P001_CCB_20210510.indd 1 promising earlysales foray delivers High-stakes poultry take flightatMcD’s Chicken sandwiches Deluxe, all served onapotato Deluxe, allserved Crispy, and Spicy sandwiches: threefering takes onthenew fraywich in late of-February, giant Chick- l-A. leaderly to overtake poultry menu, butappear unlike- they their monthsrst two onthe havesandwiches in well sold to rise thisyearto rise 2020, salesare poised RETAIL complete disaster.” chain right now isa supply Wauconda: “The in of HMManufacturing Nicole Wolter,president  e Chicago-based fast-food McDonald’s newchicken entered thechicken sand- BY ALLY MAROTTI VOL. 44,NO.19 NEWSPAPER l : After abrutal . PAGE l l ALL RIGHTSRESERVED l COPYRIGHT 2021CRAINCOMMUNICATIONSINC. 32 national. U.S. sales at theirburg- researcher Euromonitor Inter- year earlier, according to market in 2020,up7.6percent from a l-A—to more than $32.2billion cludes Popeyes, KFC andChick- restaurants—a that category in- at chicken-focused fast-food  at demand pushed U.S. sales market researcher Datassential. according tofrom recent survey a premium chicken sandwich, tomers are interested intrying in fast food. and tap thehottest menu trend chickencompete with stalwarts thatasked forasandwich would Donald’s franchisees had long roll various toppings. with Mc-  ree out of ve U.S. cus- EYE GRABBER : CHICAGOBUSINESS.COM Hubbard’s Cave planincludesaglassy billboard‘habitable McDonald’s chicken sandwich out its newo this year,erings to $113.8billionin2020. other hand, dropped 2.9percent er-focused counterparts, onthe By thetimeMcDonald’s rolled YOU CAN’TALWAYS See See GET WHATNEED YOU lumberandplasticto steel andsemiconductors CHICKEN reform. around energy through thehaze isseeing Pritzker DAVID GREISING es are rare innormaltimes. Now daily. occur they distributors andmanufacturers, scrambling to nd parts. Such shortag- workers at Morey scours themarket andworks thephones, talking with deliver thechips at 20percent aprice higher. Everyday asmall team of intimeforanupcoming productionwouldn’t arrive run. he was at expecting Morey, anelectronics manufacturer inWoodridge, TANVEER KHAN FOUND OUT WEDNESDAY MORNING Local manufacturers face shortages of everything from ofeverything Local face manufacturers shortages “In 30years I’ve doing this, been I’ve anything never seen like it,” says By midafternoon, the company found adierent supplier whocould on Page 36 | MAY | 10,2021| PAGE 2

MCDONALD’S $3.50 local bankdeals? Missing splashy fetch $360millionormore.  at ern suburbs, thebank could throughoutsprinkled thewest- moreand with than 40branches er, according to multiple sources. bank inthearea, abuy- isseeking ond-largest privately owned West Suburban Bank, thesec- years isbrewing. ly heldlocal bank innearly ve privately owned seeksabuyer bank, West thearea’s Suburban, second-largest At nearly $3 billion in assets  eparent ofLombard-based  elargest deal foraprivate- See See BY STEVE DANIELS SUPPLY on Page 35 with it.with awayget lets ComEd Governor JOE CAHILL that 20,000 computer chips PAGE 4 ested inWest Suburban appear say thebanks inter-Observers ing to break into themarket. for anout-of-town player seek- asa platform to abuyer or serve meaningful market share boost bank large enough to provide a banking privately scene—a held breeddwindling ontheChicago rst quarter. valueits book at the end ofthe would amount to about 1.5times West Suburban isoneofa See See BY JOHN PLETZ BANKS .’ on Page 35 PAGE 10 5/7/21 4:51PM

JOHN R. BOEHM 2 MAY 10, 2021 • CRAIN’S CHICAGO BUSINESS Let’s think big, Chicago—at least on two fronts

ike trees sprouting leaves and kills it o, the gambling palace Leslie Bluhm, went to law school opening up after a Chicago will produce hundreds of millions with Lightfoot, and the family L winter, local developers are of dollars to shore up cash-short raised more than $200,000 for beginning to think again about city re and police pension funds, her mayoral campaign. After all, GREG HINZ their own potential openings now with other tax income owing this is Chicago. Two, Rush Street ON POLITICS that the shadow of COVID-19 is from adjacent entertainment, hos- has hooked up in its bid with receding quickly. pitality and hotel space that the Related Midwest, developer of the e question is whether they’ll city would like in the package. 78 property on vacant land just think big enough and in a creative Team Lightfoot has carefully southwest of the Loop. stone possibility is at Soldier stadiums, including MetLife enough way—especially at Mayor reached out to big Las Vegas play- Related surely could use a big Field itself, located just across the Stadium across the river from Lori Lightfoot’s City Hall. I’m ers but suered a loss a few days project for its very promising but tracks to the east of developer Bob Manhattan, Lambeau Field in thinking of two things in partic- ago when MGM pulled out of the somewhat stalled project, which Dunn’s proposed One Central Green Bay and U.S. Bank Stadium ular that may have more synergy city’s request for proposal com- arrived at just the wrong time: complex. in Minneapolis. His proposed One than you might expect: hopes petition, citing high tax rates. Un- mid-pandemic. It’s located in the As in the case of Related, there Central complex of huge parking for a Chicago casino and a spate less someone else pops in, that right spot, too, with plenty of space is no sign Dunn is interested in lots and hundreds of thousands of renewed talk that the Chicago leaves in the race the Wynn casino near downtown hotels and good building a dome. But what about of square feet of restaurant and operation, Hard Rock and highway access. However, that doming (and somewhat) expand- retail space likely could squeeze RUN SOME NUMBERS. YOU NEVER hometown Rush Street doesn’t mean it couldn’t be better ing Soldier Field, adding a retract- in some Bears fans a few times a Gaming, Chicago billion- with a nice entertainment district able roof? at was considered in year. Further ponder this: A mayor KNOW WHAT MIGHT HAPPEN. aire Neil Bluhm’s rm. right next to the casino in the form the 1980s, when the Bears agreed who’s in at least some re-election Some industry buzz has of a domed NFL football stadium to their current Soldier Field trouble—and a Bears fan herself— Bears have had it at Soldier Field, another rm kicking tires here, with which it could share parking lease, and rejected because of cost likely could nd a way to get some at least the Soldier Field we know. Malaysian-based Genting Group, expenses and perhaps other over- considerations. But construction political credit if she built both Let me begin with casinos. but there’s also chatter that Hard head. I have no reason to believe techniques have changed a lot a casino and a real home for the After a series of false starts, Rock is focused elsewhere. Related is pondering so, but that since then. Bears, one that could host a Super Lightfoot nally is on her way to Anyhow, despite denials across doesn’t mean Team Lightfoot Ponder this: Dunn made his Bowl or a Final Four tournament. grabbing a prize that her pre- the board, some insiders believe couldn’t. Name it Pritzker Stadium, name in the development busi- ink big, folks. ink big. Run decessors had only dreamed of. Rush Street is the favorite for two too, to ensure wider buy-in. ness by becoming involved in some numbers. You never know Unless the city gets too greedy and reasons. One, Bluhm’s daughter, Another two-birds-with-one- constructing or rebuilding football what might happen. Pritzker is seeing through the haze on energy reform ow this is what a governor in e bill also marks a departure full is supposed to look like. JOE CAHILL: Pritzker lets ComEd from a relatively timid posture Pritz- N With the close of the 2021 get away with it. PAGE 4 ker previously has taken on conten- spring legislative session just three tious matters. On redistricting, he DAVID GREISING weeks away, Gov. J.B. Pritzker has never did dene what a “fair map” put down a marker on the politically ronment. Beginning last August, must look like before declaring last ON GOVERNMENT charged subject of utility regulation. Mitchell led an inclusive process to month he essentially will sign what- And he did so, uncharacteristical- write a sophisticated and compre- ever the legislature hands him. uled May 31 adjournment. For his and accountability for ComEd are ly, by bucking the unions—a rare hensive bill designed to modernize On ethics reform, Pritzker has proposal to remain intact, Pritzker far from assured. But at least Pritzker Pritzker move, indeed. utility regulation, punish ComEd for laid out limitations on lobbying and will need to show skill in leading the is staking out a strong position—and And they asked for it. A coalition its illegal eorts to manipulate legis- called for an end to the revolving legislature against strong resistance. taking on the ght. of unions representing workers in lation under former House Speaker door into lobbying for former Consumer and clean energy the energy sector moved last month Michael Madigan and take steps lawmakers. But he has been long on advocates are happy to see Pritzker Crain’s contributor to front for ComEd in its eort to toward a future of clean energy. applause lines and short on specif- step forward, with Mitchell showing David Greising is lock in higher rates and force cus- e bill itself is 900 pages. With ics in public comments so far. expertise as the governor’s utility president of the tomers to pay a premium to prevent each comma and codicil, billions Now comes the pending tussle point person. investigative watch- a couple of nuclear power plants can be at stake. A more digestible ahead of the legislature’s sched- Victory on behalf of consumers dog Better Government Association. from shutting down. ey even summary runs eight pages. Single hired a former lobbyist for ComEd’s spaced. In small type. parent company to aid the cause. e highlights include: phasing ComEd needed the help. After out coal by 2030; keeping Exelon’s the company’s central role in Byron and Dresden nuke plants the landmark public corruption operating, at a cost to ratepayers scandal of the last two years, no of “only” about $350 million over elected ocial wants to cozy up to ve years; and requiring extensive the utility. Supporting union jobs is audits, including one of ComEd’s politically more palatable. investment in its electricity grid since the company’s larcenous But Pritzker isn’t buying into wintrust.com/privateclient that calculation, even though his “Smart Grid” program passed into loyalty to the state’s union voters at law in 2011. times seems to have no bounds. He Passage of that law, plus a 2016 oered his own utility regulation rate hike, both beneted from NEW NAME SAME GREAT SERVICE proposal late last month that seeks ComEd’s aforementioned illegal to protect jobs, yes, but also holds inuence peddling. And while the ComEd and its parent company ComEd-backed “Climate Union Exelon accountable, not just for the Jobs Act” seeks to perpetuate some past, but also in the future. features of the Smart Grid pro- Let us re-introduce ourselves. We’ve renamed our Wintrust Wealth Services group to Wintrust e lawmaking is far from n- gram—while claiming it does the Private Client. We want to make sure you know that we’re dedicated to helping private clients ished. e union-backed eort to opposite—the Pritzker bill seeks sweeten already generous Illinois to restore the Illinois Commerce manage day-to-day finances, strategies for growth, and solutions to protect wealth. With a high- regulation still is very much alive. Commission’s say over utility touch, white glove experience, you’ll work with experts in this space who craft custom solutions Pritzker will need to hold his infrastructure spending and rates. It to meet your individual needs. ground and exert strong leadership also seeks full restitution to ComEd in the legislative process in order customers from any illegal conduct. to thwart the joint ComEd-union Pritzker until now consistently eort to enrich the big utility and has sided with unions on every- thing from pensions to an elected protect union jobs, with millions of Banking products provided by Wintrust Financial Corp. banks. ComEd customers paying the bills. school board for Chicago. With Pritzker has a strong proposal, this rst major from them, he may Securities, insurance products, financial planning, and investment management services o ered through Wintrust Investments, LLC (Member FINRA/SIPC), founded in 1931. Trust though, thanks in part to some deft now learn the benets of drafting and asset management services o ered by The Chicago Trust Company, N.A. and Great Lakes Advisors, LLC, respectively. leadership by Christian Mitchell, common-sense legislation that Investment products such as stocks, bonds, and mutual funds are: deputy governor for public safety, benets a far broader population of NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE | NOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY infrastructure, energy and envi- electricity customers.

