CSO: How the orchestra is finding its way during the pandemic. PAGE 3
NOTABLES: These HR leaders rose to 2020’s challenges. PAGE 15 CHICAGOBUSINESS.COM | FEBRUARY 1, 2021 | $3.50
Why banking isn’t working right now for Chicago’s largest bank Making loans and collecting deposits isn’t where the money is BY STEVE DANIELS 2020 SHOULD HAVE BEEN A GOOD YEAR for Northern its and making money from them by lending— Trust. After all, the S&P 500 improbably returned proved an albatross. A 14 percent decline in net 16 percent; Northern is one of three global titans interest income, the money Northern made on making most of its money managing and safe- its deposits, led to a 19 percent decrease in net guarding assets for investors, and much of its fee income overall. It was Northern’s worst one- revenue is tied to the values of those investments. year performance since 2010, when net income But Northern also is a bank after all—the fell 23 percent. largest one headquartered in Chicago. And the bread and butter of banking—collecting depos- See NORTHERN on Page 30 JOHN R. BOEHM R. JOHN Walgreens’ new CEO Is this Joliet plan a has plenty to learn bridge to nowhere?
Brewer lls in some of JOE CAHILL A NIMBY spat over a link to two massive rail yards the company’s blanks, Who’s really going to be in could be a turning point for the region charge at Walgreens? PAGE 4 spanning Route 53 that’s essen- but not all of them BY ALBY GALLUN tial to the development. It may itize a retail chain, top priorities U.S. Rep. Bobby Rush calls be just a bridge, but it represents BY ALLY MAROTTI for Walgreens. Her track record is it “the bridge to the future.” To the hopes of pro-growth govern- spottier when it comes to deliver- many Will County o cials and ment o cials and the fears of
When Roz Brewer takes over as ing consistently strong growth, a GETTY IMAGES residents, it’s a bridge too far. But local residents fed up with heavy CEO of Walgreens Boots Alliance crying need for Walgreens. Roz Brewer the opinion that really matters truck tra c originating from a on March 15, she’ll face some fa- Perhaps the most notable now belongs to Gov. J.B. Pritzker. pair of gigantic rail yards nearby. miliar challenges and others that résumé gap is her lack of experi- tions,” o ering doctor’s appoint- e fate of a massive indus- And the outcome of the stando will stretch her skills. ence in health care. She’ll inherit ments and other medical care. It’s trial park planned in Joliet that could be a turning point for a re- e former chief operating o - predecessor Stefano Pessina’s plan a dramatic transformation that could employ as many as 10,000 gion that’s become one of the na- cer of Starbucks and onetime boss to transform the Deer eld-based will take Walgreens and its new people rests largely in the hands tion’s largest logistics hubs and, of Walmart’s Sam’s Club chain chain’s 9,000 drugstores into of the governor, who has the - knows how to reshape and dig- “neighborhood health destina- See WALGREENS on Page 12 nal say over a proposed bridge See JOLIET on Page 28
NEWSPAPER l VOL. 44, NO. 5 l COPYRIGHT 2021 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED GREG HINZ CHICAGO COMES BACK Deputy mayor Words are powerful. wouldn’t bet Business leaders against Chicago’s should choose them recovery. PAGE 2 wisely. PAGE 4
P001_CCB_20210201.indd 1 1/29/21 4:35 PM 2 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS GREG HINZ Ken Griffin, welcome to the ON POLITICS white-hot national spotlight Betting against Chicago? BY STEVE DANIELS ic Reps. Chuy Garcia, Sean Cas- ten and Bill Foster. Progressive Ken Gri n is well known to rebrand Alexandra Ocasio-Cor- Not this guy. Chicagoans as the founder of tez of New York, who has proved Citadel, a leading philanthropist to be a formidable questioner in At a time when much of the expensive Bay Area for and an active presence in local past hearings, also is a member. Chicago’s business community cheaper Chicago. And the city politics. In the rest of the country Additionally, the anger and is stunningly pessimistic—“I remains an attractive venue for outside of nancial circles, his suspicion over the sudden halt in am hearing more and more headquarters for companies pro le is considerably lower. trading Jan. 28 is bipartisan. Tex- about people leaving the such as Nielsen, which moved at’s about to change. as Sen. Ted Cruz tweeted that he city and state,” con des one its consumer research HQ here Gri n and Citadel are playing agreed with AOC about the need veteran business leader—there from New York. a lead role in the national drama to probe. is one unremitting source of But what about all those over Redditeers, retail investors Gri n and Citadel have played sunshine in the house. at’s near-empty downtown o ce converging over the website to a starring role in the complaints Samir Mayekar, deputy mayor towers, as United Airlines and squeeze hedge-fund short sellers voiced on Reddit by the new for neighborhood and eco- others pare way back? is by mass buying of beaten-down “stock jockeys,” as hedge-fund
nomic development, and the trend will pass, Mayekar replies. stocks as well as suspicions that BLOOMBERG manager and New York Mets person who more than anyone But, just in case, he’s quietly put trading halts in those stocks by Ken Gri n owner Steve Cohen derisively else is in charge of guiding the together a big-name working popular online trading platforms referred to them in a tweet last city’s economy to the far side group that will focus not on like Robinhood were designed to chairs, also would investigate. week. ey’ve noted, too, the of COVID-19. diversity and South Side growth rescue the hedge-fund class. “As a rst step in reining in attention from both sides of the In a phone interview, but how to help downtown sur- Gri n is highly likely to nd these abusive practices, I will aisle. Mayekar doesn’t disap- vive a very, very rocky stretch. himself a witness in congres- convene a hearing to examine the One example from a Reddit point. With a new, more Crucial to helping down- sional hearings to come on the recent activity around GameStop poster called “dust”: “A nerve urban-friendly president in town—and reeling neighbor- controversy. He will have to stock and other impacted stocks has been struck. When Ted Cruz, o ce and vaccines beginning hood retail corridors through- answer questions about Cita- with a focus on short selling, on- AOC, (Arizona Republican Rep.) to arrive with regularity, the out Chicago—is shoring up del’s decision to rescue a fellow line trading platforms, gami ca- Paul Gosar, and reddit shit- 37-year-old onetime tech the city’s showplace but now hedge fund that was caught in tion and their systemic impact on posters agree, maybe we really entrepreneur sees “a renewed dying North Michigan Avenue. the intense short squeeze of our capital markets and retail in- are entering the Age of Aquarius.” sense of optimism.” “We are deeply committed to GameStop, a brick-and-mortar vestors,” she said in a statement. A spokeswoman for Citadel Still, despite his solid reputa- the success of the Magni cent retailer of video games. “We must deal with the hedge says Gri n would have no com- tion, Mayekar is only one man Mile,” Mayekar says. But he Sen. Sherrod Brown, D-Ohio, funds whose unethical conduct ment on the prospect of having in a Lightfoot administration only gives hints as to how, the incoming chairman of the directly led to the recent market to appear before Congress. But that on so many fronts seems to talking about creativity and at- Senate Banking Committee, last volatility and we must examine both companies owned by Grif- be ghting for its very life right tracting more pedestrian tra c week said he would hold at least the market in general and how it n—Citadel itself (the hedge now. He and the administration and the like. one hearing. “People on Wall has been manipulated by hedge fund) and Citadel Securities have lots of plans. But there also Hard as all of the above is Street only care about the rules funds and their nancial part- (which processes trades for on- are lots of un lled blanks. to achieve, probably the most when they’re the ones getting ners to bene t themselves while line platforms like Robinhood)— Overall, the city is making challenging task is remaking hurt,” he said in a statement. others pay the price.” deny having anything to do with progress on all main goals laid the city’s image after a year of “American workers have known the decisions to halt trading out in the COVID-recovery plan illness, looting, public school for years the Wall Street system is IN THE HOT SEAT in GameStop and other stocks it unveiled last summer, when chaos, huge tax hikes, carjack- broken—they’ve been paying the So far, neither Brown nor Wa- whose prices were bid up by the the pandemic seemed to be ing mania and more. e eort price. It’s time for the SEC and ters has set a hearing date or Redditeers. receding rather than building is especially critical to the con- Congress to make the economy identi ed witnesses they want to “Citadel Securities has not in- toward another peak. He men- vention and tourism sectors, work for everyone, not just Wall hear from. But it’s hardly a leap to structed or otherwise caused any tions three in particular: dealing a huge source of employment Street.” believe Gri n will be on the hot brokerage rm to stop, suspend, and tax revenue, but Rep. Maxine Waters, D-Calif., seat in at least one chamber. or limit trading or otherwise “IN THE LONG RUN, THE FUTURE one that won’t work if later said the House Financial Among the members on the people are scared to Services Committee, which she House panel are local Democrat- See GRIFFIN on Page 8 OF CITIES IS GREAT.” come here. Some of those per- with mental health issues that ceptions will change when the underlie so many of the city’s city’s new marketing o cer, chronic problems, investing in Michael Fassnacht, starts to industries that are poised for do his thing—soon—Mayekar growth and plain old marketing, says. Other progress will arrive aka rebranding and bu ng Chi- when the state hopefully cago’s international image. relaxes COVID restrictions in At Wintrust, your banker knows you. On the mental health front, the second half of the year and much spade work now has large gatherings once again been done on establishing a can be held. Mayekar says We understand what’s 211 phone system, one that will o cials expect and are work- allow Chicagoans to summon ing toward “hybrid” events help rather than people with that operate both in person or most important. guns, Mayekar says. He sug- remotely. gests it could go live not far into Ultimately, though, you just next year. have to believe, he concludes— With industries, the city has believe that the magic that shown some decent momen- made Chicago and other big tum in luring life sciences facil- cities work for centuries still has ities, he says, pointing to recent potency. “Certain cities now are developments in the Lincoln facing unprecedented prob- Yards and Michael Reese prop- lems,” he says. “But in the long erties. Chicago-based Uber run, the future of cities is great.” My employees are able to Freight was able to attract $500 And a bet against Chicago keep working as a result of your million in new nancing last recovering “is a bet I wouldn’t fall, pandemic or not, Mayekar want to take.” efforts on our behalf and I just notes, citing recent stories that For all our sakes, I hope he’s wanted to write to let you know some young techies are eeing right. Start the conversation at that I am really grateful. wintrust.com/meetus. – Kenneth Zoll, Zoll-Dental CORRECTION Financial-tech veteran Julie Armstrong’s surname was misstated in a Jan. 25 article about Chicago-based Enfusion. Banking products provided by Wintrust Financial Corp. banks.
P002_CCB_20210201.indd 2 1/29/21 5:23 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 3
David Taylor is a violinist and More are assistant concertmaster with the Chicago Symphony Orchestra. uninsured. Charity care is down. The decrease adds fuel to a debate over nonpro t hospitals’ tax breaks BY STEPHANIE GOLDBERG e amount of charity care pro- vided by the area’s biggest hospi- tals edged down at a time when more people are losing the health insurance they need to pay for treatment. Free care for low-income patients represented less than 2.5 percent of net revenue for all but one of Cook County’s largest hospitals in 2019, according to newly released state How the CSO is finding data. e exception: County-run Stroger Hospital spent just over half its revenue on free care—not including bad debt, which is billed but not recovered in full. its way during the pandemic “Hospitals that are rich and charge a lot provide very little charity care,” says Gerard Ander- Forget searching for new sources for fundraising. son, a professor of health policy and management at the Johns The symphony's secret sauce is leaning on its loyal donor base. Hopkins Bloomberg School of Public Health. “Hospitals that are BY STEVEN R. STRAHLER poor and don’t charge as much provide proportionally more.” Collectively, the largest area JOHN R. BOEHM R. JOHN hospitals saw charity care expens- es fall 1 percent as revenues rose 3 DAVID TAYLOR, A VIOLINIST and assistant concert- “IT’S KIND OF CSO—after all, their very raison d’etre is assembling percent in 2019, compared with the master for the Chicago Symphony Orchestra, has before throngs in now-dark performance halls. previous year. e pre-pandem- tried to remain professionally engaged during the BASED ON THE Some orchestras have shuttered for the dura- ic gures add fuel to the debate pandemic. ere was a summer music festival tion (Indianapolis and Nashville, Tenn.) or tried over whether nonpro t hospitals in Carbondale, a virtual Bach solo for an Illinois OLD FASHIONED to ditch their collective bargaining agreement are providing enough charity care Institute of Technology event in December and a (Colorado Springs, Colo.). to justify property tax exemptions recital at a west suburban retirement home some- PRINCIPLES Others have negotiated pay cuts that extend for worth hundreds of millions of dol- where along the way. OF STAYING years. e nation’s largest performance company, lars. Activists say wealthy hospitals In November, he and other string players per- New York’s Metropolitan Opera, has stopped pay- should do more, alleviating the formed Mozart’s “Eine Kleine Nachtmusik” for CONNECTED WITH ing musicians and locked out stagehands in a la- disproportionate burden on Cook the symphony’s startup, CSOtv. at’s been Tay- bor dispute that has drawn a rebuke from the CSO County’s public health system and lor’s sole CSO gig in almost a year. YOUR FAMILY.” music director Riccardo Muti. other safety nets at a time when Few organizations are as exposed to COVID-19’s Helen Zell, chair of the nancial vise as performing arts groups like the symphony board See CSO on Page 12 See CHARITY CARE on Page 29 United looks abroad for post-pandemic profit boost COVID took a toll on international rivals, clearing the way for fare hikes
BY JOHN PLETZ to normal travel levels, perhaps international, and we expect in 2022 or 2023, United believes domestic margins may be under e coronavirus pandemic is international ying will be the some pressure at the beginning reducing competition on some more lucrative proposition. of this next post-COVID cycle.” of United Airlines’ internation- “We expect international Bankruptcies and consoli- al routes, pointing the way to pro ts will return quicker and dation, which swept the U.S. greater pro ts when people stronger than domestic,” An- aviation industry in the 2008 start ying overseas again. drew Nocella, United’s chief recession, have struck overseas In the short term, demand will commercial o cer, told ana- carriers this time around. be greatest for domestic ights lysts when the company report- “We can identify over a doz- as people visit friends and fam- ed year-end results Jan. 21. “In en failures around the world to
ily or take vacations. But as the the last cycle, domestic margin AIRLINES UNITED industry looks toward a return performance was clearly above See UNITED on Page 29 Less competition would give United more pricing power on international routes.
P003_CCB_20210201.indd 3 1/29/21 4:09 PM 4 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS CHICAGO COMES BACK JOE CAHILL ON BUSINESS Who’s really going to be in charge at Walgreens? If Stefano Pessina wants Roz o ce, and run something by Brewer to succeed, he should get him, especially if they don’t like out of her way. what she said,” says professor Erik Pessina will hand Brewer the Gordon of the University of Mich- CEO title at Walgreens Boots igan’s Ross School of Business. Alliance on March 15, but he’s Of course, a new CEO often as- not giving up all his power. In his serts authority by appointing her new role as executive chairman, own leadership team. If Brewer he’ll retain considerable say replaces the current C-level o -
in big decisions at the Deer- cers, it will be a sign that Pessina ALAMY eld-based drugstore chain. is letting her take charge. Pessina’s continuing presence I understand why Pessina in senior management sows wants to retain in uence. As doubts about Brewer’s authority. Walgreens’ largest shareholder, When an outgoing CEO hangs he has a lot riding on its perfor- Use your words, around in an executive role, mance. But his 16 percent stake fundamental questions arise in Walgreens means he’ll always about who’s in charge and who’s have the CEO’s ear. It doesn’t accountable for the company’s justify intruding on her turf. and use them carefully performance. e arrangement Overlapping power centers also suggests a lack of con - can spawn operational disarray. dence in a new CEO. Paralysis often ensues when Dynamic speakers like Martin Luther King Jr. remind us that words have the Walgreens hasn’t publicly underlings aren’t sure who calls potential to transform us. What business leaders say comes with great responsibility. delineated the respective powers the shots. Competing efdoms of Pessina and Brewer. When the sometimes arise, sparking fac- BY EMILY DRAKE AND TODD CONNOR 2,256.) Also on the list: Ulta CEO company announced in July that tional ghting among managers Mary Dillon (1,848); Ventas CEO Pessina would become executive loyal to dierent leaders. Chicago Comes Back is a weekly series on ChicagoBusiness.com pro- and Economic Club of Chicago chairman after a new CEO came at’s the last thing Walgreens viding leadership insights to help your business move forward, written by chair Debra Cafaro (1,631); and aboard, a spokesman said he needs, especially now. Pro t mar- leadership consultants Emily Drake and Todd Connor. Walgreens CEO Stefano Pessina would “continue to play a key gins are shrinking and customer Drake and Connor facilitate Crain’s Leadership Academy. Drake is (1,498). role in developing the strategy of tra c dropping as its traditional a licensed therapist, owner of the Collective Academy and a leadership the company, along with the new business model comes under at- coach. Connor is the founder of Bunker Labs and the Collective Academy TC: e words we use, both the CEO, his or her leadership team tack. Walgreens’ stock is down 33 and is also a leadership consultant. variety and the volume of them, percent since Pessina Check out previous installments at ChicagoBusiness.com/comesback. is interesting to consider, even if A WELL DEFINED CHAIN OF COMMAND took over in 2015, our analysis is not complete or while the broader TODD CONNOR: Honoring Martin TC: Interestingly, the Johnson scienti c. e past year in par- ENDING WITH THE CEO IS ESSENTIAL. stock market rose 86 Luther King Jr.’s legacy this month O’Connor Research Foundation ticular we have had to learn a percent. really brought to the forefront the has tracked thousands of success- number of new words. Just think and the board of directors.” Pessina is trying to turn the transformational ability that lan- ful people from all elds, indus- about some of the things that Traditionally, a CEO sets company around with a massive guage can have. King was the 16th tries and disciplines to uncover are new to our linguistic reper- company strategy. So who has strategy shift. He aims to turn of 18 speakers at the March on the traits that successful people toire: COVID, social distancing, the nal word on Walgreens’ Walgreens’ 9,000 U.S. stores into Washington on Aug. 28, 1963, and share. In spite of the volumes of Zoom fatigue, doomscrolling, strategy: Pessina or Brewer? A what he calls “neighborhood yet his speech immediately cap- self-help literature on the topic, super-spreader, walktails, con- company spokesman says they’ll health destinations” oering tured the imagination of Amer- their research uncovered only one tact tracing, or maskne (I had “work together.” doctors’ appointments and other icans for what the L.A. Times common trait that was consis- not actually heard this one). And As for the new CEO’s role, Wal- medical care. called its “matchless elegance.” tent with successful people: they then a number of other words greens says Brewer will “focus on It’s an immense transfor- With lines recalled including, “We have all acquired a large vocabu- have been added this year to driving long-term shareholder mation requiring coordinated refuse to believe that the bank of lary. Founder Johnson O’Connor the Oxford Dictionary, includ- value and ensuring that the com- eort across the organization. A justice is bankrupt,” he did lin- described it this way: “ e nal ing nomophobia, which is the pany is continuously evolving to well-de ned chain of command guistically what legislation or ac- answer seems to be that words anxiety of not having access meet the changing needs of our ending with the CEO is essential tion alone could not achieve. are the instruments, by means of to your mobile phone; or om- customers through innovation to keeping such a project on track. which men and women grasp the nishambles, which is applied in and digital transformation.” Transforming thousands of EMILY DRAKE: e power of his thoughts of others and with which a political context as a situation Along with Pessina, Wal- Walgreens stores into medical words indeed resonate today, they do their own thinking. ey that has been comprehensively greens’ C-suite includes two clinics would cost billions of both for what they achieved and are the tools of thought.” mismanaged. Cryptocurrency is co-COOs who have strong ties to dollars on top of the $1 billion for what still needs to be done. He now o cially a word, as is chil- the Italian-born billionaire. Alex Pessina already has committed leveraged familiar texts, including ED: It’s a fascinating consider- lax, meaning to calm down. e Gourlay rose through the ranks to the project. At some point, the Emancipation Proclamation ation, this idea of vocabulary and word whatevs expresses indif- at Alliance Boots, the European somebody will have to decide if and the Bible, but elevated them a strong lexicon as being faculta- ference—a word that no doubt pharmacy company Pessina it’s worth investing those addi- to new purposes. He reminded tive to the craft of leadership. Cer- came in handy this year. built before merging it with tional billions. Will it be Brewer’s us, “Let us not seek to satisfy our tainly, as the daughter of a retired Walgreens in 2015. Ornella Barra call, or Pessina’s? thirst for freedom by drinking Chicago Public Schools English ED: So, words matter, and the is both a longtime Pessina lieu- Presumably, Brewer wouldn’t from the cup of bitterness and teacher, I can get behind this hy- words that leaders choose and tenant and his signi cant other. have left a prestigious post as hatred.” It’s hard now not to see pothesis. King’s words, the words deploy matter. As we come into row in Walgreens President COO of Starbucks if she doubted the irony and the sadness of his of others tethered to social justice the new year, it might be worth John Standley, the former CEO Pessina’s strategy. As CEO, she’ll speech, given almost 60 years ago movements and even the words leaders re ecting on the words of pharmacy chain Rite Aid, and be responsible for carrying it on the National Mall, in the same of the Fortune 500 leaders and they have access to and to be in- you start to wonder where the out. And she’ll take the fall if it place where this month’s assault the scrappy entrepreneurs who tentional in using words to elevate company will nd o ce space doesn’t pan out. Yet she may on the U.S. Capitol unfolded, or lead their teams create worlds spirits, to create moral clarity and for Brewer. not have full power to adjust the in the context of the speech that into which we discover ourselves belonging or to invite decisive ac- What’s clear is that she’s join- strategy, or to pull the plug if she was given by President Biden. and the environment around us. tion. Perhaps in 2021 we can cre- ing an upper management team concludes it isn’t working. Words—I think we can agree, and One study of speeches of business ate new words, such as the rst shaped by, and likely loyal to, Walgreens needs a leader as we are sometimes violently leaders, sampling 10,000 words, time we get to nally see and hug Pessina. Establishing herself as who’s both accountable for reminded—have consequences. found that Apple CEO Tim Cook a colleague at the o ce having their boss will be a challenge. results and fully empowered to Leaders, more than simply mak- had the second-largest vocabu- both received the vaccine—per- “It will be very easy for a deliver them. If Pessina really ing business decisions, create a lary, using around 2,209 unique haps that’ll be a backccine re- Walgreens executive who’s been believes in Brewer, he’ll step reality through their words. We words; Facebook CEO Mark Zuck- union? Our use of language is the working for Pessina to walk into aside as executive chairman and hear an understanding of what is, erberg clocked in at 1,457 unique primary arrow in our quiver. We his o ce after walking out of her let her lead the company. and also what can be. at’s a re- words per 10,000. (No. 1 was me- would be well served to use it with sponsibility not to be taken lightly. dia mogul Rupert Murdoch at great consideration.
