CHICAGO — Chicago City Treasurer Stephanie Neely, a former public finance banker, is stepping down from the elected post to return to the private sector.
Neely informed her staff of her decision Monday and was praised by city council members for her tenure during her scheduled appearance Tuesday at committee hearings on the proposed city budget.
Former Mayor Richard Daley tapped Neely for the $133,000-a-year post in 2006 as the city headed into election season after then-treasurer Judy Rice resigned.
She was elected in her own right in 2007 and re-elected in 2011.
Neely has not said where she is headed. Her resignation takes effect Nov. 30.
She previously worked for Northern Trust Global Investments, Blaylock & Partners LP, the former LaSalle Financial Services Inc., Jackson Securities LLC and the former Banc One Capital Markets Inc.
As treasurer, Neely manages the city's $6.5 billion investment portfolio and sits on the city's pension board. She led a micro-loan program that provides affordable capital to small businesses and started the Office of Financial Inclusion to help people re-enter the financial mainstream. She also sits on the Chicago Infrastructure Trust's advisory board.
"Stephanie Neely brought a wealth of experience and a deep commitment to her position as City Treasurer," Mayor Rahm Emanuel said in a statement Monday. "She sat on five pension boards, improved financial literacy for our taxpayers, and helped strengthen small, growing businesses by making sure they had easy access to affordable capital."
Emanuel has tapped Kurt Summers, a former chief-of-staff to County Board President Toni Preckwinkle to replace Neely. Summers currently is a senior vice-president at Grosvenor Capital Management.
"Kurt Summers has the experience, the values, and the integrity we need of everyone who holds public office," Emanuel said in a statement formally announcing Summer's selection Wednesday. "I am confident that he will become a vital member of the city's financial team and help manage the city's investments effectively, efficiently, and in a way that promotes opportunity for every Chicagoan."
"I intend to bring to the Treasurer's office a focus on financial stewardship, accountability, innovation, and investment. This is not a short-term investment for me. I am committed to having a long-term impact, and I will work to earn the support of Chicagoans. I believe, if we leverage our financial capital and capabilities, we can invest in the type of economic development that transforms every neighborhood in the city," Summer said in the statement.
Prior to his positions at Grosvenor and the county, he was a managing director at Ryan Specialty Group, a specialty insurance services firm. In addition, he previously served as director, chief financial officer, and head of business development at the Balton Corporation.