P002_CCB_20210510.indd 2 5/7/21 3:48 PM CRAIN’S CHICAGO BUSINESS • MAY 10, 2021 3

Keller Williams agent Molly Mann represented Would the sellers of this house, which sold in ve days. you live in a mall? This Chicago developer is betting more than 600 people will say yes

BY ALBY GALLUN Tim Anderson is on a quest to urbanize a quintessentially subur- ban xture: the shopping mall.  e Chicago developer is build- ing more than 600 apartments in two properties, Hawthorn Mall in Vernon Hills and Fox Valley Mall in Aurora, part of a bold experi- ment to reposition the malls and ensure their survival during the Amazon era. By adding housing to the mix, the redevelopments could bring some urban verve to malls sapped of energy as depart- ment stores and other retailers have shut down. Anderson’s rm, Focus, and the owner of the malls, Dallas-based Centennial Real Estate, aim to rep- HOMES ARE licate the symbiosis that exists in cities and in some suburban down- towns.  ey’re betting the apart- ments will support retail and restau- rants, and vice versa. SELLING FAST At Hawthorn, on the site of a for- mer Sears store, they’re creating an integrated package with 311 apartments above 52,000 square EVERYWHERE feet of ground- oor retail space JOHN R. BOEHM R. JOHN opening out onto new sidewalks and streets. Focus isn’t just plop- BY DENNIS RODKIN ping an apartment building down Here are the places where they’re selling like greased lightning on a nearby parking lot. If it works, the apartments will AFTER MORE THAN 50 POTENTIAL BUYERS walked sale at 18 percent over the original asking price, “SELLERS WORRY attract both suburban empty nest- through his clients’ West Lawn bungalow in its rst $199,000, after just ve days on the market. ers and aging millennials who three days on the market, Jorge Luna jacked up the  e real estate market has been moving fast WHERE THEY’LL GO IF want to leave the city—but maybe asking price by 10 percent. the past several months, fueled by low interest THEIR HOUSE SELLS not completely. “I did it to slow down the tra c,” says Luna, rates and pandemic-related lifestyle changes, but “ ey want to go to something who heads the Luna Realty Group in Berwyn. no place has been as fast as the city’s West Lawn IN A MINUTE, LIKE they could go to in Fulton Market,” “And it eliminated any low o ers that people were neighborhood. says Anderson, founder and CEO thinking of making.” Houses in the neighborhood, south of 59th THEY’RE HEARING.” of Chicago-based Focus. “ at’s Two days later, the three-bedroom bunga- Street and east of Midway Airport, sold in an what we’re trying to do.” Molly Mann, agent, low on Kildare Avenue went under contract to a Keller Williams Elite buyer who in late March paid $235,000.  at’s a See FAST SALES on Page 37 See ANDERSON on Page 37 Box-maker packs up profit as online shopping soars Packaging Corp.’s new dilemma: How to spend all that cash  BOX BOOM Surging e-commerce shipments during the pandemic are boosting Packaging Corp. of BY JUDITH CROWN tight supply, that are made of Rising prices for container- America, which makes cardboard boxes.  uted paper sandwiched by kraft board and strong demand will PACKAGING CORP. OF AMERICA Packaging Corp. of Ameri- linerboard. Industry shipments only add to the cash reserves in ca has capitalized on surging last year climbed more than 3.6 coming months. “ ey’re sitting Monthly closing stock price Net sales in millions $152.31 2020 $1,708.7 e-commerce demand during the percent to 407 billion square feet on a cash pile and it keeps get- $160 pandemic. Now the Lake Forest of corrugated product, an all- ting bigger,” says Mark Wilde, 2021 $1,807.2 company that produces those time high, according to the Fibre packaging and forest products 120 Net income in millions ubiquitous brown boxes faces Box Association in Itasca. analyst at BMO Capital Markets. 2020 $141.7 a strategic question: what to do Shares of PCA are up nearly Another acquisition could be 80 with a $1 billion cash reserve. two-thirds from a year ago, trad- in the o ng: “It’s striking that 2021 $166.5 Consumers working remotely ing over $150. At the end of April, when the stock price got cheap 40 Earnings per share or just laying low at home have the company reported rst-quar- last spring, they didn’t buy back 2020 $1.49 been ordering up light bulbs, ter net income jumped nearly stock or make another move,” 0 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May* 2021 $1.75 co ee makers and  at-screen 18 percent to $166.5 million, or Wilde says. * As of May 5 TVs, delivered to their doorstep. $1.75 a share, while sales rose al- Note: For three months ended March 31 Source: Yahoo Finance, Packaging Corp. of America Shippers need boxes, now in most 6 percent to $1.8 billion. See PACKAGING on Page 38