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21cb0027.pdf RunDate 1/25/21 FULL PAGE Color: 4/C 6 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS
w HOW DID YOUR NEIGHBORHOOD’S CONDO MARKET DO IN 2020? The chart below tracks prices for attached housing (condos as well as townhouses, though the great majority is condos) in city neighborhoods. Neighborhoods are included only if they had 25 or more attached-home sales during each of the years. Median Neighborhood price (2020) Percentage change from 2019 Jefferson Park $150,000 -11.8% North Park $214,251 -6.8% South Shore $65,000 -4.4% Avondale $365,000 -1.4% Bridgeport $289,483 -1.2% Clearing $126,000 -1.0% Norwood Park $174,900 -0.1% Loop $330,000 0 North Center $447,000 0.7% Rogers Park $177,000 1.1% Near West Side $370,000 1.4% Logan Square $418,000 1.5% Austin $125,750 1.8% Lincoln Park $515,000 2.1% Hyde Park $199,900 2.5% D’APRILE PROPERTIES D’APRILE In this building on Cornell Avenue in Hyde Park, a three-bedroom condominium sold in September for $399,900. West Ridge $148,894 2.7% Edison Park $170,000 3.0% Near North Side $410,000 3.8% Here’s how your neighborhood’s Near South Side $385,000 3.8% West Town $500,000 4.3% Albany Park $210,450 5.3% condo market fared in 2020 Dunning $210,000 5.3% Crain’s exclusive look at price movement in condos and townhouses last year Lower West Side $429,900 5.9% Uptown $300,000 7.3% BY DENNIS RODKIN o cial designation that encom- hit harder. e number of condos O’Hare $145,000 7.4% passes the West Loop and nearby sold during the year plunged in all Irving Park $231,250 10.4% e downtown condo market areas), and 3.8 percent on the Near four, from a decline of more than 9 took a blow in 2020, as homeown- South and Near North sides. percent on the Near South Side to a Portage Park $170,000 10.4% ers who were able to ed from den- e chart tracks prices for at- drop of more than 23 percent in the Woodlawn $195,000 12.1% sity and its feared connection to the tached housing (condos as well Loop, the epicenter of 2020’s shut- spread of coronavirus. as townhouses, though the great down of o ces and attractions and Grand Boulevard $237,500 13.1% Farther out from the city core, majority is condos) in city neigh- of social justice protests. East Garfield Park $162,250 13.5% the condo market hummed, thanks borhoods. Neighborhoods are in- It was a dierent story in neigh- Douglas $149,900 13.6% in part to low interest rates that cluded only if they had 25 or more borhoods that are distant from the turned many renters into buyers. attached home sales during each of city’s core. e median sale price of Edgewater $245,000 16.1% at shows up in the price g- the years. condos grew by 10 percent or more Belmont Cragin $208,000 18.5% ures in Crain’s chart of neighbor- e data is provided to Crain’s in Edgewater, Grand Boulevard, Lakeview $415,000 18.6% hood condo markets: In the Loop, exclusively by the Chicago Associ- Hyde Park and Woodlawn, among the median price of condos sold ation of Realtors, Midwest Real Es- others. Armour Square $320,500 19.2% was at from 2019 into 2020, and in tate Data and Showing Time. All told, the median price of con- Oakland $328,000 26.2% the three neighborhoods that ring On another measure, which dos sold in the entire city during the Loop, growth was shallow: 1.4 is not detailed in the chart, the the year was up 5.6 percent from Washington Park $185,000 97.9% percent on the Near West Side (an downtown neighborhoods were 2019. Note: The median price is the midpoint of all homes sold during the year. The change in the median may be distorted by heavier buying at one end of the price ladder or the other, but provides a general measurement for comparing one location to another. SEE DATA FOR SINGLE FAMILY HOMES IN CITY NEIGHBORHOODS AND SUBURBAN HOUSING AT CHICAGOBUSINESS.COM/RESIDENTIAL REAL ESTATE Sources: Chicago Association of Realtors, Midwest Real Estate Data and Showing Time Lincoln Park penthouse sells for $9 million It’s the highest sale price in almost two years for a local condo
BY DENNIS RODKIN agent, Pam Rueve of Jameson Sotheby’s International Realty, did not put it in real A penthouse at the top of a Lincoln Park estate records until Jan. 26. Neither the condo tower sold for $9 million, the highest O’Keefes nor Rueve immediately responded sale price on record for a Chicago condo in to requests for comment. almost two years. e couple bought the space un nished It’s the priciest sale of the year so far, top- in 2015 for a little more than $6 million. ping the Hinsdale mansion that went for When Crain’s featured the property in July, almost $7.7 million Jan. 15. e last time a the O’Keefes declined to say what they condo in Chicago or the suburbs sold for spent to nish the space into a ve-bed- more was in March 2019, when a buyer paid room home. a little under $11.3 million for a unit on Wal- Architects at Wheeler Kearns designed ton Street. the space with Venetian plaster walls, white e Lincoln Park condo, on the 38th and oak ooring, walnut paneling and built-ins, Ten-foot-high windows across the east 39th oors of a French-derived condo tow- and a hefty metal staircase that stands like side of the condo look over the park and er built in 2010, was listed in July at $13 mil- a sculpture at one end of the main living Lake Michigan, and on the south, into the lion. e sale price is just under 70 percent space. e outer walls lean in because the skyline. of what sellers Dan and Megan O’Keefe space is inside the inward-tilting mansard e O’Keefes said in July that they planned were asking. roof designed by the tower’s architect, Luc- to live full time in California and get a small-
e sale closed Jan. 15, but the listing ien Lagrange. er Chicago place for part-time use. PHOTOS REALTY INTERNATIONAL SOTHEBY’S JAMESON
P006_CCB_20210201.indd 6 1/28/21 5:00 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 7 Chicago private-equity firm buys leading HR outsourcer PEOs in the Midwest, Leon says. Privately held companies that Tandem, Illinois’ largest professional employer For Shore Capital, the acquisi- previously wanted to keep hu- tion of Tandem is from its third man resources in-house now are organization, will serve as Shore Capital Partners’ and largest fund, totaling $290 far more open to outsourcing, platform to consolidate the industry in the Midwest million. “It’s one of our larg- with offices largely empty and er investments to date,” says employees working from home, BY STEVE DANIELS far in the middle of the country Ryan Kelley, a founding part- Leon says. He expects that trend provides opportunity for Tandem ner of Shore Capital. Shore has to continue at least through 2021. Illinois’ largest human-re- and Shore Capital. For entrepre- amassed more than $1 billion in Leon already had handed off sources outsourcing firm, Tan- neurs like Leon who are ready to assets under management since much of the day-to-day man- dem HR, has sold to a Chica- cash out, Shore Capital is posi- its 2009 launch. agement of Tandem to President go-based private-equity firm tioning Tandem as a softer-touch COVID has proven to be a Salo Doko and Chief Financial that wants to build the Mid- acquirer than bigger-money boon for HR outsourcing firms, Officer Tanya Yakhnis before the west’s biggest player in the players—the same sales pitch Leon says. Tandem’s revenue Shore Capital deal. He intends to growing field. that appealed to Leon. was up 30 percent in 2020; fees focus on strategy and dealmak- Shore Capital Partners’ ac- “We loved this idea of a Chicago it collected for its work totaled ing and will transition to a vice quisition values Tandem at company” that would consolidate about $25 million. chairman role in a year, he says. Bruce Leon more than $60 million. Shore is pumping more than $30 mil- lion of equity into the compa- ny, making it a platform to tack on privately held firms in other Midwestern markets. Founder and CEO Bruce Leon, 59, who owned 100 percent of Tandem, is staying on and will play an important role in striking deals with smaller firms. Already, Shore has acquired ... professional employer organi- zations, or PEOs, in Detroit and St. Louis. “We’ve got a pipeline of six or seven others,” Leon says. Tandem, founded in 1998, han- dles human resources for mid-
TANDEM, FOUNDED IN 1998, HANDLES HUMAN RESOURCES FOR MIDSIZE, OFTEN FAMILY OWNED COMPANIES THROUGHOUT ILLINOIS, AS WELL AS OTHER MIDWESTERN STATES.
size, often family-owned compa- nies throughout Illinois, as well as other Midwestern states. It has a signi cant partnership with Blue Cross & Blue Shield of Illinois in which it’s able to o er health in- surance to employees of those companies for which it runs ben- e ts and HR.
MIDWEST OPPORTUNITIES Leon says his company had been barraged with offers from publicly traded giants in its in- dustry and other private-equity firms. The Shore Capital deal will keep Tandem in west subur- ban Westchester. Tandem em- ploys 127 and hopes to grow to up to 300 in the Chicago area, he says. Companies that have hired Tandem to run HR and other Macy’s Flagship functions like payroll collective- ly employ 14,200. Chicago, Illinois The HR outsourcing indus- try, Leon says, remains high- ly fragmented in the Midwest We see our work through the eyes of the people who will use them every day. Through their while dealmaking has been ac- eyes, we see places of innovation, industry, technology, healing, research and entertainment. tive elsewhere. “We’re way be- hind places like California, the The result? Powerful structures with impacts that reach far beyond these walls. Southeast and Texas,” he says. “We’ve got to get the Midwest claycorp.com going.” The lack of consolidation so
P007_CCB_20210201.indd 7 1/28/21 5:06 PM 8 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS Census delays throw a wrench in Illinois remap The state likely won’t meet its constitutionally set deadline to submit redistricting maps, potentially stripping Spring eld Democrats of their coveted power to draw their own fate
BY A.D. QUIG sibilities fall to an eight-person, try using old data, but court bipartisan commission select- challenges loom over some solu- Delays in census data mean ed by the state’s four legislative tions. that Spring eld Democrats may leaders. Jim Lewis, a senior research- lose the power to draw new state e prospects of a remap er at the University of Illinois legislative and congressional going to a bipartisan commis- at Chicago who oversaw remap district lines, sending the pro- sion is looking likely, says Ryan work the Chicago Urban League cess to a bipartisan panel. Tolley, policy director at Change did on behalf of Black commu- e U.S. Census Bureau an- Illinois, where he leads advocacy nities in the 1990s, says he’d be
nounced Jan. 27 that data for e orts for good-government re- “surprised if leadership allowed BLOOMBERG the 2020 census, which is used form. A remap commission has the process to go to the commis- to reapportion congressional been convened only four times sion.” A new map could be made vember, according to the Illinois 2nd, and Ald. Andre Vasquez, seats across states, won’t be since 1970, and they’ve typically with other census data, includ- State Board of Elections. With- 40th, last week called for hear- available until the end of April, been messy. ing from the American Commu- out a map, candidates won’t ings to begin on how to make four months later than usual. In three of those instances, nity Survey. But that map could be able to gauge their viability, Chicago’s remap process more at means mapmakers in Illi- the panel couldn’t agree to a be “legally contested once the know what their districts look transparent and equitable. plan and was forced to new block-level data is released like, or even know which doors Meanwhile, Latino elect- THE TIMING WILL LEAD TO “randomly select the in the fall.” to knock on. ed o cials, including the City tiebreaker, either giving John Patterson, spokesperson “We are in a bind,” says Jay Council’s Latino Caucus, held UNCERTAINTY FOR PROSPECTIVE Democrats or Republi- for Illinois Senate President Don Young, executive director of a press conference advocating cans control over the nal Harmon, says “we continue to Common Cause Illinois. “ e for a “parity map” that “is fair CANDIDATES IN 2022. map,” Tolley says. monitor the situation.” idea that we can draw maps to all Chicagoans and accurate- “ e one time they Regardless of how the map is in time to allow folks, even in- ly reects the growing Latino nois likely won’t get their hands did come to agreement, it was drawn, the timing will lead to cumbents, to sort of get their community and their contri- on the data they rely on to draw when legislative leaders in 1971 uncertainty for prospective can- campaigns in gear, is just real- butions to Illinois,” saying they boundaries for Congress—as appointed themselves to be didates in 2022. ly di cult.” He predicts lots of would not support an “indepen- well as their own seats—until af- backup commissioners. en it scrambling to come in Spring- dent redistricting commission” ter July 30, and possibly later. was found unconstitutional,” he LOOMING DEADLINES eld. chaired by “individuals who e delay could have serious says. If the Census Bureau delivers A spokesperson for House don’t live or work in our Latino implications for Democrats’ fu- New Jersey has already opted numbers in early August, map- Speaker Chris Welch did not im- communities.” ture hold on power and the 2022 to put o redistricting over the makers will face a quick turn- mediately respond to a request Mayor Lori Lightfoot has elections. Redistricting maps, census delay. In Virginia, which around. e process to complete for comment. stayed relatively quiet on her crafted once every 10 years usu- has primary elections in June, the map typically takes a couple Aldermen are just beginning vision for a remap process, but ally by the party in power, must the state will use a bipartisan of months, but candidates need to mull the redistricting process. said Jan. 27 that the “relic of hav- be submitted no later than July commission for the rst time, ac- to submit petitions to qualify to e City Council’s deadline to ing ward boundaries drawn in a 30 under the state’s constitution. cording to the Associated Press. make it on the ballot between draw wards for 2023 elections is backroom is just that, a relic of Otherwise, mapmaking respon- Lawmakers in Illinois could the end of August and mid-No- December. Ald. Brian Hopkins, the past.” Here’s how much Chicagoans Ken Griffin, welcome to the white-hot national spotlight
profited selling homes in 2020 GRIFFIN from Page 2 fund produces—a deal Warren Bu ett, who has rescued more On average, Chicago sellers pro ted more than a year earlier, but it was still refuse to do business,” she says in than his share of previously high- an email. “Citadel Securities re- ly regarded companies caught in below proceeds for sellers in all the rest of the nation’s 10 biggest cities mains focused on continuously death spirals, might have envied. providing liquidity to our clients e investment raised suspi- prices were rising sharply. across all market conditions.” cions that the investment gave BY DENNIS RODKIN Attom’s gure for Chicago was Citadel Securities processes Gri n a motive to stop or slow e supercharged housing negative every year from 2009 more of Robinhood’s trades than the short squeeze the Reddi- market in 2020 delivered Chica- through 2015, when home values any other market maker. teers were engineering. Says his go-area home sellers the most were slowly climbing out of the Robinhood said Jan. 29: “To be spokeswoman: “Citadel is not in- pro t since 2007, according to a depths of the mid-2000s housing clear, this was a risk-management volved in, or responsible for, any new report. crash. In 2016, the rst post-crash decision, and not made on direc- retail brokers’ decision to stop On average, Chicago-area sell- positive year, Chicago sellers aver- tion of market makers we route trading in any way.” ers received $47,000 in proceeds aged $3,000 in pro t on their sale. to.” e company raised $1 billion Gri n hasn’t testi ed on Capi- after the sale, according to data e last time sellers’ average in equity from existing sharehold- tol Hill often. He appeared before
released Jan. 27 by Attom Data pro ts were higher was 2007, the PROPERTIES ers to boost liquidity as it began to the House subcommittee of then- Solutions, a nationwide property year the housing crash dawned. This house on Wesley Avenue in Oak Park resume trading in GameStop and Rep. Henry Waxman, D-Calif., in information service. at’s an in- Chicago sellers’ average pro t sold for $669,000 in November. other stocks Jan. 29. November 2008 as the nancial crease of $10,000 from the aver- then was $49,000, according to Also raising eyebrows was Grif- crisis raged. At the time, though, age return on investment in 2019. Attom. would, too. But in terms of the n’s decision earlier in the week banks, rather than hedge funds, Attom reports a gross gure, percentage return on investment, to help rescue fellow hedge-fund were perceived as the villains the di erence between what sell- SMALLEST GAINS Chicago also trails the other ma- manager Gabriel Plotkin, whose ruining the nances of ordinary ers paid for their home in the past Despite the big increase in prof- jor cities. Melvin Capital Management suf- Americans. Appearing on a panel and what they sold it for in 2020. its in 2020, Chicago sellers reaped Chicago sellers in 2020 reaped fered losses of at least 30 percent alongside other hedge-fund ti- It is not a net gure, which would the smallest gains of those in any a 23.2 percent gross return on due to its heavy short position in tans like George Soros, he called include any investment in reno- of the nation’s 10 largest cities. their original investment on the GameStop. Citadel and Gri n for private-sector solutions to the vation or upgrade over the years. Philadelphia was next smallest, house, according to Attom. e provided $2 billion for Plotkin’s systemic market aws exposed by Nevertheless, it’s a handy general with an average gross return on next-smallest return was in Wash- fund, combined with $750 million the housing bust instead of heavi- gauge of how sellers make out. investment of $55,000, and Los ington, D.C., where sellers made from Cohen, who already was a er regulation. e more sellers pro t, the Angeles was biggest, at $251,000 25.4 percent on their investment. participant. is time around, assuming more they are able to a ord to use pro t. e biggest return was Los Ange- In return, Citadel and Gri n he’s called to testify, Gri n is like- as a down payment on their next Home values vary widely les, whose sellers reaped a 55.8 will get a regular piece of Melvin’s lier to be more a subject of sus- home, an especially important among the big cities, so it stands percent return on their original future fee revenues in addition picion than a nancial wise man consideration in 2020 when home to reason that the dollar gures purchase price. to its share of whatever gains the whose counsel is being solicited.
