Mayor Johnson's chief financial officer abruptly resigns, third CFO to quit in a year

The abrupt resignation on Friday of Mayor Brandon Johnson’s third chief financial officer in a year could trigger another drop in Chicago’s already shaky bond rating and scare investors away from the city’s bonds.

Ashlee Gabrysch's departure sent shock waves through City Hall and beyond — her resignation comes in the middle of a budget stalemate, after just three months as CFO. Even more damaging than Gabrysch’s sudden exit is what she said on her way out the door.

A former Wall Street executive, Gabrysch issued a statement saying she was unwilling to compromise her financial integrity. She did not reveal what it was she was asked to do that would have damaged her reputation.

“As the City of Chicago’s Chief Financial Officer, there is nothing more important than my fiduciary duty to the City and its taxpayers. 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,” Gabrysch said in a statement released to the media.

“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.”

Finance Chair Pat Dowell (3rd) demanded an outside audit of the city’s finances in response to Gabrysch's resignation.

Gabrysch had replace Steven Mahr, who himself had abruptly resigned, along with his top deputy, just days before veteran Budget Director Annette Guzman followed both men out the door. Gabrysch had previously served as senior director and mid-central region manager at Fitch Ratings. Since 2019, she had worked as Fitch’s lead analyst for both Chicago and Illinois.