Kurt Summers Jr. on Wednesday was appointed Chicago city treasurer by Mayor Rahm Emanuel, effective Dec. 1.
Mr. Summers replaces Stephanie Neely, who said Monday that she was resigning effective Nov. 30 for a job in the private sector. Lilia Chacon, spokeswoman for Ms. Neely, said Ms. Neely cannot disclose her new employer.
Mr. Summers will replace Ms. Neely on the boards of five city public pension funds. A board seat is automatic for the city treasurer on four of the funds: the $10.8 billion Chicago Public School Teachers' Pension & Retirement Fund; $5.3 billion Chicago Municipal Employees' Annuity & Benefit Fund; $1.4 billion Chicago Laborers' Annuity & Benefit Fund; and $1 billion Chicago Firemen's Annuity & Benefit Fund.
His appointment to the $3.1 billion Chicago Policemen's Annuity & Benefit Fund board, on which Ms. Neely was trustee, requires the approval of Mr. Emanuel, Ms. Chacon said.
Mr. Summers is senior vice president, strategy and corporate development, at funds-of-funds manager Grosvenor Capital Management. Tom Johnson, Grosvenor spokesman, was unable to provide information by press time on whether Mr. Summers will be replaced at the firm.
The appointment requires City Council approval.