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21cb0022.pdf RunDate 1/18/21 FULL PAGE Color: 4/C 10 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS
EDITORIAL An idea whose time hasn’t come ure, it sounds cool enough: Deck- these organizations, but we can repeat what ing over the unsightly train tracks this page said when Dunn’s plan rst sur- skirting Soldier Field and creat- faced: It doesn’t make sense. It didn’t make ing an entirely new neighborhood sense before the pandemic, and it makes no Sstudded with shiny high-rises, restaurants better sense now. As hopeful as we are that and shops is an appealing daydream, es- downtown Chicago will bounce back once pecially now, when most of us have barely the COVID-19 freeze lifts, there’s little rea- left the con nes of our own homes but for son to believe there will be enough demand an occasional, fully masked run to the gro- for the central district’s existing residen- cery store. tial and retail space to rebound overnight. at said, the One Central idea pitched Meanwhile, other massive downtown-ad- by sports-stadium-builder-turned-would- jacent developments, like the 78 and Lin- be-neighborhood-maker Bob Dunn coln Yards, are already in the works. e seemed like a stretch even before the pan- idea of adding millions of square feet more demic. Indeed, the Wisconsin developer’s in such a climate is, well, nuts. en there’s audacious proposal seemed to fade from the nancial aspect: To get his project o view since it last made the rounds in 2019. the ground, Dunn is trying to create a need But it just turned up like a bad penny, that doesn’t already exist for a transit hub— when Ald. Pat Dowell, 3rd, hosted a virtual and he’s trying to get taxpayers to pick up town hall on the evening of Jan. 25 to allow $6.5 billion of the tab. e city and the state Dunn to describe a more detailed version are in even worse economic shape now of his plan. than they were when Dunn rst oated his
Dunn now wants to build up to 22.3 mil- ILLUSTRATAION CRAIN’S One Central idea. lion square feet of apartments, shopping ankfully, Gov. J.B. Pritzker seems to get and a transit center on 31 acres decked over feet of “urban entertainment, dining and would be served by his plan are supporting it, sending a strong message that state - Lake Shore Drive and Metra Electric tracks, retail.” e next phase, pegged at $16 billion, it. Neither the Chicago Transit Authority nor nancing will be a tough sell. all funded in part by $6.5 billion in state - would feature a series of large high-rises on the Regional Transportation Authority nor Building a row of skyscrapers along Lake nancing. As Crain’s columnist Greg Hinz the west end of the development site. Metra have expressed a desire or even in- Shore Drive, an entertainment district that reported in advance of the meeting, the Dunn asserts that public investment terest in building a massive transportation links McCormick Place and Soldier Field, development would be anchored by a $3.8 would pay for itself many times over, with center in that part of the city. Nor have any and a pathway that provides South Loopers billion transportation center that would in- $59.9 billion in “new tax revenues and oth- of the organizations that usually have some- a gateway to the lakefront is an enticing idea, clude stops for Metra and Amtrak trains, and er economic impacts” for the state, $59.9 thing to say about transit and development and perhaps it should happen someday, a spur line over to the CTA’s Red Line. Dunn billion for the city and $14 billion for Cook issues—the Metropolitan Planning Coun- when the city and the state can a ord to do notes that the transit center would become County. ose gures come from an anal- cil or the Chicago Metropolitan Agency for it—or a developer comes along who’s willing public property in 20 years under his plan. ysis prepared for the developer by AECOM, Planning—chosen to back this plan. McPier, to make it work without quite so much gov- e rst, $3.8 billion phase of construction an engineering rm—a study Dunn paid for. the agency that oversees nearby McCormick ernment investment. Until then, here’s hop- would include the transit center and 3,500- One thing Dunn didn’t note in that pre- Place, has been silent as well. ing the One Central talk dies down again— car parking garage, plus 1.5 million square sentation is that none of the parties that Why? Perhaps we shouldn’t speak for and this time for good.
YOUR VIEW Seizing the Paris Agreement opportunities for Illinois
resident Joe Biden’s Day and for export. For example, tunities to export equipment and technical more lakefront ooding, toxic algal blooms One announcement that Ford is building hybrid Explor- expertise. ese manufacturers, developers, choking our waters, invasive species and ef- Pthe United States will re- ers, Lincoln Aviators and Police installers and professional services business- fects on crop yields. join all other nations in the Paris Interceptors at its Chicago As- es operate in almost every Midwest congres- A recent U.S. House subcommittee report Agreement is a powerful change sembly Plant and a battery-elec- sional district and state legislative district. showed that meeting the Paris Agreement of course that both advances tric Transit commercial van in Illinois and the Midwest are ground zero goals could prevent 253,000 emergency global solutions and opens Mid- Missouri. GM plans to hire 3,000 in the battle against climate change and for room visits and hospitalizations for car- west opportunities. Global cli- engineers and tech workers to accelerating smart solutions. Our region is diovascular and respiratory disease, and mate change problems require bring 20 new EVs to market. the nation’s transportation system hub and 227,000 premature deaths over the next 50 global solutions to reduce pollu- Rivian and Navistar in Illi- manufacturing center, and the nation’s years—in Illinois alone. e total economic tion—it doesn’t matter for the at- Howard A. Learner is nois and Cummins in Indiana largest concentration of remaining old, value of health bene ts from climate action mosphere whether greenhouse the executive direc- are moving to produce cleaner highly polluting coal plants. We should be would exceed $1.8 trillion in Illinois. gases are emitted in Indiana, In- tor of the Environ- EV trucks and more energy-ef- the “between the coasts” fulcrum for clean President Donald Trump’s administration dia or Indonesia. We’re all in this mental Law & Policy cient engines. energy and transportation innovations, did environmental damage and left much together. Center in Chicago. When it comes to clean en- which are good for the environment and work to do. Midwesterners are practical peo- Innovative clean energy and ergy, the Environmental Law & the economy together. ple who try to drive solutions. We take on clean transportation technologies are nec- Policy Center’s supply chain reports have Let’s face it—our communities are facing tough challenges. We put in the work. essary tools for global progress. e electric identi ed solar energy and wind power the challenges of climate change, from re- We now have a president who prioritiz- vehicles and renewable energy equipment businesses across the Midwest, including cord-high Great Lakes water levels to more es climate change solutions, values sound that we make in the Midwest create jobs, local installers and manufacturing plants extreme weather events such as the dam- science and will put the “protection” back save money and reduce pollution. Exporting making wind turbine blades and polysil- aging “derecho” thunderstorms, destructive in the U.S. Environmental Protection Agen- these clean energy technologies to develop- icon for solar panels. e ELPC identi ed ooding and tornadoes. cy to help achieve healthier clean air and ing nations can help accelerate global cli- 450 renewable energy supply chain busi- e Environmental Law & Policy Center safe clean water for all. President Biden de- mate change solutions. at’s thinking and nesses in Illinois, plus 110 solar and wind commissioned 18 leading Midwest and Ca- clared Jan. 27 as Climate Day. Illinois and acting both locally and globally. energy businesses in Iowa, 241 in Minne- nadian scientists to write the state-of-the-sci- the Midwest welcome the federal govern- Ford and GM are rapidly re-engineering to sota and 354 in Wisconsin. ence report on the impacts of climate change ment coming back to these much-needed produce cleaner cars for Americans to drive at creates local jobs and new oppor- on the Great Lakes. It’s not a pretty picture: responsibilities.
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P010-P011_CCB_20210201.indd 10 1/29/21 3:47 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 11 LETTERS TO THE EDITOR This bill will bring injured people justice. Sign it, governor. ather than accept responsibility for cially desperate they accept a settlement that sign this bill and bring Illinois into line with of the glamor that a customer used to experi- their negligence or wrongful conduct is far less than they likely would have received the majority of states. ence. Head upstairs and see the falling-apart Rand fairly compensate injured people after a favorable verdict. facilities. Renovations have changed the oor or their families, insurance companies, cor- Forty-six states have some form of a pre- LARRY R. ROGERS layouts without thought to customer ow. porations, hospitals and other wrongdoers judgment interest law on the books to help President, Illinois Trial Lawyers Association Macy’s at Water Tower is quite the same. sometimes opt to employ legal tactics that incentivize timely resolution of meritorious e place, like the Loop Macy’s, has been de- deny justice by delaying justice. claims and reduce congestion of civil litiga- clining for years, in appearance and service. A recent Letter to the Editor fails to men- tion dockets. Moreover, prejudgment inter- Forgetting the customers And why would I go to Macy’s to buy cloth- tion this is the impetus behind House Bill est does not accrue on settlements—and 97 e customers didn’t forget Macy’s; Ma- ing when I can’t try anything on? Macy’s 3360, legislation requiring prejudgment in- percent of cases settle. Nor do defendants pay cy’s forgot the customers (“Macy’s closing at doesn’t want to spend the money to sta t- terest passed by the Illinois General Assem- prejudgment interest when they win. Water Tower Place,” Jan. 5). eir corporate ting rooms to serve the customer. Not a very bly (“Governor, this bill will harm health care For the select few cases where this measure strategies and policies basically say, we don’t customer-focused method of business. workers. Veto it,” Jan. 20). will apply, individuals who were harmed will want you in our stores. Sad to say, the funeral is almost over for e reason this change is necessary is to be more fully and fairly compensated. Anoth- e once-beautiful Loop Macy’s is a dump. Macy’s in Chicago. prevent deep-pocketed defendants from er important bene t will be less clogged court Marshall Field must be turning in his grave to dragging out cases in the hopes that injured dockets and a more e cient legal system. see how far his once-stunning store has fall- TERRY LEJA parties or their families will become so nan- We strongly encourage Gov. J.B. Pritzker to en. ere is nothing that brings to mind any Chicago
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P010-P011_CCB_20210201.indd 11 1/29/21 12:05 PM 12 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS Incoming CEO Roz Brewer fills in some of Walgreens’ blanks, but not all of them WALGREENS from Page 1 mobile and walk-in customers. that the pandemic accelerated launched scan-and-go payments, square feet of clinic space to the Brewer helped gure out what each plans to transform stores to more which Walmart says drove custom- drugstores. CEO into unfamiliar territory. store needed to be—sit and gather convenient formats, and how Star- er tra c and spending. e store’s Walgreens’ main drugstore ri- row in responsibility for or grab and go. Along with other bucks has relied on mobile to help Club Pickup feature grew 31 per- val is taking a di erent approach Walgreens’ role in the massive factors, her changes helped boost with recovery. cent in scal 2017, with enhanced to health care. CVS expanded into COVID-19 vaccination campaign, comparable-store sales growth to Less encouraging is the perfor- features like mobile check-in and insurance with the acquisition of and it’s clear Brewer faces a steep 5 percent in 2019 from 2 percent in mance of Sam’s Club during Brew- prepayment. Aetna and also owns a pharmacy learning curve. 2018. er’s ve years at the helm. After ris- Under Brewer, Sam’s also moved bene ts manager. Anderson says “Despite her impressive accom- “She really had an eye for real ing 4 percent in 2013, comparable many of its back-end functions the hiring of Brewer con rms Wal- plishments, she is not a health care estate and how it’s changing,” says sales grew 0.5 percent or less for the from paper-heavy manual process- greens will rely more heavily on its person,” says professor Erik Gor- Hottovy, who formerly covered remaining four years of her tenure, es to a Salesforce cloud platform. stores. don of the University of Michigan’s Starbucks as an analyst at Morning- Walmart lings show. e switch improved productivity “ ey’re zigging and everybody Ross School of Business. “Wal- star. It’s an issue she’ll likely tackle Meanwhile, archrival Costco and helped integrate in-store and else is zagging,” she says. “We don’t greens might fall further behind in right away at Walgreens, which has posted mid-single-digit growth, online shopping channels, says know for sure whether the zigging . the race to become a health care been working to rev up customer says Zain Akbari, an analyst at Amanda Lai, manager at retail con- . . is ultimately going to play out. . . services provider and instead re- tra c and sales at its stores. Morningstar covering Walmart. sulting rm McMillanDoolittle. .But they need something.” treat into what she is good at—re- Brewer also helped transform “It seems like top-line growth at kind of experience could help Also unclear is how much auton- tailing.” Starbucks’ cold beverage pro- was a concern when they decid- Walgreens catch up with rivals CVS omy Brewer will have in a C-suite Brewer has proved adept at hom- gram, moving away from gimmicky ed to go in a di erent direction at and Walmart in the digital realm. full of Walgreens Boots veterans ing in on what customers want in a drinks like high-calorie, Unicorn Sam’s Club toward the end of her Pessina, who has been in charge who have worked with Pessina for retail experience and delivering, Frappuccinos toward lower-calo- tenure,” he says. since 2015, touted Brewer’s digital years. e company’s co-chief op- says R.J. Hottovy, a fund manager rie cold brews and nitro o erings. expertise when he announced her erating o cers are Ornella Barra, Cold drinks grew from 45 TROUBLE SPOTS hiring. If Brewer can help improve who is Pessina’s life partner, and percent of total beverage Growth is a concern for Wal- store tra c and mobile o erings, Alex Gourlay, who joined Boots in “SHE IS NOT A HEALTH CARE PERSON. sales in scal year 2016 greens, too. Walgreens stock has it would make Walgreens—which the 1970s and worked his way up. to 60 percent in 2020. lost a third of its value since 2015 is still in the “beginning innings” Pessina will remain as executive WALGREENS MIGHT . . . RETREAT INTO “Retail’s not dead in amid concern over slumping cus- of digital—more competitive, says chairman. e Italian billionaire is WHAT SHE IS GOOD AT RETAILING.” the age of Amazon; it’s tomer tra c and shrinking phar- Elizabeth Anderson, an analyst also the largest single shareholder, just bad retail is dead,” macy pro t margins. Simultane- covering Walgreens at Evercore ISI. owning almost 17 percent of Wal- Erik Gordon, professor, University of Michigan says Hottovy. “Wal- ously, competition from online But the most daunting challenge greens’ outstanding stock. greens hasn’t made it retailers—namely Amazon, which facing Brewer and Walgreens will “Given the fact he’s taken the role at Aaron Allen Capital Partners, an enjoyable enough to shop the front counts Brewer as a board member be the company’s planned trans- of executive chair, and the fact that investment rm specializing in the of the house, the nonpharmacy until she steps down Feb. 16—has formation into a health care pro- he has this signi cant stock, means restaurant industry. side of it, and I think that is going to eaten away at sales on the front end vider. Walgreens has formed a her role, like it or not, will be more When Brewer joined Seat- be something they can rely heavily of the drugstore. partnership with VillageMD to put limited,” says Charles Elson, pro- tle-based Starbucks in 2017, some on her for.” To be sure, Brewer notched some doctors into 500 to 700 stores over fessor of corporate governance at of the co ee chain’s roughly 15,000 Brewer has also been front and successes at Sam’s Club, particu- the next four years. e $1 billion the University of Delaware. “Exec- stores were struggling to serve both center with investors, explaining larly on the technology front. She project includes adding up to 9,000 utive chair will still call the shots.” Chicago Symphony Orchestra leans on its donor base to keep financials strong CSO from Page 3 portant the symphony is in this city,” says Taylor, 72. “It’s like a baseball e CSO piled up a $4.4 million team, or something.” de cit for the scal year in June, For every dollar the CSO has re- after four months of canceled con- funded for canceled concerts (most- certs. Yet, strange as it may seem, ly to out-of-towners), it has received with the prospect of a full season of a dollar from subscribers donating empty seats at Symphony Center, proceeds of unused tickets. the de cit is projected to shrink this scal year—to a more typical $1.4 FAMILY million—even while the orchestra’s Helen Zell, who chairs the sym- 100 musicians continue to receive phony board, says the biweekly 60 percent of their pay. Zoom meetings she holds with up What happened? Small-ensem- to 35 donors have resonated. “It’s ble streaming programming like kind of based on the old-fashioned the Mozart piece at $15 per view, principles of staying connected with with discounts for multiple orders, your family,” she says, cautioning, helps but has brought in less than “What I don’t know is how long you $100,000. Operating expenses, can do it. It’s been great in the short
meanwhile, have waned 40 percent t e r m .” ROSENBERG TODD without big-name soloists and other Chicago-based orchestra consul- Musicians of the Chicago Symphony Orchesta and guest musician Mark Shuldiner (harpsichord) perform J.S. Bach’s Brandenburg Concerto No. 2. production costs. tant Drew McManus says the pan- e real secret is how the sym- demic could fortuitously spur or- raising techniques than on the sym- how much archived and new music In November, however, musi- phony’s donor base, symbolized by chestras to diversify earned income, phony’s 12,000 donors in most states can be streamed without additional cians accepted a 50 percent re- its sprawling, gilt-edged board of 30 percent to 40 percent of which and abroad. fees, depending on the degree of sal- duction in base pay through June, relies on ticketed perfor- e mood among CSO musicians ary reductions. according to Ann Palen, a violinist “WHAT THAT SUPPORT TELLS YOU mances. has improved markedly since they “It’s a really good situation,” says who chairs the orchestra commit- e San Francisco went on strike in 2019, eventually Jim Smelser, who plays second horn tee. at’s when their contract ex- IS HOW IMPORTANT THE SYMPHONY Symphony in Janu- agreeing to a ve-year contract that and chairs the CSO members’ com- pires and potentially fraught bar- ary started a subscrip- will raise base salaries 13.2 percent mittee, which negotiated the con- gaining sessions loom. IS IN THIS CITY. IT’S LIKE A BASEBALL tion streaming service, (more when compounded), to an tract. Management, he says, had the e Lyric last scal year increased TEAM, OR SOMETHING.” charging $120 for a average $181,272, third highest option of invoking a force majeure net fundraising by 26 percent, to 12-performance season among U.S. symphonies. clause, suspending the pact, and $17.1 million, as ticket revenue fell David Taylor, violinist, CSO (free to $250-and-above Moreover, the CSO kept musi- chose not to do so. by half, to $15.5 million. It won’t de- donors); it got 5,000 or- cians on full pay through April 27 tail current trends. trustees, has been galvanized. What ders in the rst two days. McManus and then at 80 percent into the sum- OPERA CHALLENGES e CSO’s Alexander is eying a re- the CSO calls “support” rose slight- says streamed programming makes mer. e current 60 percent scale is e challenges are greater at op- bound beginning this summer, tied ly during the recent scal year, even it easier to share messages on so- lower than reductions at some other era companies like the Met and the to resumption of in-person concerts with the impact of COVID-19. cial media containing a pitch from orchestras, but the CSO gure could Lyric Opera of Chicago, with more by the CSO at the Ravinia Festival in is year, management budgeted the symphony. “ at just does their rebound sooner. Full-time CSO moving parts and, perhaps, prima Highland Park. Taylor, the assistant for a 45 percent drop. But less than advertising for them,” he says. “It’s employees got an across-the-board donnas than orchestras embody. concertmaster, is skeptical. e con- seven months into the period, do- harder to do in a live setting.” $500 holiday bonus from an anony- e Lyric confronted a strike in 2018 cert hall could be further o . nations reached the full-year fore- CSOtv, in contrast, is in the pilot mous trustee. by musicians, who settled for a 5.6 As Taylor points out, not just mu- cast, o ering hope they’ll match last stage, charging a la carte. Je Alex- e American Federation of Mu- percent raise over three years while sicians need to nd their comfort year’s $41.2 million. ander, the CSO’s top executive, says sicians union has consented to agreeing to fewer guaranteed weeks zone—a reassured, vaccinated au- “What that tells you is how im- the overall focus is less on new fund- work-rule changes, among them of work and a smaller orchestra. dience also is a must.