P003_CCB_20210510.indd 3 5/7/21 4:13 PM 4 MAY 10, 2021 • CRAIN’S CHICAGO BUSINESS CHICAGO COMES BACK JOE CAHILL ON BUSINESS Pritzker lets ComEd get away with it A review of Illinois Gov. J.B. out that his bill requires resti- Pritzker’s proposed energy leg- tution of charges related to the islation leads to an inescapable bribery campaign itself. conclusion: Crime pays. In other words, ComEd must e sweeping package return any customer charges that Pritzker proposed April 28 in- covered the company’s costs of cludes everything from renew- paying Madigan’s pals. But it gets able power mandates to labor to keep the far greater sums it

standards and electric vehicle collected from customers under GETTY rebates. But Pritzker’s bill is the legislation itself. also notable for something it e spokeswoman also notes leaves out: any requirement that that Pritzker’s bill would end the electric utility Commonwealth “formula rate” system and restore Edison and parent company much of regulators’ power to reject ComEd rate hikes. at’s a Good leaders find the Exelon return billions of dollars’ worth of benets they received win for consumers, but it won’t through a long-term bribery make them whole. Only refunds campaign in Springeld. of excessive charges under the In a deferred prosecution 2011 and 2016 laws can do that. agreement with U.S. Attorney A spokeswoman for ComEd right questions to ask John Lausch last year, Chica- says infrastructure investments go-based ComEd admitted to under the formula rate regime And they don’t always call for ‘yes’ or ‘no’ answers. Here are some guidelines giving jobs and contracts to “have provided billions of dollars associates of then-Illinois House of proven value that benets for creating a workspace for honest responses and revealing brilliant insights. Speaker Michael Madigan as Illinois families and businesses.” part of an eort to win passage of An Exelon spokesman argues the BY EMILY DRAKE AND TODD CONNOR edging what could have been favorable legislation. subsidies that kept the two nu- better is, in and of itself, the x. e bribes paid o. In 2011, clear plants open have produced Chicago Comes Back is a weekly series on ChicagoBusiness.com pro- People are not seeking a strategic Madigan greenlighted a bill that “economic, consumer, public viding leadership insights to help your business move forward, written shift following every conversa- reduced the power of utility health and environmental bene- by leadership consultants Emily Drake and Todd Connor. tion, just simply an acknowledg- regulators to scrutinize electric ts” that exceed their costs “by at Drake and Connor facilitate Crain’s Leadership Academy. Drake is ment of a shared truth. rates, establishing a ratemaking least eight to one.” a licensed therapist, owner of the Collective Academy and a leadership formula that has generated more I don’t doubt that formula coach. Connor is the founder of Bunker Labs and the Collective Acade- TC: I really like that, and I’ll add, rates and nuclear subsidies my and is also a leadership consultant. too, that questions need not COMED AND EXELON OBTAINED produced some benets for Check out previous installments at ChicagoBusiness.com/comesback. always be framed around the customers. e question dierential of what we need to BILLIONS THROUGH BRIBERY. is whether they paid too TODD CONNOR: We’ve been “yes” and “no.” I nd this area do better. Companies so rarely much for those benets. If espousing this theme that lead- of research around binary deci- frame positive, ideation-oriented than $700 million in additional so, they deserve refunds. ership is the art of asking great sion-making fascinating—both questions like: “What makes this revenue for ComEd. Another bill If Pritzker really wants to pro- questions more than it is oer- because people are drawn to the place special?” “When we get it passed in 2016 required utility tect ratepayers, he would propose ing great answers. Brené Brown simplicity of two choices and right, what are we doing in those customers to pay $235 million a re-examination of ComEd’s takes it further and says that great also because so few decisions instances that is special?” “What annually for 10 years to support rates over the past decade. leaders ask for help and are seen have two outcomes. Our brains do you appreciate most about two nancially ailing Exelon Applying the new ratemaking asking for help, which normaliz- are wired to set us up for failure working with Xavier,” or “what nuclear power plants. standards in Pritzker’s bill, the es and celebrates that behavior in this way. I remind people that could we uniquely and strategi- When someone obtains a Illinois Commerce Commission in workplaces. Leaders who ask polarization, something we have cally do to capture the hearts of benet through bribery, fraud could determine whether charges questions elevate a behavior that talked about a lot, only works our customers emerging out of or other subterfuge, the appro- under the formula rate system getting it right is more important with two options, or two poles, COVID?” ese questions reveal priate punishment is to require were fair and order refunds of any than being right. And leadership as it were. Introducing a third or brilliant insights, if leaders ask that person to return the ben- amounts that don’t pass muster. coming out of COVID requires an fourth option reduces the tem- them and create the space for the et to those it was taken from. A similar approach would inclusive posture. perature in any conversation and answers. Of course, the discipline ComEd and Exelon obtained recompense customers for introduces a little healthy confu- required here is that leaders un- billions from customers through any unfair nuke plant subsidy EMILY DRAKE: So true. is is sion which forces people to be for derstand that a good meeting the utility’s bribery. payments. In another favor to a moment where leaders who something, rather than simply is one in which other people do Prosecutors indicted three Exelon, Pritzker’s bill would have hidden behind the veneer against something. the talking, and they do the opin- former ComEd executives, a subsidize two more plants that of needing to be right are having ion-collection. consultant and a lobbyist in the the company has threatened to step out into an environment ED: In the case of two options, scheme. Four denied wrong- to close because it says they’re where no one person actually people too easily confuse oppos- ED: I’m practicing that all the doing, and one former utility losing money. knows what the answer is. At- ing one option with supporting time. Denitely a work in prog- ocial pleaded guilty. Madigan Yet his proposed subsidy for tempts to project denitive an- another. Not choosing Option A ress. In all of this, the theme is hasn’t been charged and main- the Dresden and Byron plants is swers will be seen for what they is not the same as choosing Op- democratizing our work, bringing tains his innocence. ComEd less generous and more rigorous are: either inauthentic or faulty, tion B, and leaders are the ones, others into the process, elevating agreed to pay the federal gov- than the ongoing supports for especially if they haven’t been oftentimes, who are presenting their ideas, surrendering our egos ernment a $200 million ne in plants in Clinton and the Quad made collaboratively. It is coun- the options, so we have a respon- and sharing credit where it’s due. its deal with Lausch. Cities. Dresden and Byron terintuitive for some but certain- sibility here. Another thing I’ll Cultures that operate in this way What ComEd and Exelon would get $71 million annually, ly true from the research that we add to the art of asking questions are durable, fun, emotionally safe haven’t done is reimburse cus- provided an independent audit ultimately trust people who show is that they should seek to un- and arguably more successful. If tomers for one dime the compa- shows they really need nan- nuance, ask for help, admit when derstand something. Call it cu- leaders want to provoke a conver- nies collected under legislation cial help. Why not put Clinton they don’t know things, defer to riosity, one of my favorite traits. sation, feel free to share this arti- obtained by illegal means. Laus- and Quad Cities under the experts and ask great questions. is is as much an implication cle and ask these questions: ch could have required reim- same program going forward ese are the folks who, over on a leader’s willingness to lis-  “How would we describe the bursement as a condition of the and re-examine prior subsidy time, we trust because they won’t ten as the questions themselves. kinds of questions we ask here?” deferred prosecution agreement, payments so that regulators can delude themselves. We want to A question like “what could we  “How could we ask better ques- but he didn’t. require refunds of any excessive work at places and follow leaders have done better” is a good one, tions?” Pritzker also could have charges? who are committed to getting it but it also must be a sincere one.  “How can we elevate other required reimbursement under ese two steps would force right versus being right. e good news for leaders who voices?” the legislation he proposed ComEd to return any ill-gotten TC: OK so let’s talk, then, about can feel overwhelmed by feeling  “What’s one cultural trait we last month. He didn’t, either. A gains to customers and show what some great questions are. the need to respond to feedback should embrace, and one we spokeswoman for Pritzker points crime doesn’t pay in Springeld. For starters, good questions are is that oftentimes, simply (really, should thank for its service and not binary. ey move beyond sincerely) hearing and acknowl- now say goodbye to?”

P004_CCB_20210510.indd 4 5/7/21 3:47 PM CRAIN’S CHICAGO BUSINESS • MAY 10, 2021 5 ‘Unsustainable’ pension woes Royal Bank offers commercial loans hang over Chicago, Lightfoot says with attractive rates and terms. ing promised bene ts within a few In a speech to potential investors, the mayor combines years if they don’t get help. optimism about the city’s future with a dire warning Another of Lightfoot’s plans—a Contact Michael Lintvelt, Vice President big Chicago gambling casino, likely 2IƓFHŘ0RELOH BY GREG HINZ met if these pension systems are somewhere in the central area—will (PDLOPOLQWYHOW#UR\DOEDQNXV so underfunded,” Lightfoot said, help, with city taxes and fees from Putting community first since 1887. Coupling a boatload of opti- with the city pension system “un- the casino dedicated to police and mism with a dire warning, Mayor sustainable in its current form.” re pension relief. But though some Lori Lightfoot told investors from Lightfoot did not use the word casino operators have expressed in- around the country that Chicago “default.” But some nancial ex- terest in a Chicago location, it’s still royal-bank.us is well positioned to recover from perts have warned that some of unclear how strong that interest will Member FDIC /RFDWLRQVLQ&KLFDJR:HVWPRQWDQG1LOHV the COVID-19 pandemic and is the city’s four pension funds, par- be at a time when much gambling is a good place for them to allocate ticularly those covering re ghters moving to the internet from brick- their cash. and police, may have trouble pay- and-mortar locales. But her remarks May 6 were far dierent on the subject of under- funded city pension funds, a prob- lem that has bedeviled mayors for the past two decades. ough workers deserve what they’ve been promised, she said, “that promise will not be met” un- less Spring eld lawmakers come to the table with nancial aid or other reforms. “We need to force a solution,” ... Lightfoot said, adding there needs to be “a reckoning.” e mayor’s comments came at the city’s annual investors’ confer- ence for bond buyers, nanciers, developers and corporate brass who are considering bringing their enterprise to the city.

