Politics
Chicago CFO Ashlee Gabrysch Quits After Three Months, Warning of Integrity Compromise
Ashlee Gabrysch, Chicago's third chief financial officer in a year, resigned abruptly Friday, saying staying would compromise her integrity. The departure, mid-budget stalemate, raises fears of a bond rating downgrade and prompts a call for an outside audit.
CHICAGO â Mayor Brandon Johnson's chief financial officer, Ashlee Gabrysch, abruptly resigned Friday after just three months on the job, becoming the third person to leave the city's top financial post in a year and sending shockwaves through City Hall during a budget stalemate.
In a statement released to the media, Gabrysch said she could not continue in the role without compromising her professional obligations. She did not specify what she was asked to do that she believed would damage her integrity.
"As the City of Chicago's Chief Financial Officer, there is nothing more important than my fiduciary duty to the City and its taxpayers," Gabrysch said. "The Chief Financial Officer's statements about city finances are not idle chatter: they are relied upon by investors, ratings agencies, City Council, and taxpayers. The CFO must act scrupulously to ensure they are always accurate and complete."
She continued: "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. 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 resignation threatens to further destabilize Chicago's already shaky bond rating and could scare investors away from city bonds, according to financial observers. Gabrysch's departure comes as the city remains without a finalized budget, adding uncertainty to its fiscal outlook.
Finance Chair Pat Dowell (3rd) responded to the resignation by demanding an outside audit of the city's finances.
Gabrysch, a former Wall Street executive, had replaced Steven Mahr, who himself abruptly resigned along with his top deputy just days before veteran Budget Director Annette Guzman also left. Before joining the city, Gabrysch served as senior director and mid-central region manager at Fitch Ratings, where since 2019 she was the lead analyst for both Chicago and Illinois.
The revolving door at the CFO position has raised concerns about the stability of Chicago's financial management and the integrity of the information provided to investors and the public. With the city facing significant fiscal challenges, the loss of a third CFO in a year â and the circumstances of Gabrysch's exit â is likely to intensify scrutiny of the Johnson administration's handling of city finances.