P012_CCB_20210201.indd 12 1/29/21 4:23 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 13 Two big malls buy more time with lenders Loan agreements give the owners of Gurnee Mills and Yorktown Center more breathing room. Will they help solve their problems or merely delay a reckoning?
BY ALBY GALLUN property owner that has defaulted es, retail tenants can move out if on a loan, and the borrower often certain other stores close. Two big shopping malls in the agrees to some kind of payment It’s unclear when the Yorktown Chicago area, Yorktown Center plan in return. Center loan matures now. A KKR and Gurnee Mills, have bought In west suburban Lombard, the spokesman declines to comment. more time to x their debt trou- owner of Yorktown Center has A representative of Simon, the bles. But they still face a gloomy worked out an extension to pay owner of Gurnee Mills, did not re- outlook for the retail real estate o about $107 million in mortgage spond to a request for comment. market. debt on the 1.4 million-square- Both malls carry securitized In Gurnee, the owner of Gurn- foot mall, according to Bloomberg debt, mortgages that were pooled ee Mills has reached a so-called data. with other real estate loans and forbearance agreement with a resold as bonds, or commer-
servicer that oversees about $124 STRUGGLING TENANTS cial mortgage-backed securities. CVB/FLICKR COUNTY LAKE million of debt on the property, e mortgage initially matured Delinquencies on CMBS loans Gurnee Mills, the area’s third-biggest shopping mall, is owned by Simon Property Group. according to Bloomberg data. in March 2019, but the property secured by shopping malls and e owner, Indianapolis-based owner, a joint venture including other retail properties soared last Simon Property Group, defaulted New York-based private-equity year as COVID-19 spread but have on the debt last year, as the coro- rm KKR, reached an agreement fallen in recent months as the Royal Bank offers commercial loans navirus spread and many retailers with a loan servicer to extend the market has stabilized. stopped paying their rent, leaving due date a year, to March 2020. As vaccinations pick up in the with attractive rates and terms. some landlords unable to make en the pandemic hit, sending coming months, the economy is their mortgage payments. many retail landlords into a tail- on track for a recovery this year. e agreement, reached Dec. spin as they tried to collect rent But with more people shopping 31, could give Simon, the coun- from struggling tenants and mak- online—a trend accelerated by Contact Richard Nichols, Senior Vice President try’s biggest shopping mall owner, ing it even harder for KKR to pay the pandemic—retail landlords 2IƓFH Ř0RELOH more time to turn around Gurn- o the debt. face an especially uncertain fu- (PDLO UQLFKROV#UR\DOEDQNXV ee Mills, the area’s third-big- Yorktown Center is 90 percent ture that could include more store Putting community first since 1887. gest mall, with about 1.9 million occupied, but “collections have closings and retail bankruptcies. square feet. Bloomberg did not been severely impacted with e question for Gurnee Mills and provide terms of the deal. Under several tenant bankruptcies and Yorktown Center is whether their a forbearance agreement, lenders potential (co-tenancy) risk,” ac- recent loan agreements will help royal-bank.us agree not to take legal action, like cording to Bloomberg. Under solve their problems or merely Member FDIC /RFDWLRQVLQ&KLFDJR:HVWPRQWDQG1LOHV ling a foreclosure suit, against a co-tenancy clauses in many leas- delay a reckoning.
2021
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P013_CCB_20210201.indd 13 1/29/21 3:55 PM Advertising Section
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ARCHITECTURE / ENGINEERING CONSTRUCTION EDUCATION INVESTMENT LAW
Wight & Company, Chicago Skender, Chicago Keypath Education, Chicago Sandbox Industries, Chicago Freeborn & Peters LLP, Chicago
Jeffrey Washington Skender, one of the Ofa Stead joined Sandbox Industries has Freeborn & Peters LLP is has joined Wight & nation’s top building Keypath Education as announced the promotion pleased to announce that Company’s Transportation contractors, congratulates the Chief People Officer, of Kelsey Maguire to Ryan G. Rudich has been and Infrastructure Todd Andrlik on his charged with driving Managing Director of promoted to Partner. practice as Director promotion to Senior global organizational Sandbox Industries. Ryan has a diverse of Construction, Vice President of growth through people Maguire is a lead investor environmental practice bringing to this role Marketing. Todd joined and culture. Stead on the Healthcare that focuses on defending 34 years of experience overseeing Skender in 2017 and has 21 years oversees Keypath’s global HR team, Fund, managing the Maguire businesses in complex environmental complex projects in the pursuit of marketing experience, including leading employee development, Fund’s investments in litigation, including against high- of engineering excellence. 16 in the construction industry. He people strategy, talent, and enhancing PWNHealth, Abacus, stakes toxic tort claims, government Washington’s work will also focus quickly reinvigorated the marketing company culture. Stead comes to emids, IdealOption, enforcement action and in CERCLA on diversity in the industry; he team, created effective strategies, Keypath with two decades of expertise Lumiata, and cost recovery and contribution cases. seeks to use this opportunity to generated bold brand awareness, creating world-class teams and axialHealthcare. Maguire He has worked extensively for clients continue to create a more inclusive and shaped external communication supporting commercial success. Her joined Sandbox in in the waste and recycling industry in industry for the next generation of efforts while playing an influential experience spans people innovation, September 2019. Illinois and across the United States. transportation professionals. role on the leadership team. leadership development, organizational Sandbox Industries has effectiveness and global strategy. announced the promotion Bhansali of Binoy Bhansali to Managing Director of Sandbox Industries. Bhansali is a lead investor BANKING / FINANCE CONSTRUCTION on the Healthcare Fund, serving on LAW the Board of Directors of Healthify, Wintrust Multinational Commercial Skender, Chicago HEALTH CARE Quilted Health, and Ideal Option, and Freeborn & Peters LLP, Chicago Banking, Chicago managing the Fund’s investments in Skender, one of the Payfone, Healthspring, and CarePathRx. Ann & Robert H. Lurie Children’s Freeborn & Peters LLP is Wintrust is pleased to nation’s top building He is also a member of the Kauffman Hospital of Chicago, Chicago pleased to announce that add Stephen Jones as contractors, congratulates Fellows Program, Class 23. Martin Syvertsen has senior vice president of Mike Muehring on his Sunjay Kaushal, MD, been promoted to Partner. Wintrust Multinational promotion to Senior PhD, recently returned He prides himself on Commercial Banking. In Project Manager. Mike to Ann & Robert H. finding practical solutions this role, Stephen will joined Skender in 2016 Lurie Children’s Hospital for clients and fighting for focus on helping foreign and has over 15 years of experience in of Chicago to serve as the best possible outcomes. Martin companies in the Midwest region the construction industry. As a Senior LAW the Division Head of joined Freeborn after serving as an of the United States grow their Project Manager, Mike is responsible Cardiovascular Thoracic Assistant State’s Attorney in Cook businesses. With more than 35 years for delivering projects on schedule, Croke Fairchild Morgan & Beres LLC, Surgery. Dr. Kaushal spent the County, where he honed his skills in in the industry, Stephen brings a maximizing productivity and efficiency, Chicago past nine years at the University state and federal courts at the trial and wealth of experience in developing and controlling project costs for his of Maryland School of Medicine. appellate court level. Martin served new clients and building existing valued interior construction clients Robin L. Letchinger has In addition to his clinical expertise in the Criminal Prosecutions Bureau client relationships. throughout Chicago. joined the law firm Croke and serving in leadership roles, handling many appeals, arguing before Fairchild Morgan & Beres Dr. Kaushal is actively involved in the Illinois Appellate Court. LLC as Chair of the Family research, including tissue-engineering Enterprise Practice group, cardiovascular structures and launching where she will focus clinical trials using cardiac stem cells. CONSTRUCTION on family businesses, family enterprises, and family offices Skender, Chicago matters. Letchinger brings more than REAL ESTATE BRAND ENGAGEMENT two decades of experience in family Skender, one of the enterprise and litigation practices. She Freeosk, Chicago nation’s top building previously served as general counsel CRG, Chicago contractors, congratulates for a multigenerational family holding In a pandemic-altered Joy Perryman on her company providing strategic solutions CRG is pleased to shopping landscape, promotion to Director of that balanced business, personal, and welcome Jennifer as brands and retailers Risk Management. Joy HEALTH CARE tax goals. Nichols, J.D., M.B.A., look for low-touch started with Skender M.S.T., as Senior Vice and contactless ways in 2015 and was soon promoted Ann & Robert H. Lurie Children’s President and General of getting products to manage the risk management Hospital of Chicago, Chicago Counsel. As a member in consumers’ hands, department, working closely with of the firm’s senior Freeosk, the leading omni-channel operations to identify ways to Joyce Wu, MD, has leadership team, Jen oversees CRG’s shopper engagement platform is mitigate risks in daily procedures. been appointed Section in-house department handling all legal, LAW poised for growth. The Chicago- She is a certified Construction Head of the Epilepsy compliance and risk management based company named Lars Djuvik Risk and Insurance Specialist (CRIS), Program in the Division for the firm’s development projects Freeborn & Peters LLP, Chicago senior vice president of retail Certified Risk Manager (CRM) and of Neurology at Ann & across the United States. She has more partnerships, where he’ll identify member of the Risk and Insurance Robert H. Lurie Children’s than 15 years of legal experience Freeborn & Peters LLP is retail opportunities, expand Freeosk’s Management Society. Hospital of Chicago. Dr. counseling corporate clients on all footprint and drive growth. Djuvik Wu is nationally recognized for her pleased to announce that aspects of real estate, corporate, tax comes from Shopkick with 20 plus expertise and research in tuberous Jason J. Ben has joined and commercial matters. years of sales and leadership experience. sclerosis complex -- an inherited the Firm as a Partner in disease, which affects the brain, heart, the Chambers-recognized Bankruptcy and Financial CONSTRUCTION SERVICES kidney, lung and skin, and is associated with epilepsy and developmental Restructuring Practice disorders such as autism. Group. Jason has represented AmeriPro Roofing, Downers Grove various parties in complex U.S. and international financial restructurings AmeriPro Roofing is including both corporate debtors pleased to announce the TRANSPORTATION CONSTRUCTION and secured lenders in Chapter 11 promotion of Dan Mesch and out-of-court restructurings. He is to Chief Operating licensed in the state of Illinois and the Skyway Concession Company, LLC, Development Solutions Inc., Chicago Officer and the hiring state of New York. Chicago of Danny Lang as Chief Development Solutions Financial Officer. Mesch Kristi Lafleur has been Inc., has announced the Mesch has been with AmeriPro PUBLIC AFFAIRS LAW appointed the new Chief promotion of Shannon for more than 10 years Executive Officer of Cox to Project Executive, and will oversee customer Res Publica Group, Chicago Freeborn & Peters LLP, Chicago the Skyway Concession as a reflection of his service, production, Company, LLC (SCC), exemplary performance human resources, fleet, Res Publica Group is Freeborn & Peters LLP is the company that and significant contribution compliance, recruiting, pleased to announce pleased to announce that operates and maintains to DSI’s robust growth in the and marketing. Mesch that Kevin Owens has Jennifer M. Huelskamp the historic Chicago Skyway Toll corporate interiors market during his has been a key element been promoted to Vice has been promoted to Bridge. Lafleur continues serving 16-year tenure with the company. In in AmeriPro’s growth and President + Director Partner. Jennifer’s practice on the SCC Board of Directors this new role, Shannon will continue currently manages the Lang of the Chicago-based is focused on employment (since 2016). Lafleur has held posts building and managing DSI’s most company’s real estate agency. During his tenure, litigation and counseling. as Senior Vice President of HNTB complex interior projects, while portfolio of more than 35 office spaces. Kevin has leveraged his expertise in Jennifer represents employers in Corporation, President and CEO of developing his construction team, Lang will oversee all department public policy and communications several areas of employment law, Ascend Infrastructure, and formerly and ensuring successful delivery of budgets and payroll and will work strategy to excel in managing including defending claims under was Executive Director of the Illinois quality projects for our clients. closely with the COO and president complex public affairs and community Title VII of the Civil Rights Act Tollway, overseeing the $14 billion on the company’s continued growth. engagement projects. He works with (Title VII), the Age Discrimination “Move Illinois” program. Prior to joining AmeriPro, Lang both public and private sector clients in Employment Act (ADEA), the served as Chief Operations Officer helping them manage issues, navigate Americans with Disabilities Act (ADA) and acting CFO for seven years for crises, engage constituencies and and more. She also routinely practices Zenere Companies. enhance brand positioning. in the commercial litigation space. CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 15 2021 RAHEELA ANWAR President and CEO Group 360 Consulting Raheela Anwar in October launched a Northbrook consultancy o ering career transition services. e woman- and minority-owned rm serves em- ployers from Fortune 500 to midsize private-eq- uity sponsors. Anwar says demand for career LEADERS IN HR transition grew during the pandemic as companies downsized and laid o sta . Anwar previously was chief sales, client services and market strategy leader at BPI Group. Earlier, Anwar spent 18 years at Northern Trust and was a senior vice president for global The upheavals of 2020—pandemic Then, with the killing of George Floyd investments. At the bank, Anwar co-founded initiatives to advance and social unrest—presented human in May and demonstrations for social women in leadership. She speaks to women’s leadership groups resources executives with unimaginable justice, HR executives led their organiza- at Fortune 1000 companies about the value of mentorship and networking. She chairs the board of governors at Winnetka Com- challenges. tions to take a fresh look at their diver- munity House and is a director of the Winnetka-North eld Library When COVID-19 set in, HR exec- sity, equity and inclusion efforts. They District. utives sent office staff home to work changed their methods of recruiting remotely and added safety features to to attract candidates of diverse back- KENDAHLE ARTIS plants and warehouses. They extended grounds, established resource groups Human resources director benefits such as additional paid time and implemented implicit-bias training. Primera Engineers off and flexible schedules to accommo- All this while handling the day-to-day When the pandemic hit last year, Kendahle Artis date parents with school-age children basics of administering payroll and ben- developed a dedicated COVID-response team and at home. And they developed virtual efits and tracking performance. These 54 transitioned sta members to work from home. hiring and onboarding processes while managers met the mark and then some. Artis worked with her team to implement new devising ways to keep remote workers virtual hiring and onboarding processes. e HR team worked with marketing to develop a welcome engaged. By Judith Crown kit shipped to new employees’ homes to make them feel connect- ed. Artis also introduced an employee-retention program to reduce METHODOLOGY: The honorees did not pay to be included. Their profiles were drawn from nomination turnover. And she established a wellness committee that addresses materials submitted. This list is not comprehensive. It includes only executives for whom nominations were health and lifestyle practices, physical environment and workplace submitted and accepted after an editorial review. These Notables are serving in a senior leadership role, are culture. e committee implemented several initiatives, including employed at companies of 50 employees or more and demonstrate the ability or power to effect change. tness events such as in-house yoga, mental health/meditation training and healthy-eating challenges. Artis joined Chicago-based Primera in 2012. Previously she was an HR generalist at West Monroe Partners. She’s a member of the recruiting committee at SALARY POTENTIAL Chicago United. Human resources managers held 2019 MEDIAN PAY FOR HR AND about 165,200 jobs in 2019. The SIMILAR OCCUPATIONS LISA BARON largest employers of HR managers Administrative services managers Chief human resources officer were: $96,940 BCU 14% Professional, scientific As chief human resources o cer and executive vice and technical services Compensation and benefits managers president, Lisa Baron oversees recruiting, succes- $122,270 14% Management of sion planning, compensation and retention, and companies/enterprises other functions. Baron was a founding member Compensation, benefits, job analysis specialists of BCU, the Vernon Hills credit union that started 11% Manufacturing $64,560 at Baxter Healthcare and now serves almost 250,000 members. During the pandemic, BCU provided employ- 9% Government HR managers ees with an option to buy back PTO to assist 8% Health care and $116,720 with COVID-related hardship. She served on social assistance 44% Other a committee to safely return employees to the HR specialists workplace and promoted wellness sessions. $61,920 Earlier, Baron sought to enhance culture with The median annual wage for HR managers events such as cookouts and an on-site social patio. To capture em- was $116,720 in May 2019. The median Labor relations specialists ployee opinion, she advocates for exit interviews, focus groups and wage is the wage at which half the $69,020 annual engagement surveys. Baron co-chairs a BCU women’s lead- workers in an occupation earned more ership mentoring group and is senior leader mentor for a women’s leadership group at Baxter. than that amount and half earned less. Top executives The lowest 10 percent earned less than $104,690 $68,300, and the highest 10 percent Training and development managers LUTONDA BAUMGARDNER earned more than $205,720. $113,350 Director, human resources Employment & Employer Services In May 2019, the median annual wages for Training and development specialists LuTonda Baumgardner oversees HR operations at HR managers in the top industries in which $61,210 Employment & Employer Services, which facili- they worked were: tates employment preparation and job placement. When the pandemic hit, Baumgardner helped the Professional, scientific and technical services sta shift to remote work and secured personal $131,340 47% protective equipment. Over the past 18 months, Baumgardner of HR leaders cite employee retention and established a leadership development program to o er sta oppor- Management of companies and enterprises turnover as their top workforce management tunities to enhance their leadership skills and take on new roles. $129,510 challenge, followed by recruitment and corpo- She instituted a new performance management system that fosters rate culture management. greater account- Manufacturing ability for uphold- $115,000 ing organizational 83% values. And she of employers believe attracting and retaining Government revamped hiring talent is a growing challenge. practices and job $102,660 descriptions to attract a wider range of candidates. Baumgardner joined E&ES in Health care and social assistance 76% of HR leaders say employee onboarding prac- 2019. Earlier, she held HR positions at Edward Jones and Gap/Old $99,380 tices are underutilized at their organization. Navy. She is on the board of the National Black MBA Association Chicago chapter and is the career and professional development Sources: U.S. Bureau of Labor Statistics, SHRM, Allegis Group, Kronos director. 16 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS
VALERIE BERTERMANN ONY BEVERLY LAURA BIRK KEVIN BOHAN MARINA BOKSERMAN Vice president, human resources Chief human resources officer Vice president of human resources Chief human resources officer Executive vice president, human Synergy Flavors Marshall Gerstein & Borun Barilla America WernerCo resources Guaranteed Rate Cos. At the Wauconda avors supplier, When Ony Beverly implemented Last year, Laura Birk made Kevin Bohan had been with Valerie Bertermann led initiatives a remote work program in 2018, strides in achieving an equi- WernerCo for only two months Marina Bokserman joined to keep teams safe and the compa- little did she know that it would table and exible culture at when the pandemic hit. Bohan, the mortgage giant last year ny operating during the pandem- enable the law rm to quickly Barilla. e Northbrook-based who also is senior vice president and leads a 40-person human ic. Bertermann pivot to remote pasta mak- of human re- resources implemented work during er achieved sources, helped team. She has new procedures the pandemic. equal pay for the leader- elevated the HR and policies With restric- equal work ship team department as to support tions prohib- across gen- navigate the the company performance iting normal ders, veri ed response. e last year hired management, recruiting and internally and Itasca maker 3,000 employ- succession onboarding, by a third-party of ladders and ees nationwide, planning and Beverly led her vendor. When construction bringing the training, which team to im- the pandemic equipment workforce to included remote learning last year. plement fully virtual interviews, set in, Birk’s team expanded was deemed an essential busi- more than 8,000. Bokserman is She rede ned Synergy’s recruiting orientation and training, suc- bene ts, including additional ness, and Bohan’s department working with company leader- process, which included improv- cessfully integrating eight new paid time o for employees developed safety protocols for ship to streamline and automate ing internal promotion processes. hires. Earlier, Beverly introduced impacted by COVID-19. When employees in manufacturing, HR operations such as perfor- Bertermann a blind résumé review for sta racial tensions ared across while the o ce sta pivoted to mance feedback, onboarding also enhanced recruitment, resulting in a 27 the country last summer, Birk remote work. Bohan broadened processes and employee/manag- parental leave percent increase in diverse hires established a racial justice the company’s approach to er resources. She also is strength- bene ts and since 2018. Recently, Beverly charter that outlined a vision for recruiting, enabling it to build a ening the company’s recruiting wellness pro- revised the review process for a more inclusive and equitable more diverse team. He re- and retention by hiring HR grams. Berter- associates to ensure they receive workplace. e charter includes vamped Werner’s maternity and specialists to team with business mann joined Synergy in 2019 from more transparent and action- actions and metrics around paternity leave policy and cre- leaders. With employees working Deer eld packaging rm Pregis, able performance feedback. access and exposure to leader- ated a part-time remote return- remotely during the pandemic, where she was human resources Increased collaboration with ship, employee development, to-work program for employees Bokersman’s department has director. Earlier, she held HR posi- the associates committee led to recruiting, community outreach returning from maternity leave. enhanced bene ts and identi ed tions during nearly 12 years at SC improvements in mentorship and supplier diversity. Birk leads Bohan joined WernerCo in late ways to improve engagement Johnson, most recently as HR di- and development programs. an employee resource group 2019 from automotive products and job satisfaction. Bokserman rector for U.S. sales and marketing. Before joining Marshall Gerstein focused on removing barriers supplier UGN, where he was joined Guaranteed Rate in May Bertermann is a member of the & Borun four years ago, Beverly that limit gender equality and chief human resources o cer. from Wintrust, where she worked diversity and inclusion committee was HR manager at Skadden work-life balance. e group He speaks to industry groups on for 14 years and was most recent- of the Flavor & Extract Manufac- Arps Slate Meagher & Flom. sponsors a mentorship program HR topics, including diversity ly vice president, human resourc- turers. She is an adjunct professor and provides digital tools to and inclusion. es and employee relations leader at Carthage College in Kenosha. employees. at Wintrust Financial.