THE GOOD AND THE BAD irty one companies have moved operations to Chicago in recent months “despite the pan- demic,” she said, and the message she’s now getting from corporate ocials is that they want to come back downtown as it’s dicult to “create a corporate culture only on video.” She also pointed to her signature Invest South/West pro- gram, which has shown some re- cent success in luring investment to long ignored South and West Side neighborhoods. Lightfoot ad- ditionally noted the city was able to bring home broadband services to thousands of school-age chil- dren with the help of hundreds of millions of dollars in federal COVID-relief funds. e mayor shrugged o other ar- eas of concern, saying that “signif- icant progress” has been made on police reform. She also didn’t men- tion recent property tax hikes and asserted that city schools are per- forming well, although constant ghts with the Chicago Teachers Union are “not helping.” But Lightfoot made no eort at positive spin when it came to pen- sions, which she termed “the big- gest problem” facing city nances. Noting recent legislative approv- al of a measure that will boost pen- sions for some Chicago re ghters despite opposition from her and proud to work with many tax watchdog groups, Light- 100 Above the Park foot declared that “Spring eld can’t St. Louis, Missouri keep doing things to us. . . .(is is) a classic unfunded mandate.” With the city struggling to We see our work through the eyes of the people who will use them every day. Through their achieve adequate pension fund- ing, the Legislature and governor eyes, we see places of innovation, industry, technology, healing, research and entertainment. need to “make us whole,” Light- The result? Powerful structures with impacts that reach far beyond these walls. foot said. “Everybody needs to come to the table.” claycorp.com “at promise (to workers of guaranteed bene ts) will not be

P005_CCB_20210510.indd 5 5/7/21 3:52 PM 6 MAY 10, 2021 • CRAIN’S CHICAGO BUSINESS LaSalle Street office buildings go up for sale The marketing of the two properties could reveal investor sentiment about the Loop market

Connect with a business Schedule an BY DANNY ECKER banker anywhere. appointment. What will investors pay for LaSalle Street o ce buildings amid the COVID-19 pandemic? Two land- We make it easy with two convenient ways to meet: lords on the high-prole Loop corri- dor want to nd out. In-person In the larger of two new oerings, Meet with a banker in your local branch. a joint venture of New York-based Fortress Investment Group and Scan the code with Chicago-based Hearn has hired the Chicago o ce of Jones Lang LaSalle By phone your phone’s camera to get started. to market the 26-story building at 2 We’ll call at a time that works for you for a one-on-one chat. N. LaSalle St. for sale. In the other, the Chicago o ce of Cushman & Wakeeld has put the 25-story o ce building at 100 N. La- Salle St. on the market on behalf of Deposit products are offered by U.S. Bank National Association. Member FDIC. its Toronto-based owner, real estate ©2021 U.S. Bank 511101c 3/21 investment rm BentallGreenOak. e listings are the rst major GROUP COSTAR LaSalle Street o ce properties to 2 N. LaSalle St. hit the market since the start of a public health crisis that sent down- talized it, will be 85 percent leased town o ce vacancy to a record high when the city adds the expansion and raised questions about future space, according to JLL. LUXURY HOME OF THE WEEK demand for workspace in the city. JLL is expected to market the at complicated a thorny problem property as an opportunity to add Advertising Section already facing owners of vintage value by leasing up the building’s buildings on one of the city’s most vacant top oors. famous business thoroughfares: ere’s a lot more space to ll one Led by the recent departure of Bank block north at BentallGreenOak’s Cadey O’Leary Gaby Cavalier of America and the impending one 151,768-square-foot building, which Listing Agent On-Site Sales Agent of BMO Harris Bank, tenants are va- Sun Life Financial—it later acquired [email protected] [email protected] cating close to 2 million square feet real estate rm Bentall Kennedy and 773.710.4202 773.694.2350 of the historic stretch of the Central formed BentallGreenOak—bought Loop for newly built properties else- from Hearn in 2016 for $32.3 mil- where downtown. lion, according to public records. e building was close to 80 percent DIFFERENCES occupied at the time, according to at’s the backdrop for the two data from research rm Real Capital THIRTYTWO FINELY APPOINTED HOMES latest oerings, which will test in- Analytics. vestor appetite for dierent types of Ownership has since put an addi- buildings on the street. tional $10.5 million into the 95-year- e roughly 700,000-square- old building, two-thirds of which foot building at 2 N. LaSalle St. went into capital improvements that could fetch bids in the range of include a lobby renovation, elevator $200 million, or close to $300 per modernization and updates to basic square foot, according to sources building equipment, according to a familiar with the property. A sale at Cushman marketing yer. that price would complete a major But the building has lost tenants turnaround by Fortress and Hearn, over the past ve years and is now which swooped in with a $42 mil- just 60 percent leased to 32 tenants lion infusion in 2016 for a majority with an average size of under 2,900 interest in the building and to help square feet. e lower occupancy is Norfolk, Va.-based owner Harbor why the property is expected to fetch Group International stave o de- bids in the range of $20 million, fault on a $127.4 million loan it sources say, or about 62 percent of took out on the property when it what it sold for ve years ago. bought it in 2007 for nearly $153 It’s unclear whether there is any million. debt on the property, and a Bentall- e new owners renovated the GreenOak spokeswoman couldn’t lobby and built out a tenant ameni- be reached. SALES AND CL OSINGS UNDERWAY ty oor with a tness center, lounge Cushman is playing up the and conferencing facility, then building as a destination for small- TWO BEDROOM HOMES FROM $1.35M punctuated the turnaround with a er tenants who want proximity to THREE BEDROOM HOMES FROM $2M big lease in 2019 when it signed the downtown government and court PENTHOUSE PRICING UPON REQUEST city of Chicago to a 15-year deal for buildings. e brokerage notes in almost 223,000 square feet that will marketing materials that 75 percent expand to almost 300,000 square of all new, renewed and expanded THEORCHARDLINCOLNPARK.COM feet in 2023. leases signed in the central business

©2021 Jameson Sotheby's International Realty. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service e building, one-third vacant district since 2019 have been small- marks licensed to Sotheby’s International Realty Aliates LLC and used with permission. Jameson Sotheby's International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each oce is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, aliated with or related to Sotheby’s International Realty Aliates LLC nor any of its aliated companies. when Fortress and Hearn recapi- er than 10,000 square feet.

P006_CCB_20210510.indd 6 5/7/21 3:51 PM CRAIN’S CHICAGO BUSINESS • MAY 10, 2021 7 BMO Harris calls biz bankers back to the office written message that coming back Sept. 7. “We don’t expect to return In the latest plan among large nancial services rms, Chicago’s second-largest bank to the o ce is a symbol of support to full capacity right away but an- will return about 1,000 workers to its downtown headquarters beginning next month for reviving downtowns where local ticipate implementing a hybrid businesses have struggled to sur- structure that combines both on- BY STEVE DANIELS In a note last week to workers, era wasn’t working while I’ve been vive as the normal throng of o ce site and remote work,” spokesman BMO Harris CEO Dave Casper dressed like this,” Casper said, look- workers stayed in their homes. Jon Drummond emails. “We plan Chicago’s second-largest bank is said: “Our management team be- ing down at his sweatshirt. Not all nancial services com- to communicate our long-term returning its business bankers and lieves that there are many benets “But those times now are quickly, panies are singing the same song, work-from-home strategy later associated sta to the o ce, begin- to being together again in an o ce quickly coming to an end,” he said. however. Credit card company this year.” ning next month. environment. Spontaneity of ideas, Casper has expressed his opin- Discover Financial Services, with Currently, 99 percent of Discov- BMO Harris Bank’s commercial collaboration with colleagues, solv- ion before on the importance of headquarters in north suburban er’s 18,000 U.S. workers, including bankers will come back to down- ing client issues and winning new employees being in the same phys- Riverwoods, has told workers they call-center agents, are working town Chicago one month before the mandates are best done in person. ical location. He also said in his can work from home until at least from home. city’s largest bank, JPMorgan Chase, My biggest concern, however, and is requiring its workers to return to perhaps hardest to measure, is the the o ce. Chase CEO Jamie Dimon loss of mentoring and learning that announced late last month that all is best taught in the moment and U.S. workers would be expected when we are present.” THANK YOU TO OUR BENEFACTOR SPONSOR back in o ces in July. BMO Harris’ plans so far per- FLEXIBILITY tain only to its commercial bank- Like Chase, BMO Harris is asking ing sta. Separate plans are in the employees to come in 50 percent of works for wealth management and the time to start. Casper made clear other areas. Many retail bankers al- that accommodations for more ready are working in person. work-from-home exibility were at aects 2,000 workers na- available, but he emphasized that tionally, about half of whom are in workers needed to explain their is- Chicago, a spokesman says. BMO sues to their managers. Harris employs about 7,000 in total In a lighthearted video following in the Chicago area. up on his note to employees, Casper Another large downtown em- began speaking from his backyard ployer, Citadel, also is planning to dressed in workout clothes with a return most workers to the o ce towel over his shoulder, and then Thursday, May 13, 2021 beginning in June. Between Citadel, nished the message from the of- Chase and BMO Harris, well over ce in a shirt and tie. Learn more & register for the virtual event today: 10,000 workers previously at home “ere’ve been a few times when chicagosfoodbank.org/realestate will be downtown this summer, at I’ve been on a Teams call and I’ve least for portions of the week. bbed a little bit and said my cam-

