angelson is the first among Emanuel's key finance advisers to leave. The other top members that joined the city after Emanuel took office include chief financial officer Lois Scott, budget director Alexandra Holt and Comptroller Amer Ahmad.

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