CHICAGO — Chicago Mayor Richard Daley on Tuesday named Terry Mazany, the head of a prominent city community foundation, to lead the Chicago Public Schools system on an interim basis as the city awaits election of a new mayor next year.

Mazany, 54, will serve as interim chief executive officer of the system, replacing Ron Huberman who recently announced his intention to leave the position at the end of November. Mazany has served as president and chief executive officer of the Chicago Community Trust since 2004.

“I’m asking Terry to accept this interim responsibility because he brings both managerial skills as well as experience in education to the job,” Daley said.

During his tenure, Mazany led the organization’s Education Initiative and its initial $50 million investment in Chicago schools. The initiative is aimed at developing leadership and innovation and strengthening curriculum and instruction in Chicago’s schools. Mazany previously worked for Detroit Public Schools and other districts in the country. Mazany is on loan from the trust and will receive a salary of $1 from CPS. A top goal is to hire a new chief education officer.

Ahead of the district’s new-money and restructuring bond sale last month, Fitch Ratings downgraded its more than $5 billion of debt one level to A-plus with a stable outlook.

Moody’s Investors Service and Standard & Poor’s revised their outlooks on the board’s Aa2 and AA-minus ratings to negative, citing escalating financial challenges.

Chicago Public Schools’ $6.5 billion fiscal 2011 budget originally called for drawing down its reserve account to eliminate a deficit and deal with late state aid payments, but that plan was dropped in favor of debt restructuring.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.