CONGRATULATIONS!
Greeley and Hansen congratulates Bethany Florek, Director of HR, on her well-deserved recognition as a 2021 Notable Leader in HR by Crain’s Chicago Business. Bethany Florek, Director of Global HR, Greeley and Hansen We thank you for your strategic leadership and your GHGLFDWLRQWRRXUÀUPRXUVWDIIDQGRXUFRPPXQLWLHV P015-P027_CCB_20210201.indd 16 1/28/21 2:49 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 17 JULIE BURKE SIRMARA CAMPBELL KATHLEEN CARROLL TONI CRENSHAW WENDY DAHM Human resource manager Chief human resources officer Chief human resources officer Senior HR specialist Chief people officer Klein & Hoffman LaSalle Network W.W. Grainger Robert Bosch Tool Baird & Warner Julie Burke manages HR activities At sta ng rm LaSalle Network, In the continuing pandem- At the tool company in Mount Wendy Dahm, who also is execu- at the architectural restoration Sirmara Campbell supports 230 ic, Kathleen Carroll leads a Prospect, Toni Crenshaw pro- tive vice president, supports 466 and engineering rm, including employees across ve o ces as cross-functional team to get vides expertise in engagement, employees and more than 2,300 talent acquisition, retention, well as nearly 1,500 temporary personal protective equipment diversity, leadership and learn- Realtors at the brokerage rm. performance employees on to health care ing, training With real estate management, assignment at workers and and coaching. designated compensation, clients. When rst respond- Crenshaw as an essen- bene ts and the pandemic ers. Carroll, pivoted from a tial business, employee re- set in, Camp- who also is 10-year career Dahm played lations. During bell moved a senior vice as an electrical a critical role the pandemic, employees president engineer to fo- in helping Burke creatively to working and leads a cus on learning Baird & Warner sourced per- remotely in 250-member and devel- operate at full sonal protective a matter of HR depart- opment as a speed through equipment and hand-delivered days. She also scheduled virtual ment, established safety pro- way to help others pursue their the pandemic. e brokerage masks to employees. She o ered events and activities to keep tocols for Grainger locations, career goals. When the pandem- onboarded 531 agents in 2020, to go grocery shopping or bring employees connected. For such as augmented cleaning and ic hit, Crenshaw shifted a num- almost 100 more than in 2019. meals to a sta member’s home. example, employees attended a social distancing requirements. ber of training programs to a Dahm helped to pave the way for Earlier, Burke created a paid fam- Zoom holiday party that featured In the past two years, Carroll virtual format. She has coached employees to work from home ily leave policy. She implemented musical guests and local come- elevated the company’s diversi- company leadership and HR and provided work resources quarterly wellness lunch-and- dians. For anksgiving, a chef ty, equity and inclusion e orts. executives in the organization’s and wellness programs. She learn sessions. And she created conducted an online cooking She led a change in recruiting to transformation to work in agile expanded training and devel- an onboarding program in which demonstration. Campbell also make job postings and require- teams. is transformation opment to support company new hires are paired with a has assisted Chicago-area HR ments more attractive for candi- involves shifting from command growth and the needs of remote buddy to help them navigate the peers by hosting twice-monthly dates from diverse backgrounds. and control to team-based ways workers. And she shifted the rst several months. Burke joined virtual meetups to discuss how Last year she initiated monthly of working and decision-mak- annual performance review Klein & Ho man from Supply- to keep employees safe, healthy conversations with Grainger ing. Recently, she has focused system to a continuous conver- Logic, a third-party marketing and engaged with their com- leaders on fostering an inclu- on diversity and inclusion and sation. Dahm became a charter procurement rm, where she panies during the pandemic. sive workplace. Carroll joined elevated issues faced by women cohort member at the Loyola was director, talent and human She advocates for diversity and Lake Forest-based Grainger in in the workplace. She is national DEI Leadership Institute to resources. She has volunteered inclusion at LaSalle Network 2018 from First Midwest Bank. chairperson of Women@Bosch further develop Baird & Warner’s with hospice organizations, and has hosted webinars on the Earlier, she held HR positions at and co-led the group’s rst virtu- workplace practices promoting including Southeast Oakland subject for HR leaders. Aon and served as co-lead in the al national conference. diversity and inclusion. County Hospice and Midwest program o ce for the Aon and Palliative & Hospice Care/Journ- Hewitt merger integration. eyCare. OUR TEAM PROUDLY INCLUDES CHICAGO’S VERY BEST Our success as a company depends on our team of employees. Leaders in HR give our employees the tools they need to be successful, and therefore carry out our values as Chicago’s Bank®. Our HR professionals, like Karen Moses and Norah Larke, are dedicated to the well-being and professional development of our employees, and because of them, we’ve been recognized as a top place to work. Thank you for all you’ve helped us achieve. We couldn’t do it without you. Congratulations on being named Crain’s 2021 Notable Leaders in HR! wintrust.com KAREN MOSES NORAH LARKE Vice President, Learning & Development, Senior Vice President and Chief HR Officer, Wintrust Wintrust Banking products provided by Wintrust Financial Corp. banks. P015-P027_CCB_20210201.indd 17 1/28/21 2:49 PM 18 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS MARISSA DELGADO ANGIE DEMCHENKO ERICA DENNER SALO DOKO JOSEPH DUDZIK Managing director, executive Chief people officer Chief people officer President and chief operating Director of HR search Cresco Labs UPG Enterprises officer National Council of State Boards of Koya Partners Tandem HR Nursing Angie Demchenko has helped As chief people o cer and At the executive search rm, spur growth at the cannabis executive team member, Erica Salo Doko oversees a manage- During the pandemic, Joseph Marissa Delgado leads searches company, with her department Denner is implementing new HR ment team that provides HR ser- Dudzik has managed business with a specialty in social and hu- hiring 1,650 employees in 12 strategies. She recruited talent vices to small and midsize busi- continuity, employee wellness man services, months and with digital nesses. In the and workforce organizations onboarding expertise, earliest stage planning at the with global 250 others centralized of the pan- nonpro t Na- reach and through two functions demic, Doko tional Council health-relat- acquisitions. and launched worked with of State Boards ed nonprof- With a focus continuous the IT team to of Nursing. its. She has on diversity, performance get employees He facilitated completed 35 equity and management. the equipment remote-work executive-level inclusion, During the they needed to options for searches in the women and pandemic, work remote- sta while also social sector with 44 percent of minorities represented 59 per- hiring increased at the diversi- ly. He oversaw safety protocols developing an e cient and safe the placed leaders self-identi- cent of hires last year. Demchen- ed industrial company, which when the o ce reopened. return-to-o ce plan. He worked fying as Black, Indigenous and ko implemented a program last supplies medical components Over the past 18 months, Doko with technology teams to identi- people of color and 70 percent year to have lunch delivered including ventilator parts, mesh opened o ces in Wisconsin, fy software and hardware needs women. Clients have included daily to retail and operations for lters and metal for hospi- Michigan and Indiana. He and rolled out instant messag- Boys & Girls Clubs of Chicago, facilities from local restaurants tal beds. Denner led e orts to guided hundreds of businesses ing and conference meeting After School Matters, Opportuni- to limit employee exposure to shift some employees to remote through the HR intricacies of the software, including WebEx and ty International and the Chicago the coronavirus and also support work and recon gured physical pandemic—protocols, guidance Microsoft Teams. Before the Council on Global A airs. Delga- local restaurants. In fact, Cresco workspaces to ensure social dis- and laws pandemic, Dudzik had just do joined Koya Partners in 2015 recruited recently unemployed tancing for on-site employees. At that were nished leading a four-month- and became a managing director restaurant and hospitality work- the same time, she served as HR changing long o ce remodel. e project in 2019. Earlier, she was vice ers to ll 250 full-time positions lead through four acquisitions quickly. involved multiple phases, president of global research at at the rm’s Sunnyside dispensa- over 12 months. Denner joined Doko including the temporary reloca- DHR International and was in- ries. e company provided ad- UPG in 2019 from software rm began his career at Westches- tion of employee workstations. strumental in the rm’s interna- ditional pay for employees who Kazoo. Earlier, she was assistant ter-based Tandem in 2012 as an His team also worked to im- tional expansion. Delgado serves worked on-site daily. Demchen- director of human resources at HR consultant. In 2017 he be- prove work-life balance for sta on the board of the Instituto del ko joined Cresco Labs in 2019 the Museum of Contemporary came an executive vice president members, including options for Progreso Latino and is a fellow in from Starwood Retail Partners, Art Chicago. Denner is a career and accomplished his three-year remote and exible schedules. the Leadership Greater Chicago where she was vice president, coach and mentor for the Posse goals within 18 months. He was He has volunteered as a youth Class of 2020. head of human resources. Foundation. named to his current position in soccer, baseball and basketball 2018. Doko is part of the Young coach for more than 15 years. Presidents’ Organization. P015-P027_CCB_20210201.indd 18 1/28/21 2:50 PM Congratulations and Thank You Dana Traci, CHRO Byline Bank Dana Traci has served as Chief Human Resources O icer since late 2019, bringing a wealth of knowledge and experience focusing on cultivating a positive culture, and creating a great place to work. Over the past year, Dana has led the Byline Human Resources team to excel through unprecedented challenges—we’re proud of your recognition and thank you! bylinebank.com ©2021 Byline Bank. Member FDIC. 21cb0044.pdf RunDate 2/1/21 FULL PAGE Color: 4/C 20 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS DEBRA DUNNE ALAN DURAND DAVID EGAN LENORE ERICKSON JUDITH FLEEKS Director of human resources Director, people Head of human resources Executive vice president, human Chief human resources officer Westell Technologies Kin + Carta Mesirow resources American Dental Association First Bank of Highland Park Debra Dunne changed the face of Alan Durand joined the con- David Egan, who is also senior At the American Dental Asso- HR at Westell, an Aurora-based sultancy in February 2020 and managing director at the nan- Early in the pandemic, Lenore ciation, Judith Fleeks oversees provider of network infrastructure quickly became a xture among cial services rm, is responsible Erickson transitioned 80 percent succession planning, perfor- products that had experienced the executive team navigating for HR strategy including talent of the bank’s employees to work- mance management, training and years of down- the pandemic. management ing remotely. development, sizing. She de- He’s respon- and employee She focused on recruiting and veloped train- sible for HR engagement. A strengthening employee ing programs functions in major accom- learning and engagement. to enhance the Americas plishment is development During the pan- engagement and manages the Mesirow by o ering demic, Fleeks and promote a team of 20 Employee employees transformed work-life bal- covering talent Value Program, opportunities bene ts to ance, including acquisition which enriches to enhance ensure the safety a lunch-and- and develop- the employee or learn new and well-being learn series focused on wellness. ment, onboarding, engagement, experience across six categories: skills even while working from of nearly 440 employees at cam- She implemented employee-rec- performance management, wellness/bene ts, culture, career, home. She also teamed with puses in Illinois, Washington, D.C., ognition programs and enhanced compensation, bene ts and recognition, compensation and other bank leaders to ensure that and Maryland. She promoted the bene ts to attract and retain sta . culture. Durand put a priority workplace environment. Under employees have the tools and importance of mental well-being In addition, Dunne implemented on diversity, establishing new Egan’s stewardship, Mesirow is support to succeed in remote and the value of meditation and software that enables automated pipelines to recruit employees of one of the few U.S. employers work. e institution is known for relationships to counter the e ects time and attendance, applicant varied backgrounds. One of his with a formalized student loan of COVID-19-imposed isolation. and performance-management initiatives has led the company assistance program. He also Under Fleek’s leadership, the HR tracking. During the pandemic, to be within range of achieving launched a partnership to provide department implemented strate- Dunne provided communica- 100 percent pay equity in its access to child/elder care services gies using agile principles to im- tion, resources and training on workforce. He also improved op- including virtual sitters, tutoring, workplace-friendly policies, with prove performance. She enhanced workplace safety, employee health erational e ciency by establish- learning pods and academic gifts for employees on their work recruiting to improve diversity and and mindfulness, meditation ing a shared-services HR func- enrichment. Egan oversees Me- anniversaries and promotions. In introduced educational sessions and stress management. During tion in partnership with Kin + sirow’s COVID-19 response from the past 18 months, Erickson re- and training on diversity and the peak period of COVID-19, Carta’s Argentina o ce. Durand a human capital perspective and searched and implemented a new inclusion. She designed on-de- she provided recognition gifts previously was human resources initiated programs and services health plan, achieving $400,000 in mand and real-time opportunities for essential workers on a weekly director at consultancy Uptake. to assist physical, emotional and savings. She joined First Bank of for learning and development. basis. Dunne joined Westell in He serves on the board of Kiki mental well-being, including Highland Bank in 2013. Previ- And Fleeks retooled the associa- 2018 from Mosaic Healthcare in Queens, which raises funds for complimentary memberships for ously, Erickson owned a human tion’s process for onboarding new Lincolnwood. Earlier, she held HR nonpro ts serving the LGBTQ+ same-day health services and a resources consulting business. employees. She joined the ADA positions in health care and social community. new employee resource group for Since 2006, she has facilitated HR in 1983 and climbed the career services. working parents and caregivers. certi cation preparation classes. ladder. Celebrating an extraordinary leader! Congratulations to Lisa Baron for being named a Crain’s Notable Leader in HR Your extraordinary peoplefirst commitment and compassionate leadership have been invaluable to BCU’s growth and success Lisa Baron EVP & CHRO BCU org P015-P027_CCB_20210201.indd 20 1/28/21 2:50 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 21 JUDITH FLEEKS BETHANY FLOREK BETSEY FRANK MARLO J. GAAL SHARON GARCIA ELLEN GARIPPO Chief human resources officer Director of human resources Chief learning and development Chief talent officer Vice president, human resources Vice president, director of human American Dental Association Greeley & Hansen officer Ariel Investments Sasser Family Cos. resources Greenberg Traurig Berkshire Hathaway HomeServices At the American Dental Asso- Bethany Florek implemented and Marlo J. Gaal, who also is senior At the Schaumburg-based pro- Chicago ciation, Judith Fleeks oversees guided a series of employee im- At Greenberg Traurig, Betsey vice president at the investment vider of transportation leasing succession planning, perfor- pact groups at the environmental Frank oversees professional de- management rm, oversees HR and management, Sharon Garcia Ellen Garippo handles HR for mance management, training and engineering rm. e groups ad- velopment for attorneys and sta functions including executive leads a team of 12 HR and com- more than 100 employees in 24 development, dress workplace and rmwide coaching, tal- munications o ces in the recruiting and concerns in- technology ent acquisition, professionals. Chicago area employee cluding diversity training. With development Garcia oversees as well as in engagement. and inclusion, the shift to and retention, HR functions, Indiana and During the pan- technology, remote work, and equity and including suc- Michigan. She demic, Fleeks project manage- Frank oversaw inclusion. She cession, talent, manages ben- transformed ment, gender a resource site joined Ariel bene ts and e ts packages, bene ts to equality, and that included early in the compensation, hiring, training ensure the safety corporate activ- technology pandemic and as well as cor- requirements and well-being ism and volun- reference cards introduced a porate commu- and perfor- of nearly 440 employees at cam- teering. Florek led the COVID-19 and videos. Tip sheets covered holistic wellness bene t to cover nications. With the pandemic, mance reviews at the real estate puses in Illinois, Washington, D.C., response team and established remote video depositions, me- pandemic-related expenses. Garcia organized a response brokerage. When the COVID-19 and Maryland. She promoted the safety practices for employees, diations and hearings. She also And she introduced a exible team and transitioned employ- pandemic hit, Garippo led importance of mental well-being including essential workers at launched a learning manage- approach to time o with no ees to remote work. She handled a transition to working from and the value of meditation and critical global water facilities. She ment system and enhanced the maximum or minimum. Gaal legal, practical and employee-re- home, coordinating with IT to relationships to counter the e ects developed return-to-o ce proto- onboarding program for rst- designed and began implement- lations issues including safety make sure employees had the of COVID-19-imposed isolation. cols covering 20 locations. And she year associates. Frank has shared ing “Human Resources 2.0,” a concerns and travel restrictions. equipment they needed. Earlier, Under Fleek’s leadership, the HR expanded access to mental health her expertise on the business new approach to the way Ariel And she established a Remote Garippo created an employee department implemented strate- impact of the learning function attracts talent and motivates Work Engagement Committee training program in providing gies using agile principles to im- by publishing articles, present- employees. She led a rmwide to strengthen employee con- exemplary customer service. prove performance. She enhanced ing to law students and teaching compensation study to ensure nections and company culture. is year, when a sta -appre- recruiting to improve diversity and graduate classes at Northwestern competitive opportunities using Earlier, she developed a strategy ciation event wasn’t possible, introduced educational sessions programs to address potential University. Frank joined Green- the pay vehicles that employees to ensure competitive bene ts she arranged for gift boxes to be and training on diversity and emotional impacts of COVID-19. berg Traurig in 2019 from Sidley most highly value. Gaal joined and compensation plans. Garcia delivered to employees. Over the inclusion. She designed on-de- She also led a program to enhance Austin, where she was director of Ariel from Groupon, where she also led the development of a course of her career at the rm, mand and real-time opportunities knowledge about past and present sta development and technolo- was senior director of HR for succession-planning process Garippo has handled ve acqui- for learning and development. systemic racism. Florek joined