Dive Brief:
- The city of Chicago’s Acting CFO Steven Mahr has stepped down from his post just months after taking the position, according to his updated LinkedIn profile, which shows he served in the role from February through July.
- Mahr took the temporary role after former CFO Jill Jaworski left City Hall last winter to become the chief finance and administrative officer of Navy Pier, one of the city’s premier tourist destinations.
- Mahr’s abrupt exit raised questions, coming as it does just ahead of the cash-strapped city’s looming budget season and less than a year ahead of the next mayoral election. Mayor Brandon Johnson took office in 2023 and his current term ends on May 17, 2027, according to Ballotpedia.
Dive Insight:
Mahr’s departure also sparked concerns because it came as Wall Street rating agencies were poised to arrive in the city for an annual investors conference, according to multiple media reports.
Chicago City Ald. Pat Dowell, chair of the City Council’s Finance Committee, complimented Mahr for his ability to explain complex finances, while also noting that his departure was “bad timing” as the budget process is beginning, according to the Chicago Sun-Times, which first reported the move last week. The city is also facing a $90 million mid-year budget shortfall and a $1 billion-plus hole in next year’s budget, according to the article.
In addition to Mahr, The Bond Buyer last week reported that Deputy CFO Noor Shaikh also exited amid “internal battles between the CFO’s office and the office of Budget Director Annette Guzman,” according to the article. Shaikh’s LinkedIn account indicates she served as deputy CFO from October 2023 through this June.
Before serving as acting CFO, Mahr served the city as assistant commissioner from March 2024 through February 2026. Prior to that, he logged eight years as a vice president at Stifel Financial and earlier was a 2023 fellow at the Clean Energy Leadership Institute.
City officials and Mahr did not respond to requests for comment and a spokesperson for Dowell declined to comment on the matter.