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P007_CCB_20210510.indd 7 5/7/21 3:51 PM 8 MAY 10, 2021 • CRAIN’S CHICAGO BUSINESS

READERS RESPOND

Crain’s recent stories sparked conversations on Facebook:

EDITORIAL Re: “CVS and Walgreens have wasted more vaccine doses than most states combined,” May 3:  It was a dumb idea to give them vaccines to begin with. e problem wasn’t lack of A win—and a warning distribution points, it was lack of doses available. hicago’s manufacturing commu- And there’s hope that, if COVID-19 be- Most counties opened mass vaccina- nity got a much-needed dose of gins to sink on Gov. J.B. Pritzker’s priori- tion sites and could have vaccinated more good news when a Canadian ty list, he will be able to deliver on one of people had they had these doses that were electric vehicle maker on May the attributes that made him an attractive wasted by drug stores. C7 announced plans to build a factory candidate for the oce he now holds: his TIM MURPHY in Joliet that will create more than 800 deep business experience and the con- jobs. Montreal-based Lion Electric says nections that he could leverage in Illinois’ Re: “ ‘Arlington Park Bears’ creeps back into it will spend $70 million over three years favor. Illinois has long needed a salesman- the conversation,” April 28: to build and run a facility to make up to in-chief—a role we all hoped Bruce Rauner  Don’t worry, if the same quarterback 20,000 electric buses and trucks a year. Gov. J.B. Pritzker Lion Electric’s arrival in the Chicago area builds on what is turning out to be LION ELECTRIC’S ARRIVAL IN THE a growth industry for the region. And it’s CHICAGO AREA BUILDS ON WHAT worth noting that Illinois won the project Chief executive o cer KC Crain over Texas and Michigan, though it didn’t IS TURNING OUT TO BE A GROWTH Group publisher/executive editor Jim Kirk o er the highest dollar-incentive package. Associate publisher Kate Van Etten at’s in part because Illinois has a INDUSTRY FOR THE REGION. * * * lot to o er a company that’s betting on Editor Ann Dwyer a post-combustion-engine future. e could perform while in oce, though he Creative director Thomas J. Linden state’s most notable entry in this category had a habit of bad-talking the state’s busi- Assistant managing editor Jan Parr is Rivian, which is bringing electric pick- ness climate in a way that many feared was Assistant managing editor/ Joe Cahill up trucks and SUVs to market later this a turno to potential investors. columnist year and is also busy building a eet of Not that he didn’t have reason to worry Assistant managing editor/digital Ann R. Weiler 100,000 electric-powered delivery trucks about the business climate. A survey of 383 Deputy digital editor Todd J. Behme to Amazon, one of its principal nan- CEOs reported May 5 conrms what we Digital design editor Jason McGregor

cial backers, at its factory in Blooming- ELECTRIC LION already know: Illinois is considered one of ton-Normal. In March, New York-based If Gov. J.B. Pritzker could embrace the role of the state’s salesman-in-chief, the worst states to do business, coming in Associate creative director Karen Freese Zane hydrogen vehicle maker Hyzon Motors perhaps Illinois would land more companies like Lion Electric. at No. 48. Executives rapped the state for Copy chief Scott Williams said it will begin producing fuel-cell com- tax policy and regulatory climate. If we Copy editor Robert Garcia ponents in Bolingbrook later this year at to make driverless cars a reality soon. Ar- entrants to the scene—along with more were taking the survey, we would add that Deputy digital editor/ Sarah Zimmerman audience and social media what promises to be the largest plant of its gonne National Laboratory and the Uni- traditional players like Ford’s Torrence Av- the governor could do much to improve kind in the U.S. versity of Illinois at Urbana-Champaign’s enue production campus, Stellantis’ Jeep the business climate here if he would quit Forum editor Cassandra West A slew of other companies and organi- engineering school, meanwhile, are work- production plant near Rockford, Navistar’s sidestepping Illinois’ pension troubles by Political columnist Greg Hinz zations are helping to raise Illinois’ prole ing together on fuel cell development. On test center and engine plant in Melrose calling on his allies in the labor movement Senior reporters Steve Daniels in the automotive business of the future. the logistics front, DHL in 2019 opened an Park, and Urbana-based automotive parts to come to the table and x what’s broken. Alby Gallun One is Here Technologies, the digital map- innovation center here—one of just three maker Flex-N-Gate—are burnishing Illi- If he could accomplish this, perhaps John Pletz ping company that used to be known as worldwide—to explore how articial intel- nois’ reputation as a place with the talent Illinois would have reason to celebrate Reporters Danny Ecker Navteq, which is developing GPS-enabled ligence can reshape the business of mov- and know-how to build the next genera- even more wins like the Lion Electric in- Stephanie Goldberg navigation devices with partners like BMW ing goods around. ese relatively recent tion of transportation technology. vestment. Wendell Hutson Ally Marotti A.D. Quig Dennis Rodkin YOUR VIEW Steven R. Strahler Contributing photographer John R. Boehm Researcher Sophie H. Rodgers We need vaccine passports, but they’ll never happen * * * Director of digital strategy Frank Sennett

ent-up demand for domes- So, what are the obstacles to for those who are not interested in being fense we have against the virus, but they Director of custom media Sarah Chow tic and international trav- vaccine passports? vaccinated or believe that the health risk are not 100 percent e ective. As such, vac- * * * el is overwhelming. TSA Like citizenship passports, or due to the virus has been overblown. Giv- cine passports only indicate that a person Production manager David Adair P Account executives Claudia Hippel checkpoints are routinely seeing enrollment in Global Entry and en that in some areas of the country, peo- is at signicantly lower risk of contract- over one million screenings per TSA Precheck, a government ple are unwilling to wear a face covering ing or transmitting the virus, not at zero Christine Rozmanich day, with many days topping 1.5 agency verication and valida- in public, asking these same people to be risk. Although for any one individual, this Bridget Sevcik million. e traditional spring tion process stands behind the vaccinated is a bar too high for many to risk is small; at the population level, across Laura Warren travel season has begun while information associated with jump. millions of people, this risk is measur- Courtney Rush widespread COVID-19 vaccina- your passport or enrollment. Additionally, the travel industry, par- able. at is why, even at a large amuse- Amy Skarnulis tion is occurring, with upwards With COVID-19 vaccine distri- ticularly air, hotels, cruise lines and rail, ment venue like Disney World, the pop- People on the Move manager Debora Stein of three million doses being ad- Sheldon H. Jacobson, bution, the supply chain head- have been overwhelmingly impacted by ulation risk over several weeks among all Events/marketing coordinator Lauren Jackson ministered daily. Ph.D., is a founder winds that had to be overcome COVID-19. ey are all ripe to welcome vaccinated visitors could lead to a handful Project manager Joanna Metzger Amidst all of this, discussion professor of com- just to get people vaccinated back customers to regain economic stabil- of rogue infections. of a “vaccine passport” has sur- puter science at required a makeshift system to ity. Asking customers to provide a vaccine Vaccine passports are a great idea that Marketing manager Jessica Dalka faced. is would provide proof the University of deliver and administer vaccines passport presents yet another obstacle to will never occur and, if they do, will not be Digital designer Christine Balch that a person has been vaccinat- Illinois at Urba- and traverse the last mile of get- their recovery. As such, they will advertise successful. e strongest path forward for Crain Communications Inc. ed against COVID-19, with the na-Champaign. ting shots into people’s arms. the requirements, but when faced with reinvigorating travel is widespread vacci- Keith E. Crain Mary Kay Crain belief that they are safe from in- Asking an agency like the Cen- losing customers, will likely turn a blind nation, ongoing surveillance of vaccine Chairman Vice chairman KC Crain Chris Crain fection and less likely to spread the virus. A ters for Disease Control and Prevention to eye if a customer cannot meet them, cre- e ectiveness and preparation for booster Chief executive o cer Senior executive vice president vaccine passport would provide their own- backll the verication process would be ating trust issues between customers and vaccination if or when the e ectiveness Lexie Crain Armstrong Robert Recchia er with unfettered access to everything a bureaucratic nightmare. Relying on the the travel industry. is is similar to what of current vaccines wanes. e best pro- Secretary Chief nancial o cer that travel o ers, much like the old normal private sector like the Vaccine Credential is occurring today at many hotels, which tection that an individual can take is to Veebha Mehta Chief marketing o cer many of us yearn for. Initiative would still require a signicant advertise face covering requirements, but get vaccinated and continue to follow the * * * G.D. Crain Jr. Mrs. G.D. Crain Jr. Sounds good in theory. e problem is government involvement. Without such do not turn customers away if they refuse necessary steps to prevent infection and Founder Chairman that vaccine passports will not work, and if a verication process, vaccine passports to comply. transmission if infected—something that a (1885-1973) (1911-1996) they are implemented, will not be e ective. would be subject to forgeries, particularly It is clear that vaccines are the best de- vaccine passport cannot provide. For subscription information and delivery concerns please email [email protected] or call 877-812-1590 (in the U.S. and Canada) or 313-446-0450 (all other locations). Write us: Crain’s welcomes responses from readers. Letters should be as brief as possible and may be edited. Send letters Sound o : Send a column for the Opinion page to editor@ to Crain’s Chicago Business, 150 N. Michigan Ave., Chicago, IL 60601, or email us at [email protected]. Please chicagobusiness.com. Please include a phone number for veri cation include your full name, the city from which you’re writing and a phone number for fact-checking purposes. purposes, and limit submissions to 425 words or fewer.