gy training. She serves as caucus North America. Earlier, she held that includes grooming future sitions. She began her career in And Fleeks retooled the associa- Greeley & Hansen in 2011 from chair for the New Trier School HR positions at Hyatt Hotels and leaders. Before joining Sasser 2000 as a part-time HR assistant tion’s process for onboarding new Aramark. She chairs the board of Board in Winnetka, leading a O ceMax. in 2016, Garcia was director and receptionist at predecessor employees. She joined the ADA the Illinois Diversity Council and nonpartisan process for slating of human resources for North rm Koenig & Strey Realtors. in 1983 and climbed the career is a member of the Chicago United candidates. America at Ohio-based Emerson ladder. Leaders Council. Network Power. BUILDING OUR FUTURE, INVESTING IN TOMORROW. Celebrating an Congratulations to Doug Rose on being extraordinary leader! named a Crain’s 2021 Notable Leader Congratulations to Lisa Baron for being named a in Human Resources. Crain’s Notable Leader in HR Your extraordinary peoplefirst commitment and compassionate leadership have been invaluable to BCU’s growth and success Lisa Baron EVP & CHRO BCU org FirstMidwest.com 22 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS PHILIP GARRISON TOM GIMBEL JOHANNA ‘JOJO’ HARRIS ERIC HECKSEL DAWN HOURSTON Vice president, human resources Founder and CEO Senior vice president, human Director, human resources Head of HR, sales, marketing and Discovery Health Partners LaSalle Network resources Chicago Yacht Club product-Americas The Jacobson Group Newark At Discovery Health Partners, CEO Tom Gimbel has led the Since joining the Chicago Yacht Philip Garrison has trans- sta ng rm through the pan- At the Jacobson Group, Johanna Club early last year, Eric Hecksel Dawn Hourston is the HR formed talent acquisition and demic without layo s and with “JoJo” Harris has led changes to has focused on the employee business partner for Newark, a championed a culture shift. e highs in revenue. When LaSalle ensure employee engagement experience, improving retention global distributor of electronic Itasca-based employees while the rm and mo- components private-equi- began working shifted to com- rale. During that is a unit of ty-backed com- remotely, Gim- plete remote the di cult Arizona-based pany provides bel held daily work due to year, Hecksel Avnet. Hour- IT services to video town the pandemic. worked with ston con- health care halls to share She’s been a the club physi- tributed to payers. Before updates on the sponsor and cian to create a company the pandem- business. He champion of a healthy reorganization ic, Garrison gave up a sala- diversity, equi- environment. last year in implemented ry for a number ty and inclu- e club had which she pro- an initiative that allowed 70 of months and asked directors to sion at the sta ng company for to furlough workers in the spring vided day-to-day direction and percent of employees to work take minimal salary cuts to avoid the insurance industry. Harris but was able to bring back 93 guidance on the standardization from home. at made it easier layo s. e company employs introduced a talent management percent of them. Hecksel led a of global roles and assisted the for Discovery to adapt during more than 50 researchers who system that ensures company fund to assist furloughed sta new CEO in developing a se- the pandemic. He also add- source passive candidates to leaders connect with team mem- members. Additionally, Hecksel nior-level organization. With the ed programs to keep culture, build and maintain a roster of bers, understand their profes- streamlined recruiting, which onset of the pandemic, Hourston engagement and workow on potential candidates for future sional ambitious and provide led to a better selection of candi- oversaw the transition to remote track. For example, Discovery client searches. Gimbel makes training and development. She dates. And he improved the pay- work. She facilitated virtual HR added recognition from the CEO frequent media appearances to was responsible for an enhanced roll and bene ts structure for the roundtables and Q&A sessions for sales wins and customer suc- discuss hiring trends and speaks retirement savings plan that has club. His focus on diversity and with managers. To help prepare cesses. Earlier, he introduced a to HR audiences on how to nd helped attract new hires. For inclusion meant that the club’s for the return to the o ce, Hour- variable pay structure to reward and retain talent. He serves on onboarding, she transformed summer sailing school sta met ston developed a back-to-work performance and launched the board of Start Early, which a cumbersome paper-based objectives for race, ethnicity and plan and managed the o ce the company’s rst leadership supports early learning for process to an e cient digital gender balance. Hecksel earlier space layout and seating as- development program. Garrison children in poverty. He also is an system. Harris joined Jacobson held HR positions in restaurants, signment changes for the North joined Discovery Health Part- American Sta ng Association Group in 2015 from Morton Salt, including the Hyde Park Restau- America o ce. She promoted ners in 2017 from Dearborn Ad- board member. where she was director of HR. rant Group. diversity, equity and inclusion visors, which provides technol- Earlier, she held HR positions at and started a women’s resource ogy services in health care. He Chicago Tribune Media Group. group as well as a mentoring serves on the Naperville Historic program. Preservation Commission. P015-P027_CCB_20210201.indd 22 1/28/21 2:50 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 23 DAWN HOURSTON TONYA HUBBARTT JIM HULLINGER Head of HR, sales, marketing and Vice president of human resources Head of talent acquisition product-Americas FONA PNC Bank Newark Predicting the likelihood of success At the avor manufacturer in As head of talent acquisition Dawn Hourston is the HR Geneva, Tonya Hubbartt oversees and a senior vice president, Jim Jim Hullinger leads talent acquisition for Pitts- custom proles across the organization to ensure business partner for Newark, a talent acquisition, performance Hullinger has been instrumen- burgh-based PNC Bank, overseeing teams a good behavioral t to the organization and the global distributor of electronic management, rewards and tal in introducing predictive responsible for the hiring of more than 20,000 can- role. ese custom proles were built using PNC components recognition analytics to the didates across the country annually. He’s based performance data to increase the likelihood of that is a unit of programs along hiring process. in Downers Grove. Hullinger has led the intro- nding potential top performers. Arizona-based with health and Launched in duction of analytics to screen job candidates and Avnet. Hour- wellness initia- 2019, the pro- predict their likely success. PNC uses a third-party Are there di erent questions for di erent job ston con- tives. FONA was gram helped proprietary technology platform to administer roles? For example, what would be the charac- tributed to acquired at the yield a signif- the program. e bank has processed more than teristics needed in retail banking? a company end of Decem- icant number 150,000 applicants since June 2019. is algorithm is built to identify individual reorganization ber by spice of hires for success measures aligned to the hiring goal for a last year in giant McCor- PNC’s retail CRAIN’S: How did you get interested in predic- specic line of business. For example, a success- which she pro- mick for $710 operation. tive analytics? ful teller adapts work style to a variety of situa- vided day-to-day direction and million. Hubbartt places a priority e program continues to help HULLINGER: My interest intensied in late 2017 tions, understands guidelines while maintaining guidance on the standardization on employee engagement, and identify candidates, resulting while I was attending an industry conference the ability to ask tough questions, favors being of global roles and assisted the a 2019 survey for FONA by the in retention and productivity where I met suppliers who introduced me to the the listener over the one who needs to be talking, new CEO in developing a se- Management Resources Asso- improvements. Hullinger, who idea of using AI and predictive analytics in the and is motivated by career advancement. We still nior-level organization. With the ciation found that 94 percent of is based in Downers Grove, hiring process. is sparked my drive to intro- take skills and experience into consideration, onset of the pandemic, Hourston employees were engaged. Mem- contributed to the design of the duce PNC to the notion that we needed to be while the assessment helps us understand the oversaw the transition to remote bers of the HR department advise articial-intelligence tool that better at predicting performance, better at the optimal behavioral t. work. She facilitated virtual HR top leadership on protocols and has helped managers make bet- probability of retention and ultimately create the roundtables and Q&A sessions handle facility sanitation, hygiene ter hiring decisions, leading to best-in-class candidate experience through the What are the results so far? with managers. To help prepare and social more successful career matches administration of pre-employment assessments. Implementation of AI and predictive analytics for the return to the o ce, Hour- distancing and productivity. e tool was has helped achieve an accurate assessment of tal- ston developed a back-to-work require- introduced in more than 20 PNC How does the process work? ent, evidenced by our positive candidate applica- plan and managed the o ce ments. metropolitan markets, pro- After an applicant’s résumé is reviewed by a rep- tion completion rates, advancement to interview space layout and seating as- With the traditional summer ducing millions in annual cost resentative in our talent acquisition department, stage and, ultimately, a conversion to hire. signment changes for the North picnic not possible, Hubbartt’s savings. Hullinger joined PNC our system pushes a link to the candidate to America o ce. She promoted team designed the event to be a in 2011 and handled recruiting complete our pre-employment assessment tool. How did you tweak this approach during the diversity, equity and inclusion drive-thru parade, with decorated for 30 percent of annual hires Upon completion, a recruiter reviews the results, pandemic? and started a women’s resource cars dispensing prizes, gifts and for multiple PNC business lines. which helps to prioritize and match the candi- While the way in which we interviewed candi- group as well as a mentoring food for families. e company He was named to his current date’s qualications, key attributes and skills for dates transitioned to a virtual mode, we con- program. o ers employer-paid insurance, position in 2016. the open position. tinued to administer our assessment program and employees are guaranteed 40 e candidate is compared against several without interruption. hours of continuing education. THE BEST LEADERS EMPOWER OTHERS TO GROW AND SUCCEED. And at FONA, we are honored to have just that kind of leader as our Vice President of Human Resources. She empowers us to grow and inspires us to be our best. Congratulations and thank you to FONA Vice President of Human Resources Tonya Hubbartt. One of Crain’s Most Notable Leaders in Human Resources. 24 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS CHERYL JOHNSON EUNICE KIM NORAH LARKE KAREN MOSES NORA O’CONNOR Chief human resources officer Vice president, people Chief human resources officer Vice president, learning and talent Chief human resources officer Paylocity Green Thumb Industries Wintrust Financial development Inland Real Estate Group Wintrust Financial e social unrest of 2020 spurred With cannabis operators con- Norah Larke assumed the top At Inland Real Estate in Oak Cheryl Johnson to promote sidered essential services during HR job at Wintrust Financial During the pandemic, Karen Brook, Nora O’Connor oversees diversity and inclusion at the pandemic, Eunice Kim in January 2020, just before the Moses has reshaped Wintrust’s a sta of 12 supporting 1,100 Paylocity, a Schaumburg-based developed COVID-19 protocols. pandemic hit. Larke led her in-person senior leader develop- employees in 30 states. O’Con- provider of She stream- team and the ment program nor, who also cloud-based lined premium organization for virtual is executive payroll and HR pay for retail through a delivery. She vice president, management employees and shift to remote created monthly managed the software. John- spearhead- work in a short online courses transition to son and her ed a virtual period of time. that addressed remote work, team imple- orientation She oversees issues relative to instituted mented an un- program for the work of 11 COVID-19 and resources for conscious-bias new hires. Kim senior-level HR remote work. health and training pro- joined Green direct reports And she led the launched new gram for Paylocity and its clients. umb in 2017 when there were and a combined HR depart- learning and development team PTO bene ts for employees Additionally, Johnson led a only 65 employees. She helped ment of 60 team members. Over in creating a virtual orientation for a ected by COVID-19. She also redesign of Paylocity’s website to lead hiring to bring headcount 12 years at Rosemont-based interns and credit analysts, prepar- managed the launch of Inland’s include a page on diversity and to 2,000 in less than three years. Wintrust, Larke grew from an HR ing them to assist with Paycheck Diversity & Inclusion Council. inclusion. rough this site, Pay- at includes the onboarding of generalist supporting 1,200 sta Protection Program initiatives. O’Connor joined Inland in 2007 locity released statistics on com- more than 900 team members members to senior vice president Moses joined Rosemont-based from ACC Capital Holdings. She pany diversity and announced in 2020 and 610 in 2019. She and chief human resources o - Wintrust in 2014 after running her launched a human resources the hiring of a chief diversity worked with department heads cer supporting 5,200 employees. own corporate training business. information system, updated o cer. During the pandemic, in creating team structure, talent She has She estab- the employee handbook and Paylocity rolled out exible work assessments, job descriptions han- lished on- advised executive management schedules to ensure employees and metrics for job promotion. dled the boarding on HR matters related to exec- don’t have to choose between In addition, Kim implemented integration of more than 20 and retail bank training programs utive compensation, mergers, work and family. Options includ- the rst in-house payroll and mergers and acquisitions. And and rolled out a program for the acquisitions and divestitures. ed split schedules, a four-day human resources information she moved the department middle-market commercial group. Additionally, she consolidated workweek, swapping a weekday system and has been instrumen- from a decentralized general- She also created new leader and 26 di erent bene t programs for working on a weekend and tal in pushing processes and ist system to a shared-services senior leader development pro- to nine, saving the company reduced hours. Johnson joined programs online. Before joining model. Larke used technology grams. Moses serves on the board several million dollars in the rst Paylocity in 2018 from Echo Green umb, Kim was director and workow centralization to of Tuskegee Next, a nonpro t that year, and oversaw the transition Global Logistics, where she was of culture and talent at consul- improve e ciency in payroll, supports at-risk youth. She recent- of bene ts from fully funded to chief HR o cer. tancy Kaleidoscope. bene ts administration report- ly published an article on learning self-funded, saving millions over ing, timekeeping, recruiting and and talent development in a post- eight years. onboarding. COVID world. 97% average 5x growth Average client retention over the client tenure rate over the last 4 years 8 years past 10 years CongratulationsC Salo Doko, President & COO aat Tandem Family of Companies and one of CCrain’s 2021 Notable Leaders in HR! This recognition is an honor. I am proud of our team and the perseverance of our customers through the pandemic. It is truly a privilege to lead the fastest growing HR company in the Midwest with the most phenomenal talent. We look forward to providing HR solutions for even more businesses as the market gets back to a new normal. ® www.tandemhr.com/chicagocrains | (630) 928-0510 * The IRS does not endorse any particular CPEO. For more information on certied professional employer organizations visit www.IRS.gov P015-P027_CCB_20210201.indd 24 1/28/21 2:50 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 25 KELI REDINGER DOUG ROSE DIANE RUHL EMILIE SCHOUTEN GIBSON SMITH Vice president of human resources Chief human resources officer Managing director, U.S. Midwest Senior vice president, human Chief people officer Honey-Can-Do International First Midwest Bank human resources lead resources Avionos Accenture Coeur Mining Keli Redinger leads HR op- At First Midwest Bank, Doug Rose As co-founder and chief people erations at the e-commerce led initiatives to support employ- Diane Ruhl oversees HR func- Emilie Schouten is a leader o cer of the consultancy, Gib- housewares company in Berke- ees during the pandemic, includ- tions at Accenture’s Midwest on Coeur’s multidisciplinary son Smith shapes strategies and ley. When the pandemic set in, ing pay premiums for front-line unit, covering 11,000 employees COVID-19 committee focused processes for talent acquisition Redinger’s HR workers. e in strategy, on safeguard- and growth. team moved bank intro- consulting, ing the health During the the o ce sta duced bene t technology, and safety of pandemic, he to remote work enhancements interactive employees, has developed a week before such as full and opera- contractors cross-team the Illinois coverage for tions across and commu- pods that mandate and telehealth and 12 states. nities while enable em- then let sta COVID-19 test- Last year she minimizing ployees across members know ing. Employees helped lead a business the country to that they could were able to comprehensive interruption. collaborate. He work from home permanently access interest-free hardship loans COVID contact-tracing initiative. No employees were laid o created a task force to support if they choose. e company and hardship time o . Rose, who She began her role in 2019 and due to the pandemic. Schouten working parents and started a avoided the virus at its ware- also is executive vice president, has a goal of achieving gender spearheaded diversity and Monday meditation session. house, which has a workforce launched diversity, equity and parity across the Midwest by inclusion e orts that included Smith instituted analytics to as- of 150. Redinger introduced inclusion initiatives, including a 2025 and increasing represen- an analysis of pay equity by race sess behavioral characteristics of training to help employees partner- tation of Black and Hispanic and gender. Coeur hired two potential hires and ensure a di- reach their goals and advance. ship with employees. Previously, Ruhl was female executives for positions versity of thought. With the rm And she enhanced bene ts DePaul global HR managing director that historically were held by growing from 30 to 85 employees to make the company more Univer- for Accenture global operations, men. Schouten used online between 2019 and 2020, he cre- attractive to recruits. Redinger sity to help recruit candidates based in Chicago. In this role, platforms to broaden recruit- ated a career progression track joined Honey-Can-Do in 2016 from diverse backgrounds. e Ruhl led Accenture’s inclusion ing, connecting with Women in and mentorship program. He’s from Noble Network of Charter HR team expanded leadership and diversity initiatives in the Mining USA and the Society of a sponsor of resource groups Schools, where she was director development and o ered a virtual U.S., the U.K. and South Africa. Black Engineers. e company for diversity and inclusion and of human resources. Earlier, she internship program. Rose joined She implemented recruiting and hosted virtual career fairs and women in leadership. Before was corporate human resources First Midwest in 2019 from Dis- retention initiatives to achieve forums with more universities helping to launch Avionos in o cer at Wintrust Financial. cover Financial Services, where 50-50 gender parity. Ruhl also than it could reach