Dive Brief:
- Chicago CFO Ashlee Gabrysh has quit, just three months after she was appointed, with Mayor Brandon Johnson’s press office stating that her resignation was accepted Friday effective immediately.
- Gabrysch stepped into the role in August after Chicago’s financial leadership was shaken by a series of high profile departures. She previously served as senior director at Fitch Ratings, where she was a lead analyst covering the city.
- The mayor’s office said Comptroller Michael Belsky, who said he was disappointed by Gabrysh’s resignation, will step in as acting CFO, effective immediately. “As is sometimes the case in any workplace, certain professional relationships and working arrangements do not work out,” he said in a statement provided by the mayor’s office to CFO Dive. “That said, in my time with the city, the mayor and his team have been extremely transparent, open, and honest with the public and City Council about the city’s fiscal position.”
Dive Insight:
The CFO’s abrupt exit comes as the financially pressured city is grappling with a pension crisis. The Chicago Sun-Times reported that trouble was evident on the first day of budget hearings, when Gabrysch “contradicted [Mayor Brandon] Johnson’s claim that his $17.6 billion pre-election budget was 76% structurally balanced.”
Gabrysh is the city’s third top finance leader to step down from the role this year.
She took the role after acting CFO Steven Mahr exited abruptly over the summer, CFO Dive previously reported. And former CFO Jill Jaworski left City Hall for Navy Pier in January after holding the post since June 2023. Meanwhile, other recent departures have included former Deputy CFO Noor Shaikh and ex-Budget Director Annette Guzman.
Gabrysh did not immediately respond to a request for comment. However, the Sun-Times reported that the CFO expressed the importance of her fiduciary duty to the city and its taxpayers and noted the importance of a CFO acting to ensure accuracy.
“Throughout my career, I have remained committed to upholding the highest standards of financial integrity and transparency, and in my short time as chief financial officer, I have faithfully discharged this duty,” she said in a statement cited by the Sun-Times. “It has become apparent, however, that to continue in this role would be to compromise my integrity and professional obligations. I therefore have concluded that I must step down from my role, and hereby tender my resignation.”
The mayor’s office was highly critical of Gabrysch. “The city of Chicago is facing a serious budget crisis following decades of mismanagement,” the office said in the emailed statement. “It is concerning that, during her short tenure, Ashlee was largely absent during critical periods of the city’s budget preparation process. Additionally, her decision to direct the city Treasurer to issue a $75 million payment without proper legal authority or following the required processes raises serious concerns.”
The $75 million transaction refers to a 44-6 vote by the Chicago City Council to require Johnson to use the funds as an additional payment to solve the company’s $36 billion pension crisis, The Sun-Times reported on Nov. 2.