P008-P009_CCB_20210510.indd 8 5/7/21 3:28 PM CRAIN’S CHICAGO BUSINESS • MAY 10, 2021 9

READERS RESPOND

Crain’s recent stories sparked conversations on Facebook: Crain’s adds to multicity research team Sophie Rodgers has graduate school, Rodgers did research EDITORIAL Re: “CVS and Walgreens have wasted more coach is the site selector, it will be incom- joined the research team internships with John Deere, the Busi- vaccine doses than most states combined,” plete, fumbled or intercepted. that serves Crain’s Chi- ness Intelligence Group and State Farm May 3: ALD. GILBERT VILLEGAS, 36TH WARD cago Business and sister Insurance.  It was a dumb idea to give them vaccines publications in three cit- At Crain’s, Rodgers will be part of the to begin with. e problem wasn’t lack of  Why will this horrible idea not go away? ies. team that researches and creates the A win—and a warning distribution points, it was lack of doses Has to be some kind of ongoing conversa- Rodgers comes to award-winning lists that give Crain’s read- available. tion between the McCaskey and Duchos- Crain’s from investment Sophie Rodgers ers exclusive insights into the city’s busi- And there’s hope that, if COVID-19 be- Most counties opened mass vaccina- sois families at some tennis club on the rm William Blair, where ness scene—everything from our list of gins to sink on Gov. J.B. Pritzker’s priori- tion sites and could have vaccinated more North Shore. Sweaters around their necks. she did research for investment bankers Chicago’s largest privately held companies ty list, he will be able to deliver on one of people had they had these doses that were “I have an idear.” and analysts. to the biggest foundations to the largest law the attributes that made him an attractive wasted by drug stores. GEARY YONKER She earned her bachelor’s degree in rms. candidate for the o ce he now holds: his TIM MURPHY English and a master’s in library and in- “We are delighted to welcome some- deep business experience and the con-  en watch the NFL put a second team formation sciences with a concentration one with Sophie’s experience and exper- nections that he could leverage in Illinois’ Re: “ ‘Arlington Park Bears’ creeps back into right back into the city once the Bears move in competitive intelligence at the Univer- tise to our multicity research team,” said favor. Illinois has long needed a salesman- the conversation,” April 28: to the suburbs. #chicagojaguars sity of Illinois at Urbana-Champaign. In Crain’s Editor Ann Dwyer. in-chief—a role we all hoped Bruce Rauner  Don’t worry, if the same quarterback TREY HANCOCK

LION ELECTRIC’S ARRIVAL IN THE CHICAGO AREA BUILDS ON WHAT Chief executive o cer KC Crain IS TURNING OUT TO BE A GROWTH Group publisher/executive editor Jim Kirk CRAIN’S WEBCAST Associate publisher Kate Van Etten INDUSTRY FOR THE REGION. * * * Editor Ann Dwyer could perform while in o ce, though he Creative director Thomas J. Linden had a habit of bad-talking the state’s busi- Assistant managing editor Jan Parr ness climate in a way that many feared was TRANSPORTATION Assistant managing editor/ Joe Cahill a turno to potential investors. columnist Not that he didn’t have reason to worry Assistant managing editor/digital Ann R. Weiler EVENT SERIES about the business climate. A survey of 383 Deputy digital editor Todd J. Behme CEOs reported May 5 conrms what we already know: Illinois is considered one of Digital design editor Jason McGregor Thursday, May 20th | 1-2 p.m. the worst states to do business, coming in Associate creative director Karen Freese Zane at No. 48. Executives rapped the state for Copy chief Scott Williams tax policy and regulatory climate. If we Copy editor Robert Garcia were taking the survey, we would add that Deputy digital editor/ Sarah Zimmerman audience and social media the governor could do much to improve the business climate here if he would quit Forum editor Cassandra West sidestepping Illinois’ pension troubles by Political columnist Greg Hinz calling on his allies in the labor movement Senior reporters Steve Daniels to come to the table and x what’s broken. Alby Gallun If he could accomplish this, perhaps John Pletz Illinois would have reason to celebrate Reporters Danny Ecker even more wins like the Lion Electric in- Stephanie Goldberg vestment. Wendell Hutson Ally Marotti A.D. Quig The Future of Freight & Logistics Dennis Rodkin YOUR VIEW Steven R. Strahler Chicago’s long history as one of the country’s largest freight and logistics hubs is well Contributing photographer John R. Boehm known. But can the region’s infrastructure keep up with the growth in rail and trucking? Researcher Sophie H. Rodgers Join Crain’s as we explore the future of the Chicago area’s freight and logistics industry We need vaccine passports, but they’ll never happen * * * Director of digital strategy Frank Sennett and what infrastructure is needed to support its expansion going forward. Director of custom media Sarah Chow fense we have against the virus, but they are not 100 percent eective. As such, vac- * * * Panelists cine passports only indicate that a person Production manager David Adair is at signicantly lower risk of contract- Account executives Claudia Hippel ing or transmitting the virus, not at zero Christine Rozmanich risk. Although for any one individual, this Bridget Sevcik risk is small; at the population level, across Laura Warren millions of people, this risk is measur- Courtney Rush able. at is why, even at a large amuse- Amy Skarnulis ment venue like Disney World, the pop- People on the Move manager Debora Stein ulation risk over several weeks among all Events/marketing coordinator Lauren Jackson vaccinated visitors could lead to a handful Christian Mitchell Dhruv Saxena Gina Chung Mark Yeager Project manager Joanna Metzger Dep. Governor for Public Safety, Co-Founder Vice President CEO of rogue infections. Infrastructure, Energy ShipBob Innovation Americas Redwood Logistics Vaccine passports are a great idea that Marketing manager Jessica Dalka Digital designer Christine Balch & Environment DHL will never occur and, if they do, will not be O
ce of the Illinois Governor successful. e strongest path forward for Crain Communications Inc. reinvigorating travel is widespread vacci- Keith E. Crain Mary Kay Crain nation, ongoing surveillance of vaccine Chairman Vice chairman KC Crain Chris Crain Register at ChicagoBusiness.com/TransportationSeries eectiveness and preparation for booster Chief executive o cer Senior executive vice president vaccination if or when the eectiveness Lexie Crain Armstrong Robert Recchia $25 per person | Includes access to webcast and archived recording of current vaccines wanes. e best pro- Secretary Chief nancial o cer tection that an individual can take is to Veebha Mehta Chief marketing o cer get vaccinated and continue to follow the * * * G.D. Crain Jr. Mrs. G.D. Crain Jr. necessary steps to prevent infection and Founder Chairman transmission if infected—something that a (1885-1973) (1911-1996) vaccine passport cannot provide. For subscription information and delivery concerns please email [email protected] or call 877-812-1590 (in the U.S. and Canada) or 313-446-0450 (all other locations). Sound o : Send a column for the Opinion page to editor@ Sponsored by chicagobusiness.com. Please include a phone number for veri cation purposes, and limit submissions to 425 words or fewer.