in the past 2014, Smith held HR positions She serves on the board of Erie he was chief HR o cer and senior helped lead Accenture’s Cloud with in-person visits. Schouten at Accenture Interactive and Charter School Foundation. vice president. Earlier he held HR upskilling initiatives. She served was one of the rst employees Acquity Group. He serves on the positions at United Airlines and as host of Accenture’s Chicago hired when the mining company board of Mustard Seed Chicago, Capital One. Rose serves on the International Women’s Day 2020 moved its headquarters from a recovery center for individuals board of the Camping & Educa- event for clients and employees. Idaho to Chicago in 2013. su ering from alcohol and drug tion Foundation. addiction. FirstFir Bank of Highland Park proudly congratulates LLenore Erickson for being recognized as a Notable Executive by Crain’s Chicago Business. Lenore has successfully maintained a safe and connected work environment while executing a plan for growing and developing our team and showcasing why we are one of the “Best Places to Work.” Congratulations on this well-deserved honor. We are grateful for your outstanding leadership, expertise and commitment. FIRSTFIRST BANK OFOF HIGHLANDHIGHLAND PARKPARK FIRSTFIRST BANK OFOF HIGHLANDHIGHLAND PARKPARK FIRSTF BANK CHICAGO FIRSTBANKHP.COM • FIRSTBANKCHICAGO.COM 1835 First StreetStreet 633 SkokieSkokie BoulevardBoulevard 8833 Gross Point Road, Suite #202 Highland Park, IL 60035 Northbrook, IL 60062 Skokie, IL 60077 (847) 432-7800 (847) 272-1300 (847) 272-7800 Member FDIC | Equal Housing Lender | NMLS# 421795 P015-P027_CCB_20210201.indd 25 1/28/21 2:50 PM 26 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS DAYNA STOLLER DANA TRACI ERIN TURNMEYER SARAH VENUTI YATES LINDSAY VERSTEGEN Chief of staff Chief human resources officer Vice president of people Director of human resources Chief people officer Objective Paradigm Byline Bank Civis Analytics Joffrey Ballet ShopRunner Dayna Stoller handles compli- At Byline Bank, Dana Traci leads Erin Turnmeyer joined the data At the famed ballet company, Lindsay Verstegen leads the ance, onboarding, employee recruiting, compensation and analytics rm in February 2020 Sarah Venuti Yates oversees people function at ShopRunner, engagement, o ce management bene ts, employee relations and and led the closing of the Chi- HR operations and company an e-commerce company that and HR business strategy for the other HR functions. Traci, who cago and satellite o ces in ac- culture. With the onset of the was acquired by FedEx late last recruiting and also is executive cordance with pandemic, year. Verste- sta ng rm. vice president, local health Venuti Yates gen calmed After the pan- joined the bank department worked with co-workers’ demic began in in October recommen- the facilities di- nerves, ar- March, Stoller 2019, months dations. She rector to trans- ticulated the assisted the before the pan- subsequently form Jo rey’s vision for the organization in demic upended led the HR o ces and merger and making a quick operations. She department to workspaces for led integra- transition to ensured that change policies safety. She also tion planning, remote work employees were to o er exible established a says CEO Sam and added technology such comfortable working remotely scheduling and approve reloca- hotline for employees needing Yagan. ShopRunner provides as instant messaging. Stoller and provided stipends for order- tions. Turnmeyer restructured help. Venuti Yates is leading a e-commerce services to retail- joined Objective Paradigm as an ing home o ce supplies. e HR compensation and improved pay transformation of the Jo rey’s ers and provides free two-day HR generalist in 2016 and was department allowed employees equity across job categories. She diversity, equity and inclusion shipping to members. Early in named to her current position an additional 80-plus hours of also developed and launched a e orts, with a focus on ac- the pandemic, Verstegen helped in early 2019. She assisted in the PTO. As of the third quarter of training program for managers. countability and the achieve- convince the CEO to mandate a design of new o ce space in the 2020, Traci had launched an en- Before joining Civis, Turnmey- ment of meaningful goals. She switch to remote work. And she Loop, an open oor plan that in- gagement survey that achieved 94 er was a civilian o cer at the arranged for a training program led a decision to ask co-workers cludes adjustable-height desks. percent participation, reviewed O ce of the Director of National in diversity and inclusion that to take a 20 percent pay cut as She helped launch a training and the 401(k) Intelligence, where she worked was intended for senior sta to an alternative to a 20 percent development program. And she program in talent development, designing be extended to all employees sta reduction. Verstegen leads touches base with employees and training programs and curricu- including dancers and produc- diversity, equity and inclusion every six months to learn what is updated lum for entry-level analysts and tion sta . Venuti Yates joined the initiatives and regularly speaks working well and catch prob- succession planning. Traci serves new managers. Prior to that, she Jo rey in 2018 from nonpro t on the subject in panel discus- lems. She serves on the board of as executive sponsor for the served as the chief of sta for Concordia Place, where she was sions. She joined ShopRunner T4Youth, an organization that bank’s newly established council two o ces—the O ce of Data director of human resources. in 2017 from Braintree/Venmo, raises funds for underserved on diversity, equity and inclusion Strategy & Innovation and the Earlier, she held HR positions for where she was head of talent youth in Chicago. and leads on DEI strategy. Before O ce of Weapons of Mass De- New England performing arts and onboarding. Earlier, she was joining Byline Bank, Traci had struction-Counterterrorism. organizations. a recruiter at Groupon. a 25-year career at Discover Fi- nancial Services, where she held senior HR roles. $POHSBUVMBUJPOTUP 4BMMZ8BTIMPXPOCFJOHOBNFEUP $SBJOˏT/PUBCMF-FBEFSTJO)3-JTU 5IFIJHICBSZPVTFUCZQSPWJEJOHFBDIDMJFOUXJUI BUBJMPSFEBOEUSBOTGPSNBUJPOBMMFBEFSTIJQUSBOTJUJPO FYQFSJFODFIBTCFFOQJWPUBMUP-))ˏT*$&0TVDDFTT 5IBOLZPV 4BMMZ GPSZPVSDPNNJUNFOUBOEMFBEFSTIJQ *$&0JT-))ˏTCPVUJRVFMFBEFSTIJQ USBOTJUJPOTFSWJDFTVQQPSUJOHFYFDVUJWFT JO$IJDBHPBOEBSPVOEUIFHMPCF XXX-))DPNJDFP P015-P027_CCB_20210201.indd 26 1/28/21 2:50 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 27 SALLY WASHLOW YVONNE RENEE WATTS ROB WILSON Practice lead, Midwest Region Chief human resources officer President Lee Hecht Harrison Little City Foundation Employco USA THE EMPLOYEE JOURNEY At the outplacement services Yvonne Renee Watts leads Rob Wilson is president and 53% rm, Sally Washlow leads the HR functions at the Inverness co-founder of the Westmont of HR professionals say employee engagement increases when International Center for Executive nonpro t that serves children outsourcing rm that provides onboarding is improved. Options practice, which supports and adults with intellectual and HR services to client compa- senior execu- developmental nies. During tives displaced disabilities. She the pandemic, 22% by restructur- has implement- Employco led of employees leave their jobs due to a lack of career development. ings, mergers or ed strategies more than Other top reasons include lack of support with work-life balance other changes. that address 35 webinars (12%), their manager’s behavior (11%), unsatisfactory compensa- Under Wash- recruitment, on Paycheck tion and benefits (9%) and poor well-being (9%). low’s leader- retention and Protection ship, the ICEO performance, Program loans 47% practice, which resulting in and assisted say their workload is among factors contributing to burnout, supports exec- improved-qual- more than 300 39% cite balancing work and their personal life, 37% mention a utives from companies ranging ity hires, employee engagement clients in applying for funds. e lack of communication, feedback and support, 30% point to time from Fortune 10 to privately held, and reduced turnover. During the company helped clients with pressures and a lack of clarity around expectations, and 28% list has seen growth of 90 percent. pandemic, she focused on partic- layo s spurred by COVOD-19 performance expectations. Last year, Washlow increased ca- ipant safety, transportation and and then provided directives for pabilities for executives to connect facility use, incorporating CDC the safe reopening of hundreds through virtual networking groups protocols. Watts negotiated a of businesses. Wilson also over- 87% and use digital collective-bargaining agreement saw the transition of Employco’s of employees expect their employer to support them in balancing tools to increase and wage reopeners, improving sta to remote work. Wilson their life between work and personal commitments. their reach as labor management relations and leads a liated companies under they navigate reducing employee grievances the umbrella of the Wilson Cos., change. She by 95 percent. Watts also is an started in 1989: Corporate Risk 56% developed C-suite virtual roundta- adjunct professor at North Park Management, which provides of employees say additional paid time off would make them more bles for leaders to provide insights University, where she teaches insurance consulting and bro- loyal to an organization. throughout the year, addressing human resource management kerage, and Sta works, which topics such as diversity and suc- to students at the undergraduate provides contract and temporary cession planning. Washlow earlier and graduate level. Watts joined sta ng. He’s an active member 51% was the rst female president of Little City Foundation in 2012. of the Young Presidents’ Organi- of employers say using health and wellness benefits to maintain Nasdaq-traded Cobra Electronics. Earlier, she held HR positions at zation, serving on its Mid-Amer- employee loyalty and retain talent will become even more import- She is the rst female president of Lutheran Life Communities in ica regional board and as chair ant in the next three to five years. the Chicago chapter of the Private Arlington Heights, most recently of the group’s Wine Network. Directors Association. as senior vice president, corpo- Sources: SilkRoad, Work Institute, PR Newswire, Glassdoor, Fierce, MetLife rate services. P015-P027_CCB_20210201.indd 27 1/28/21 2:50 PM 28 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS æ`ÛiÀÌÃ}-iVÌ Bridge standoff represents hopes and fears CLASSIFIEDS JOLIET from Page 1 80 To place your listing, contact Claudia Hippel at 312-659-0076 as a consequence, a key pillar of Illi- or email [email protected] www.chicagobusiness.com/classi eds nois’ economy. Des PlainesRiver . e bridge would connect the 53 two intermodal terminals on the LARAWAY CAREER OPPORTUNITIES LAW west side of Route 53 with the Com- Union Paci c pass Global Logistics Hub, a $1.9 55 intermodal AMAZON WEB SERVICES, INC. QUESTIONS? We got ANSWERS! billion warehouse project that Kan- seeks candidates for the following sas City, Mo.-based NorthPoint De- (multiple positions) in Chicago, IL: HALE & MONICO IT/SOFTWARE DEVELOPMENT velopment plans to the east. It’s the PROFESSIONAL SERVICES II (Job Code (312) 500-2951 linchpin: Without the bridge, the 150.8504.5). Ensure success for customer HaleMonico.com project doesn’t work. and partner teams in building applications “All the state has to do is approve ARSENAL BASELINE CenterPoint and services on the AWS platform by Injury Attorneys this bridge and we’ll break ground,” utilizing customer facing skills and technical says Nathaniel Hagedorn, North- Proposed background to drive discussion with senior closed loop Point’s founder and CEO. “We’re leadersregarding trade-o s, best practices, LEGAL SERVICES BNSF Railroad ready to go. We’re ready to put peo- project management, and risk mitigation. intermodal Proposed Domestic travel required up to 75% of the ple to work, and we think this is a new road Proposed Compass time. Telecommuting benefi ts available. DADS’ RIGHTS! project worth doing.” Proposed Global Logistics Hub Mail CV to: Amazon, PO Box 81226, Seattle, e governor’s signature would new bridge Washington 98108, referencing job code. move Compass a key step closer to reality after an ugly four-year bat- Coast seaports. Trucks then haul Compass development—and its CAREER OPPORTUNITIES tle. NorthPoint’s plan has divided away the containers to Midwest bridge—are part of the solution, too. Follow Our Victories ! local residents, triggered multiple warehouses, some in industrial e bridge is part of a “closed loop” ANTHEM, INC. seeksaBUSINESS lawsuits and pulled in federal o - parks next door owned by Center- road system that would keep trucks INFORMATION DEVELOPER SENIOR in cials including Rush and U.S. Sen. Point Properties, the Oak Brook- o Route 53 and other roads by con- Chicago, IL to perform data analysis and data LOANS Richard Durbin, who support it. based developer behind the two necting with the BNSF and UP in- validation by writing complex T-SQL queries for production incidents and data analytics. MULTIFAMILY REAL ESTATE LOANS Opponents show what side they’re intermodal projects. termodal centers. A big reason con- Apply at www.jobpostingtoday.com, $500,000 to $5,000,000 on with yard signs from a vocal gestion has become so bad is that REF# 65386. Great Rates and E cient Closing Times citizens group, Stop NorthPoint. DOLLARS AND JOBS many trucks are hauling containers DEVON BANK Even the U.S. Department of Veter- Today, the transportation and on short trips to nearby warehouses, CALL 7734232527 ans A airs has weighed in, voicing logistics industries account for coming back empty and loading up New basic text New basic text CAREER OPPORTUNITIES CHICAGO • ORLAND PARK • BRIDGEVIEW concerns that more trucks would $20.6 billion of economic activity again for another trip. MEMBER FDIC. EQUAL HOUSING LENDER. disrupt Abraham Lincoln National Compass, which would encom- ANTHEM, INC, seeks STAFF VICE in northeastern Illinois and employ PRESIDENT ANALYTIC SOLUTIONS In Cemetery nearby. 106,000 people here, according to pass about 33 million square feet of “NorthPoint is going to inject the Chicago Metropolitan Agency industrial space, is not only close to Chicago, IL to lead strategy planning, product FOR RENT roadmap and execution sessions. Requires this region with trucking steroids for Planning. e number of freight the intermodal terminals, but trucks travel up to 25% of the time. Apply at CONTRACTOR LOTS and make the whole region so jobs here grew at twice the national using the closed loop would bypass www.jobpostingtoday.com, REF#89496. AVAILABLE WITH OFFICE much worse,” says Erin Gallagher, a average from 2001 through 2019. local roads to travel back and forth MONEE, IL spokeswoman for Stop NorthPoint. With the area’s strategic location, between the park and the facilities, OUTDOOR PARKING TRUCK TRAILER RV CAR BOAT Pritzker is caught in the middle. at the intersection of Interstates 80 according to NorthPoint. e devel- CAREER OPPORTUNITIES 1-100 SPACES AVAILABLE e proposal cleared a key hurdle and 55, the freight industry seemed oper estimates that truck tra c will New basic text L3DFX seeks an Fenced & Secured in December, when the Joliet City like a realistic answer to the decline be as much as 40 percent lower with INNOVATION PROJECT MANAGER 24-Hour Electronic Gate Access Council approved it. But North- of manufacturing in the region, es- its bridge than without it. in Bolingbrook, IL. Must have PMP and Short or Long Term Availability Point can’t move forward unless pecially for people without a col- “I think there’s people that have ScrumMaster Certifi cates. Please apply at Family Owned and Operated Pritzker allows the Illinois Depart- lege education. Warehouse work just decided, ‘Look, warehouses are https://www.l3dfx.com/join-us Call Today for Availability bad. And we just oppose them at 815-395-0122./ 708-878-0676 ment of Transportation to take doesn’t pay as well as the union over a key road from the village of factory jobs of yes- Elwood. teryear, but it tends ChicagoBusiness.com e thoroughfare, Walter Strawn to be a couple of “THE REALITY IS THAT WAREHOUSES ARE Road, would include the proposed notches above to- GOING TO HAVE TO BE BUILT BECAUSE bridge over Route 53. NorthPoint day’s service jobs. would cover the $20 million it NorthPoint esti- THE FREIGHT’S THERE, RIGHT?” would cost to construct the bridge. mates the average OUR READERS ARE But it can’t build it right now be- job at Compass will Nathaniel Hagedorn, CEO, NorthPoint Development cause Elwood is adamantly op- pay about $42,000 a 125% MORE LIKELY posed to Compass and is ghting year, with pay ranging from $35,000 all cost,’ ” Hagedorn says. “But the TO INFLUENCE the project in court. to $111,000. reality is that warehouses are go- State law gives IDOT the power Rush, whose district stretches ing to have to be built because the OFFICE SPACE to take control of the road. Even from the South Side of Chicago freight’s there, right?” DECISIONS though he likes the Compass pro- all the way down to Elwood, says Even if NorthPoint can win Pritz- posal, Pritzker won’t exercise that the projected 10,000 jobs created ker’s support, the developer still authority against the wishes of El- by Compass make his support a faces court challenges from Stop wood o cials, says an aide to the no-brainer. He doesn’t understand NorthPoint and Elwood that could governor. Pritzker’s position. block or delay its plan. “ e way to get it done is to con- “I am surprised at the myopia e controversies over trucks vince the village of Elwood,” says that exists in this administration,” and warehouses in Joliet and El- Deputy Gov. Christian Mitchell. Rush says. wood have already had an impact Pritzker is unwilling “to override But the industry’s growth has on the market, says Estus, the Col- elected o cials and seize the land come at a cost. ousands of trucks liers broker. Some companies are on behalf of a private developer.” that drive daily to and from the two wary of opening a warehouse there e argument over Compass re- intermodal centers have clogged because of the politics, he says. ects the increasingly con icted up the local roads and resulted in Meanwhile, neighboring commu- feelings that many Will County res- too many crashes. Route 53, which nities like Channahon, Morris and idents and o cials have over the stretches south from I-80 down to Montgomery are aggressively pur- rapid expansion of the freight and Elwood and beyond, is among the suing industrial developers and logistics industries in the last two most congested truck routes, Galla- tenants with tax abatements and decades. e opening of Burlington gher says. other incentives. Find your next Northern Santa Fe’s 638-acre inter- “ e infrastructure simply is not “ ey get a bear hug from those corporate tenant or leaser. modal yard in Elwood got the ball there and cannot tolerate” more mayors and the city trustees,” Estus rolling in 2002, followed in 2010 by tra c created by Compass, she says. says. “If you go in for a public hear- Union Paci c’s 785-acre intermod- A plan by CenterPoint to build ing in Joliet, it’s a three-ring circus, al terminal in Joliet. a toll bridge extending Houbolt and your project gets delayed.” e two facilities make up the Road south of I-80 and over the Des In the end, public o cials may largest inland port in North Amer- Plaines River will ease some of the have control over roads, bridges, ica, where giant cranes lift con- congestion, says industrial broker zoning and taxes, but one thing Connect with Claudia Hippel at tainers, many of them full of goods Jim Estus, principal in the Rosemont they can’t control is the market. [email protected] for more information. made in China, o rail cars from o ce of Colliers International. “You’re not going to stop com- Long Beach, Calif., and other West NorthPoint argues that the merce,” Estus says. P028_CCB_20210201.indd 28 1/29/21 4:05 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 29 More patients need financial aid, but largest hospitals spend little on free care CHARITY CARE from Page 3 viding more free care during the SHARE OF THE CARE pandemic, likely due to people more people lack health insurance. losing their jobs—and the employ- Free care for low-income patients represented less than 2.5 percent of net revenue for most of Cook County’s largest hospitals in 2019. Even before COVID-19 started er-sponsored health insurance that Meanwhile, county-run Stroger Hospital spent just over half of its revenue on free care—more than double the amount spent by the spreading, the ranks