Chicago’s acting Chief Financial Officer, Steven Mahr, has left his position just months after taking the role, according to his updated LinkedIn profile. He served as acting CFO from February to July.
Mahr took the temporary position after Jill Jaworski left City Hall to become the chief finance and administrative officer of Navy Pier.
Abrupt Exit Raises Questions
Mahr’s departure has raised questions, coming as it does ahead of the 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.
The city is facing a $90 million mid-year budget shortfall and a $1 billion-plus hole in next year’s budget.
Chicago City Ald. Pat Dowell, chair of the City Council’s Finance Committee, complimented Mahr for his ability to explain complex finances, but noted that his departure was “bad timing” as the budget process is beginning.
Concerns Over Departure
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.
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In addition to Mahr, Deputy CFO Noor Shaikh also exited amid internal battles between the CFO’s office and the office of Budget Director Annette Guzman.
Before serving as acting CFO, Mahr served the city as assistant commissioner from March 2024 through February 2026. He also logged eight years as a vice president at Stifel Financial.
The departure of Mahr and Shaikh may have significant implications for the city’s budget process, as it comes at a time when the city is facing significant financial challenges. The city’s budget woes are likely to be a major issue in the upcoming mayoral election.
City officials and Mahr did not respond to requests for comment, and a spokesperson for Dowell declined to comment on the matter.
Budget Battle Ahead
The city’s budget battle is likely to be intense, with the $1 billion-plus hole in next year’s budget a major concern. The city will need to find ways to address this shortfall, which could involve cuts to services or increases in taxes.
The exit of Mahr and Shaikh may make it more difficult for the city to handle this challenging budget setting. However, the city’s financial officials will need to find a way to move forward and address the city’s financial challenges.