P008-P009_CCB_20210510.indd 9 5/7/21 3:29 PM 10 MAY 10, 2021 • CRAIN’S CHICAGO BUSINESS

SPONSORED CONTENT  HEALTH INNOVATIVE DIGITAL TOOLS BOOST EMPLOYEE ENGAGEMENT How can digital tools help engage employees in their healthcare?

With advances in technology, a growing number of digital tools are available to engage employees in their health and well-being. e pandemic has only accelerated the adoption of these tools. e silver lining for employers is that new digital tools oer four advantages to boost employee engagement and lower healthcare costs.

Comprehensive Digital tools address whole person health—body and mind. A comprehensive corporate health strategy focuses on ve dimensions of well-being: physical, emotional, environmental, nancial and social. HR leaders recognize employees need support across these dimensions now more than ever. Digital tools can help – from managing stress and anxiety to nding care and living healthier lives. Beth Zaletel Accessible Director, Client & Customer Today most U.S. adults (93 percent) use the 1 Engagement-Midwest internet , and smartphone apps have become [email protected] essential to everyday life. Older employees have

become tech savvy, while younger workers oen GENSLER Beth Zaletel is the Midwest prefer to engage online. A conceptual rendering of R2’s building over the Kennedy Expressway at 708 W. Wayman St. Director of Client and Customer More people are turning to digital rst for Engagement at Cigna, a global services and support, including health care. For health services company. example, myCigna.com internal data shows 61% of customers go online rst to nd care and 31% to access health and wellness resources2. And when consumers have This ‘habitable billboard’ would questions, they expect click-to-chat support. Digital tools also oer in-the-moment access to empower and engage employees in new ways. For example, on-demand virtual behavioral coaching span the Kennedy Expressway can boost emotional well-being. e Happify™ app uses science-based games and activities to build resilience and coping skills. e iPrevail wellness platform oers peer coaching and personalized learning to help employees Conceptual renderings show a leafy park atop Hubbard’s Cave with a glassy four-story take control of everyday life stresses and dicult transitions. building that could be leased out for events and corporate marketing campaigns Simple A robust healthcare portal or digital hub keeps it simple. Employees have BY ALBY GALLUN surface parking lot.” ing as “a cross between show- a personal online account to access information on plans, medications, Urbanize Chicago, a real estate room and event space.” He’s bet- providers, claims and more. e portal also links users to resources to help A Chicago developer wants to news website, first reported the ting that some companies will them take proactive steps to manage their health and well-being. transform a surface parking lot news of R2’s plans. pay up for such a high-profile And taking action is simple. e digital experience can guide customers bridging the Kennedy Express- Garrison’s idea sounds a bit location. to the next best step. At Cigna, we’ve seen a 45% increase in customers taking way downtown into a public park like the “Cap the Kennedy” pro- “It’s very affordable if you have action from enhanced, personalized emails2. Further, 70% of customers using with an eye-grabbing branding posal championed several years the right lease or the right ten- ants,” Garrison says. “It’s out of digital tools were able to complete their intended task2. twist. ago by Chicago developer Steve R2 and its architect, Gens- Fifield. Fifield wanted the city to reach if you don’t.” Searching successfully is simple. As mentioned, more people are going ler, are drawing up plans for deck over the Kennedy from Lake online to nd the right care at the right time. Articial Intelligence enabled the site at 708 W. Wayman St., to Adams streets and build a 15- LATERAL THINKERS solutions can oer enhanced guidance for better outcomes. For example, a 55,000-square-foot deck over acre park on top, connecting the Finding a solution will test R2, Cigna’s Brighter Match® technology helps employees nd in-network, high- Hubbard’s Cave that connects Fulton Market District and the which tends to gravitate to proj- quality, aordable providers. And we’re seeing results, Cigna customers who the fast-growing Fulton Market central business district. With ects that require unconventional 2 use our digital tools are 40% more likely to choose high-quality providers . District to the west with down- an estimated cost of $300 mil- thinking. An R2 joint venture is Employees can easily schedule appointments online too. town to the east. lion, the idea never Their plans are still conceptu- gained any traction. Personal al and likely to change, but R2 Garrison is floating WITH 100 MILLION CARS PASSING Healthcare is personal. Digital tools allow employees to customize their care has released renderings show- a more modest plan and support. Ask about digital resources for preventative care, virtual care, ing a leafy park and “habitable at a location where EVERY YEAR, A BUILDING THERE HAS lifestyle management programs, virtual medicine cabinet and other oerings billboard,” a glassy four-story the Kennedy already THE POTENTIAL TO DELIVER EYEBALLS tailored to the individual. Breakthrough health company Buoy Health uses building overlooking the ex- is capped. But he’s AI to give real-time diagnosis of symptoms and personalized care options for pressway that would be leased still trying to figure GALORE FOR COMPANIES. more informed customer-clinician discussions. out for events and corporate out how to make the Employees can also use digital tools to better manage chronic conditions. marketing campaigns. With 100 numbers work and would also working on another project visi- RecoveryOne oers virtual physical therapy for musculoskeletal conditions. million cars passing underneath need city and state approval for ble to motorists on the Kennedy, Omada helps prevent or manage diabetes with remote monitoring and every year, a building there has any project. a $30 million redevelopment of wearables. And now nearly two-thirds (64%) of consumers say they would the potential to deliver eyeballs “We’re going to need some the Morton Salt warehouse on be comfortable using emerging technology for preventive care and health galore for companies that want help to make it happen,” he says. the Near North Side into office, monitoring3. to push their products or build A representative of the Chi- entertainment and restaurant e digital transformation in healthcare is here. Ask your insurance carrier their brand. cago Department of Planning & space. R2 also is teaming up with about the latest digital tools to boost employee engagement and, ultimately, Development says he isn’t aware Chicago restaurateur Brendan reduce healthcare costs. CAPPING OFF of R2’s plans. Sodikoff on a dining and enter- R2, which acquired the site R2 and Gensler are likely to tainment project at a Goose Is- Sources: in 2016, also aims to create an revise their plans multiple times land boatyard. 1. Pew Research, April 2021. 2. Cigna myCigna.com internal data as of September 2020. 3. Evernorth Health Care in Focus Report, 2021. amenity for neighborhood resi- before they come up with some- On the Wayman site, Garrison Product availability may vary by location and plan type and is subject to change. All group health insurance dents. thing that works. To reduce con- acknowledges he doesn’t have policies and health benet plans contain exclusions and limitations. For costs and details of coverage, contact a Cigna representative. “There’s really no green space struction costs, one iteration the answer yet and is hoping that in Fulton Market, so I think moves the building off to the floating his plans may get him a All Cigna products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Cigna Health and Life Insurance Company (CHLIC) or its aliates. that’s the opportunity,” says R2 side, no longer directly over the little closer to it. CEO Matt Garrison. “Potentially, highway. “We’re kind of playing face-up that’s a better use for it than as a Garrison envisions the build- poker,” he says.

P010_CCB_20210510.indd 10 5/7/21 3:50 PM SPONSORED CONTENT CIO OF THE YEAR AWARDS

A Special Section in Partnership with ChicagoCIO

The annual Chicago CIO of the Year® ORBIE® Awards program honors chief information offi cers who have demonstrated excellence in technology leadership. Winners in the Global, Large Enterprise, Enterprise, Large Corporate, FROM OUR CHAIR KEYNOTE SPEAKER LEADERSHIP AWARD Corporate and Public Sector categories will Inspire CIO Chair Lisa A conversation with Linda Jojo talks be announced May Dykstra discusses the IBM President Jim teamwork and 14 at a virtual Awards elevated role of CIO Whitehurst innovation ceremony. post pandemic