of uninsured comes with them. But industry 10 other large nonprofits combined. people in Illinois were rising along- observers expect charity care to side e orts to undermine the Af- decline slightly since fewer people CHARITY CARE AS PERCENTAGE OF NET REVENUE, 2019 CHARITY CARE NET REVENUE fordable Care Act. From 2016 to sought nonemergency care during 2019, the number of people with- the pandemic, and the federal Stroger Hospital (Chicago) 50.9% $309.5 million $608.7 million out health insurance in the state government reimbursed providers University of Illinois Hospital (Chicago) 2.3% $18.3 million $780.9 million increased 11 percent to 905,900, for treating uninsured COVID pa- according to a Kaiser Family Foun- tients. Advocate Christ Medical Center (Oak Lawn) 2.0% $23.5 million $1.17 billion dation analysis. Despite more people in need COST FACTORS Advocate Lutheran General Hospital (Park Ridge) 1.6% $14.2 million $900.1 million of nancial assistance, the largest Most of the hospitals say they hospitals in the county by net rev- don’t aim to spend a certain Rush University Medical Center (Chicago) 1.5% $20.4 million $1.38 billion enue spend a minuscule portion of amount on charity care annually, Evanston Hospital (Evanston ) 1.4% $7.8 million $568.4 million that money on free care, according as the cost is based on the number to the Illinois Health Facilities & of patients who qualify for nancial Northwestern Memorial Hospital (Chicago) 1.1% $21.9 million $1.99 billion Services Review Board. assistance and the types of services University of Chicago Medical provided. University of Chicago Medical Center (Chicago) 1.0% $20.0 million $2.11 billion Center spent $20 million on charity Since the passage of the A ord- Northwest Community Hospital (Arlington Heights) 0.9% $4.7 million $507.5 million care, or 1 percent of net revenue; able Care Act, Northwestern Me- Northwestern Memorial Hospital morial Hospital has been “increas- Loyola University Medical Center (Maywood) 0.5% $6.3 million $1.20 billion spent $21.9 million, or 1.1 percent; ing funding to community health Rush University Medical Center center partners, supporting care Lurie Children’s Hospital (Chicago) 0.2% $1.7 million $903.7 million spent $20.4 million, or 1.5 percent; coordination e orts and making Note: For Cook County hospitals with more than $500 million in net revenue Loyola University Medical Center investments to support those most Source: Illinois Health Facilities & Services Review Board spent $6.3 million, or 0.5 percent; in need—none of which is record- and Advocate Christ Medical Cen- ed as charity care expense,” the ter spent $23.5 million, or 2 per- hospital says in an email. status in Illinois, nonpro t hospi- wanted to pay for Medicaid and so Children’s Hospital Chief Financial cent. e University of Chicago Med- tals are supposed to spend at least that’s a government determination Ocer Ron Blaustein says. Meanwhile, Cook County ical Center says in an email that as much on charitable services for for a reasonable rate for a hospital,” “We’re at a disadvantage if we Health’s agship hospital spent it provides a range of community low-income people as they would Anderson says. “ e fact that (hos- don’t get to include these other $309.5 million, or 50.9 percent of its bene t programs, noting, “the nar- otherwise pay in property taxes. pitals) charge more—and can get dollars”—from low Medicaid re- revenue—and more than double row focus entirely on charity care In addition to free medical treat- more—doesn’t necessarily make imbursements to investments in the amount spent by the 10 other grossly undervalues the breadth of ment, many hospitals also factor it a community bene t, but it’s on programs that address health in- large nonpro ts combined. Cook our role and provides a misleading in costs associated with medical the list.” equities—as charitable services, County Heath gets a tax allocation view of our organization’s sizable research and educating health care Additionally, for-pro t hospitals Blaustein says. from the county for public health impact on those we serve.” professionals, as well as losses they get the same reimbursements from In Chicago, progressive alder- and correctional health operations, Rush did not respond to a request say they incur treating Medicaid Medicare and Medicaid as tax-ex- men have called for a program that but it doesn’t get taxpayer money for comment. Representatives for patients. empt, nonpro t hospitals that list would require wealthy nonpro t for traditional medical services. Advocate Aurora Health, Loyola For example, University of Chi- shortfalls among their charitable hospitals to make “payments in “Clearly, the other providers in Medicine, Northwest Community cago Medical Center says the cost contributions, says Tim Classen, lieu of taxes” to the city. the Cook County ecosystem are not Healthcare, NorthShore University of treating patients on govern- associate professor of economics at “We can’t keep raising taxes carrying their weight, and how to HealthSystem’s Evanston Hospital ment-run Medicaid—which pays Loyola University Chicago’s Quin- and expecting low-income and get them to do that has eluded me and University of Illinois Hospital far less than private insurance and lan School of Business. working families to carry the tax so far,” Cook County Board Presi- say they’re committed to ensuring Medicare—exceeds reimburse- Pediatric charity care costs are burden,” says Ald. Jeanette Taylor, dent Toni Preckwinkle said late last all eligible patients have access to ments by more than $100 million often low, largely because there 20th. “Once we get back to some- year. free or reduced care. each year. are relatively few uninsured kids thing close to normal—it will be a Some hospitals say they’re pro- To maintain their tax exempt “ e state decided how much it in Illinois—roughly 120,000, Lurie conversation.” Less competition would give United more pricing power on international routes UNITED from Page 3 riers operating transatlantic ser- the mix. tional strongholds, they won’t like- A EUROPEAN HEADWIND vices,” says John Grant, an analyst In China, United’s largest Asian ly recover until next year, Nocella date,” Jamie Baker, an analyst at at aviation-research rm OAG in market, competitors’ “capacity in said. “We expect emerging inter- Carriers flying between North America J.P. Morgan in New York, wrote in a London. “ ere will be less capac- the last 12 months has been redi- national markets to be stronger in and Western Europe, based on total note to clients after United’s earn- ity and a more cautious approach rected toward their domestic net- the near term,” he told analysts. In seats, in 2019. Discount airlines’ share ings report. “Close to half of Latin to expansion.” works,” Grant says. “Two of the big the meantime, United is diversify- will plunge because of COVID-19. America capacity is operating un- Icelandic budget airline Wow three Chinese airlines said they ing its network to take advantage der Chapter 11.” Air, which o ered ights between managed to make a pro t in the of new opportunities, increasing PERCENTAGE OF SEATS ON FLIGHTS Less competition would give Chicago and London for under third quarter on a 90 percent do- service to Latin America, India, the BETWEEN NORTH AMERICA AND United more pricing power on in- $300, went bankrupt a year ago. It mestic network. For Tier 2 Chinese Middle East and Africa. WESTERN EUROPE, 2019 ternational routes, making it easi- also served Paris, Frankfurt, Am- carriers—operating from Hang- Before the pandemic, United er for CEO Scott Kirby to keep his sterdam and Dublin. Norwegian zhou and other second-tier cit- got about 38 percent of its rev- 12% United promise to deliver more pro t in Air, which ew from Chicago to ies—they have never made a pro t enue from international ights, 11% American 2023 than the Chicago-based car- Barcelona and London, said Jan. on international services. It is like- compared with 28 percent for Del- rier posted in 2019. Such a perfor- 14 it would stop serving the U.S. ly they’re going to re ect long and ta and 26 percent for American, 13% Delta mance could again make United In summer 2019, Norwegian hard on re-entering a market that’s Baker estimates. But Nocella says a favorite on Wall Street, as it was Air was operating 11,562 ights unpro table for them. at level of United’s pro t margin on interna- 7% Norwegian before the pandemic, when the from North America to Western capacity and competition may not tional ights before the pandemic 1% Other discount airline’s stock traded near $100. Europe, compared with 29,598 for re-appear.” trailed domestic by 2 to 3 percent- 56% Other Today, it’s near $42. United. Norwegian Air accounted at doesn’t mean China, the age points. Source: OAG United is more dependent than for roughly 7 percent of the total world’s fastest-growing aviation He’s banking on turning that Delta Air Lines or American Air- capacity, based on seats available, market, will be an easy one for around. In addition to bank- lines on international ying, which between the U.S. and Western Eu- United. “ e growth in China in ruptcies and consolidation, Nocella told analysts. “ ere are was under pressure from discount rope. “To have that capacity taken the last ve to 10 years was the out- COVID-19, as with most down- simply fewer wide-body aircraft carriers before COVID-19. Interna- out is a bit of a windfall for every bound market,” Grant says. “ e turns, is forcing airlines to ground in the eets around the world. In tional travel demand is down near- airline,” Grant says. problem for U.S. and European older or less ecient aircraft that particular, there are fewer of the ly 90 percent, more than double carriers is there is considerable either burn too much fuel or have very large ones with very large the decline in domestic, according PRESSURE EASING consumer loyalty to the national too many seats. business-class cabins. And so that to the International Air Transport In Asia, competition was fierce airlines and the localized product, “We’re counting the number gives us a lot of con dence the Association. before the pandemic. Now pres- which makes it hard for the likes of 747s and A380s that have been world is going to be very di erent United’s biggest international sure is easing as some carriers of United, Delta and American to pointed at the United States that on the international front over market is Europe. When demand refocus on domestic flying and compete.” are no longer in the ying eets of the next cycle than where we had recovers, “there will be fewer car- consolidation takes others out of While Asia and Europe are tradi- many airlines around the globe,” been.” P029_CCB-20210201.indd 29 1/29/21 4:08 PM 30 FEBRUARY 1, 2021 • CRAIN’S CHICAGO BUSINESS Northern Trust sees its banking business sag w BANKING BUST Northern Trust makes most of its money from investor-related fees, but income from NORTHERN from Page 1 earnings call. Financial Index fell 4.8 percent. So deposits and lending is an important contributor as well. Last year, it dropped for the at’s how Northern has treated far this year, Northern’s stock is o first time in five years despite record-setting asset levels. Even worse, the drop in net in- its banking operation for decades. 1.3 percent while the index is up 1.1 terest income, which totaled $1.48 It’s almost a courtesy service for percent. AVERAGE ASSETS NET INTEREST INCOME billion, came even as earning assets institutional investors and wealthy e sour banking results are $150 billion $137 billion $2.0 billion surged 16 percent to $124 billion on individuals. Most commercial a ecting workers’ livelihoods as $1.48 billion average in 2020 from $107 billion the banks aim to use 80 to 90 per- well. Northern is eliminating 500 125 1.5 year before. At the end of 2020, earn- cent of their deposits for lending. positions early this year—or 2.5 100 ing assets were a record-shattering Northern’s loan-to-deposit ratio percent of its global workforce— $159 billion. on average over the fourth quarter and also is reducing bonuses and 75 1.0 Why? Northern is swimming in was 26 percent. freezing pay for the time being of cash. Deposits of $144 billion at In an email, a Northern spokes- many employees. 50 0.5 year-end were 32 percent higher man says Northern views banking In an email in January to sta , 25 than $107 billion at the end of 2019. as an integral part of all of its client Northern CEO Michael O’Grady at- Northern had nearly $34 billion in services. “In the past tumultuous tributed the cutbacks to the “head- 0 0 loans on its balance sheet, 7 percent year, Northern Trust had the capi- winds of continued lower interest ‘20‘19‘18‘17‘16 ‘20‘19‘18‘17‘16 more than the $31 billion-plus it had tal to take tens of billions in depos- rates, which reduced our earnings Source: Northern Trust investor disclosures at the end of 2019. But otherwise its and make loans to clients when in 2020 and will put pressure on our Northern was forced to stash more the typical lending channels were pro tability this year.” of Northern’s assets under manage- ose are the foreseeable pres- than $100 billion in low-yielding closed during times of crisis,” he e job cuts will save the bank $50 ment are in money funds or similar sures on earnings. row in one securities and Federal Reserve de- says. “We have been emphasizing million a year, Tyler told analysts. cash-holding vehicles. more from today’s splashy busi- posits. to clients that we are here to support Even with the cost-cutting, one ness-news headlines as a wild card. Punishingly low interest rates their borrowing needs. . . .Northern FEE WAIVERS prominent analyst believes ex- e restorm over the “Reddit bro” pushed the bank’s net interest mar- Trust deposit and lending solutions Adding to the ultraslim pro t pense growth will outpace revenue squeeze on short sellers—many of gin—the di erence between what are fully integrated with the nan- margins on banking is a related is- growth in 2021 for Northern and them hedge funds—could a ect an- it pays on its liabilities and what it cial plans of our clients. Net inter- sue on the investor-services side of its two principal trust-bank rivals, other important fee line for North- earns on its assets—to just 1.19 per- est income is highly dependent on the house. Short-term interest rates Boston-based State Street and New ern. It’s heavily in the business of cent for the year. In 2019, it was 1.60 rates, which we can’t control. Low- are so low that Northern is having York-based Bank of New York Mel- lending securities it holds for clients percent. er NII doesn’t surprise us given the to waive fees on money market mu- lon. (with those clients’ permission) to Some banks catering to institu- current rate environment, and it tual funds to ensure clients don’t “With additional headwinds investors who borrow the stocks in tional investors, as Northern does, doesn’t impact our view as to the have to pay just to park their mon- from (net interest income) and fee order to bet against them. are discouraging them from parking strategic importance of our banking ey. ose fee waivers are expected waivers, we forecast all three to Securities lending generated $88 large sums while they look for new business within the mix of products to run at $35 million per quarter show negative operating leverage million in 2020, about even with investment opportunities. Northern and services we provide to meet the beginning in the rst quarter until in 2021,” wrote Mike Mayo, analyst $87.2 million in 2019. If short sellers isn’t doing that. needs of our clients.” rates rise enough to reinstate them, at Wells Fargo in San Francisco, in get cold feet due to the risk of con- “We want our balance sheet to Investors in Northern’s stock ap- Tyler said. a Jan. 21 note. He added, “Our fa- certed attacks by retail investors, be there for clients,” Chief Finan- parently aren’t as sanguine. e Fee waivers were $24 million in vorite is Northern Trust given its that could (probably temporarily) cial O cer Jason Tyler said Jan. company’s stock price dropped the fourth quarter. distinctive wealth business, which dampen that consistent source of 21 on Northern’s fourth-quarter 12.3 percent in 2020, while the S&P About $280 billion, or 20 percent, helps mitigate headwinds.” revenue as well. INDUSTRY ACHIEVERS ADVANCING THEIR CAREERS Recognize them in Crain’s For listing opportunities, contact Debora Stein at [email protected] or submit directly to CHICAGOBUSINESS.COM/PEOPLEMOVES P030_CCB_20210201.indd 30 1/29/21 4:10 PM CRAIN’S CHICAGO BUSINESS • FEBRUARY 1, 2021 31 Longtime top interior designer selling his home John Robert Wiltgen gut-rehabbed the 16th- oor condo on Lake Shore Drive in the past two years, planning to live there permanently, but now he’s moving to Palm Springs BY DENNIS RODKIN ohn Robert Wiltgen, a xture on Chicago’s interior design scene for more than 30 years, is selling the Lake Shore Drive condo he designed for himself and his husband. J Wiltgen designed the condo to have a modicum of formality, including crown moldings and porcelain tile oors, but also to be comfortably modern. ere is, for example, no television in the living room, but the tele- vision in the adjacent breakfast room is mounted on a long swing- arm so it can be deployed out into the living room. Wiltgen and Steven Oster, who are both retired, are asking a little less than $1.1 million for the 2,100-square-foot, two-bedroom condo at the old American Furniture Mart building, familiar in Streeterville for the bright blue pyramid that caps its 29-story tower. e men bought the place in early 2019—after Wiltgen sold a West Loop condo he also designed—and launched a gut rehab, expecting to live there long term, Wiltgen says. In the renovation, they not only moved walls but put new utility lines behind them and covered them with nishes like wool intended for men’s suits. “We redid everything except the oor in one bedroom,” Wiltgen says. “We planned to be here for a long time, so it had to be right.” Nevertheless, after spending much of 2020 in Palm Springs, Wiltgen and Oster decided to make that their home instead. e condo, which went on the market Jan. 27, is represented by Helen Jaeger Roth and Oliver Levy of Baird & Warner. MORE PHOTOS ONLINE: ChicagoBusiness.com/residential-real-estate VHT STUDIOS PHOTOS STUDIOS VHT HOW TO CONTACT CRAIN’S CHICAGO BUSINESS Vol. 44, No. 5– Crain’s Chicago Business (ISSN 0149-6956) is published weekly, except for the last week in December, at 150 N. Michigan Ave., Chicago, EDITORIAL ...... 312 649 5200 CLASSIFIED ...... 312 659 0076 IL 60601-3806. $3.50 a copy, $169 a year. Outside the United States, add $50 a year for surface mail. Periodicals postage paid at Chicago, Ill. Postmaster: CUSTOMER SERVICE ...... 877 812 1590 REPRINTS ...... 212 210 0707 Send address changes to Crain’s Chicago Business, PO Box 433282, Palm Coast, FL 32143-9688. Four weeks’ notice required for change of address. © Entire ADVERTISING ...... 312 649 5492 [email protected] contents copyright 2021 by Crain Communications Inc. All rights reserved. P031_CCB_20210201.indd 31 1/28/21 5:47 PM Taking care of teammates In a year unlike any other, our company and teammates were called upon to address unprecedented challenges and headwinds in the broader environment, working in support For the fourth time since 2017, of each other, our clients and the communities where we work and live. Bank of America is recognizing In appreciation of these outstanding efforts, we are recognizing eligible employees with teammates with a special award Delivering Together compensation awards. A cash bonus of $750 or additional stock award in cash or restricted stock. is the latest step our company has taken to invest in our employees during the health crisis. This year, approximately We’ve also significantly invested in industry-leading solutions and resources. To help many 97% of teammates will receive of our teammates balancing family and work, we provided an enhanced benefit of up to a Delivering Together award. $100 per day for in-home childcare — funding nearly 3 million days of support. And in 2020, we accelerated the move of our U.S. minimum hourly rate of pay to $20, more than a year These awards are in addition to earlier than originally planned. any regular annual incentives that Here in Chicago, my teammates and I are here to help. We’re proud of this community eligible employees may receive. and remain committed to making it a better place for us all. Paul Lambert Chicago Market President To learn more, please visit bankofamerica.com/community Bank of America, N.A. Member FDIC. Equal Credit Opportunity Lender. © 2021 Bank of America Corporation. All rights reserved. 21cb0045.pdf RunDate 2/1/21 FULL PAGE Color: 4/C