Quick Overview

  • According to an updated LinkedIn profile by Chicago's acting Chief Financial Officer Steven Mahr, he has stepped down from the role, which lasted only a few months from February to July.
  • Mahr took over the interim position after the previous CFO, Jill Jaworski, left City Hall last winter to become the chief financial and administrative officer at Navy Pier, one of the city's major tourist attractions.
  • Mahr's sudden departure raises questions because it comes as cash-strapped Chicago heads into budget season, less than a year before the next mayoral election. Mayor Brandon Johnson took office in 2023, and his current term ends on May 17, 2027, according to Ballotpedia.

In-Depth Analysis

Mahr's departure also raises concerns because, according to multiple media reports, Wall Street rating agencies are preparing to arrive in the city for the annual investor conference.

Chicago Alderman Pat Dowell, who chairs the City Council's Finance Committee, praised Mahr's ability to explain complex financial issues while noting that his departure is "poorly timed" as the budget process has just begun. According to the Chicago Sun-Times, which first reported the story, the city also faces a $90 million mid-year budget shortfall and a gap of more than $1 billion in next year's budget.

In addition to Mahr, The Bond Buyer reported last week that Deputy CFO Noor Shaikh has also left, citing "internal strife between the CFO's office and the office of Budget Director Annette Guzman." Shaikh's LinkedIn profile shows she served as Deputy CFO from October 2023 to June of this year.

Before serving as acting CFO, Mahr was an assistant commissioner for the city from March 2024 to February 2026. Prior to that, he spent eight years as a vice president at Stifel Financial and became a fellow at the Clean Energy Leadership Institute in 2023.

City officials and Mahr did not respond to requests for comment, while Dowell's spokesperson declined to comment on the matter.