2021_CIO AWARDS.indd 99 4/28/21 3:40 PM CONGRATULATIONS 2021 CHICAGOCIO AWARDS NOMINEES

MICHAEL ADAMS TIM DICKSON SCOTT KINSELLA MICHAEL PEGUES MINDY SIMON Brunswick Corporation Generac Power Systems Pace Suburban Bus City of Aurora, IL Conagra Brands AMIR AROONI SUSAN DONIZ KEVIN KOMETER ASHLEY PETTIT DAN SIMPSON Discover Financial Services Boeing CME Group State Farm Insurance Grant Thornton Int’l Ltd. MATTHEW BADEN ED EARL SVEN KRAUSE JAVIER POLIT NARAYANAN SITARAMAN Camping World Federal Signal Hillrom Mondelez International Crate & Barrel SIVA BALU MOHAMED EL-DEMERDASH JUNE LEMERAND JANE POSSELL ALLEN SMITH YMCA of the USA GE Healthcare Snap-On CNA Financial Baker Tilly CHRISTOPHER PRZYBYSZ SCOT BERKEY JOHN FLOOD KEVIN LOWELL HSBC Cree Lighting STEVE SNYDER Illinois Housing Development US Cellular Mercy Home for Boys & Girls Authority BRIDGET QUINLAN BRYAN FOWLER SUSAN LUCAS RLI Corporation Life Fitness THOMAS SOUTH DOUG BESSO Cooper’s Hawk Winery & Northern Trust HighTower Advisors TED GATY Restaurants JULIE RAGLAND Paylocity Navistar ROBERT STONE BRADLEY BODELL COLETTE MANN Jenner & Block Trustmark Insurance MIKE GIRESI First American Bank PINKY RAINA U.S. Soccer Federation MICHELLE BORNINKHOF Molex UMESH SUBRAMANIAN BOB MCCORMICK Citadel LLC McDonald’s DePaul University SCOTT RAMSBOTTOM RON GUERRIER Anixter COLIN BOYD HP JOHN SUDDUTH DARIN MCDONALD Metropolitan Water Reclamation Komatsu America AIM Specialty Health KRIS RAO SUREN GUPTA HNI Corporation Disctrict of Greater Chicago JO ANN BOYLAN Allstate BILL MICKOW First Midwest Bancorp MADHU REDDY TRACY HARRINGTON Follett LACHLAN TIDMARSH Republic Bank of Chicago Blue Cross Blue Shield MICHAEL BROOKS Federal Reserve Bank of KULDIP MOHANTY MARVIN RICHARDSON LKQ Corporation Chicago HUB International FRANCESCO TINTO Health Care Service Corp. Walgreens Boots Alliance DANIELLE BROWN DANIEL HENRY BROCK MORRISON RICK RINEHART Whirlpool McDonald’s Sasser Family MANISH TOMAR Carle Foundation Hospital KPMG North America MARK BROWNING JOHN HOLMES HEATHER NELSON Portillo’s Restaurant Group BILL ROCHOLL Exelon Utilities UChicago Medicine CCC Information Services PRAKASH UPADHYAYULA TONY BUTTRICK GRETCHEN HORN ERIC NESLON Wolters Kluwer Brookfield Properties KEITH ROHLAND Wintrust Financial Kraft Heinz US Foods TONY VADEN STEVE INMAN MARYANN BYRDAK SAM NICITA ED RYBICKI ABC Supply Feeding America Chicago Cubs Federal Home Loan Bank of Chicago Vyaire Medical JASON VAN DEN EEDEN ANSON JOHNSON BOBBIE BYRNE KEN O’BRIEN KADER SAKKARIA Oak Street Health Advocate Aurora Health United States Gypsum - USG RR Donnelley Ru–alo Noel Levitz RICH VOINOVICH DOUG CADDELL JANICE KAPINOS AUGUSTUS (GUS) OAKES RAJ SAMPOORNAM Equity Residential Mayer Brown Rust-Oleum Corporation ATI Physical Therapy Byline Bank EDWARD WAGONER SUNITHA CHAMARTI ERIN KARAM LAURIE PANELLA MELISSA SCHEPPELE JLL ReedGroup, a Guardian Co. Dina Health Marquette University A. O. Smith TIM WALTER SUJA CHANDRASEKARAN MICHELLE KASSON RAJEN PAREKH PATRICIA SCHMEDA Randa Apparel and Accessories CommonSpirit Health The AZEK Company PepsiCo Elkay Manufacturing KRISTEN CHARLTON RAJEEV KHANNA MIKE PARISI DIANE SCHWARZ NICOLE WHITE Redwood Logistics Argo Group AON Illinois Tool Works Johnson Controls SUSAN CZARNECKI DAVID KING KRISTINA PASCHALL FARHAN SIDDIQI TEFFANI ZADEH Golub Capital Blue Health Intelligence JBT Corporation Ahold Delhaize Aon ABHI DHAR DOUG KING RUSTY PATEL SHAZIA SIDDIQI JANET ZELENKA TransUnion Northwestern Medicine DRiV Verizon Stericycle

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2021_CIO AWARDS.indd 100 4/28/21 3:40 PM SPONSORED2021 CIO CONTENT of the Year Awards CIO CHAIR

Pandemic Elevates CIO's Strategic Role in 2021

of CIOs, the answer is in the room. The challenge one CIO is facing has likely been solved by another CIO. What was their A Caring experience? What did they learn? What would they do differently? How could other Culture CIOs benefit from sharing their knowledge? Powered by Technology

As the CIO, you are transforming your organization Congratulations to Brad Bodell for into a digital business, no being named a Chicago CIO of the matter what industry. The best Year® ORBIE® Award finalist! way to sharpen your leadership Employee benefits that are secure, easy to LISA DYKSTRA acumen is to join a premier administer and simple to use require great SVP & CIO peer leadership network with people backed by the right technology. Lurie Children’s Hospital of other leaders. The industries Chicago and size may be different, but You and your team underpin Trustmark’s winning approaches to effective caring, client-first culture. leadership and problem solving ince last March Chief are transferrable. Every leader’s Information Officers perspective is valuable and Severywhere have enabled contributes to the conversation the largest work-from-home - and everyone wins when experiment in the history leaders engage, share ideas, trustmarkbenefits.com of the world. Thanks to experiences and best practices. these innovative technology leaders, organizations have For over twenty years, implemented and scaled InspireCIO has been inspiring technology solutions to weather CIO success through the the pandemic disruption annual CIO of the Year ORBIE and emerge as stronger Awards – but this is just the organzations. tip of the iceberg. By joining ChicagoCIO, technology Technology has enabled our executives take their leadership new virtual lives; provided to the next level through year- access to healthcare, round, member-led programs entertainment, food, and and interaction. The power of products delivered to our CIOs working together – across homes; and connected us with public and private business, colleagues, friends and loved government, education, ones. Technology has helped healthcare and nonprofit CONGRATULATIONS, GUS! us adapt, adjust, and survive organizations – creates our new abnormal. Without enormous value for everyone. the leadership, planning, and foresight of CIOs, conducting Together, we are transforming business would be impossible our organizations with under these circumstances. technology and enriching ATI Physical Therapy would our region and our world. ChicagoCIO brings together On behalf of ChicagoCIO, like to congratulate fellow leading CIOs of Chicagoland’s congratulations to the team member Augustus largest organizations to help nominees and finalists on their CIOs maximize their leadership accomplishments and thank you “Gus” Oakes for being named effectiveness, create value, to the sponsors, underwriters reduce risk and share success. and staff who make the ORBIE a CIO of the Year finalist. Through member-led, non- Awards possible. commercial programs, CIOs build meaningful professional With your leadership in relationships with colleagues facing similar challenges, information and technology, solving problems and avoiding pitfalls. we deliver exceptional

Throughout this crisis, LISA DYKSTRA results and experiences for ChicagoCIO members have 2021 Chair, ChicagoCIO collaborated locally and SVP & CIO – Ann & Robert H. our patients every day. nationally with CIOs from across Lurie Children’s Hospital of industries. In any gathering Chicago 2021 CIO of the Year Awards KEYNOTE SPEAKER

A Conversation with IBM President Jim Whitehurst By Jane Adler

ndustry leader Jim Whitehurst unique security, regulatory and is an advocate for open compliance needs of a particular Iprinciples as a catalyst for industry, like the IBM Cloud business innovation. In fact, for Financial Services. So today he published a book in 2015 it’s really more about where with Harvard Business Review applications are built than where Press titled: “The Open they reside. And that’s why Organization: Igniting Passion having a hybrid cloud fabric to and Performance.” integrate these growing cloud ecosystems is so important. As current president at IBM, Whitehurst is responsible for Q: What advances can we the IBM Cloud and Cognitive expect in cognitive software? Software organization and Corporate Strategy. Prior to A: We’re right in the middle IBM, he was president and of a “Cambrian explosion” of CEO at Red Hat, the world’s AI advances, from machine leading provider of open-source learning capabilities to the enterprise software solutions. development of neuro-symbolic AI. All of which is enabling As keynote speaker at the 2021 businesses to drive more insight Chicago CIO of the Year ORBIE and value from their AI models. Awards, Whitehurst recently The biggest advances are in shared his thoughts on industry areas like automation, including innovations. key business processes like "In many companies, technology is the primary source of competitive advantage."

customer service, but also Q: What trends do you see in IT operations themselves; Cloud computing? modernization, especially the ability to integrate and analyze A: I think we’re seeing the very key data; prediction, particularly definition of cloud computing around planning, budgeting change. It used to be that and forecasting; and security, cloud computing was all about such as enabling detection and giant data centers that hosted response to threats across multi- applications. But today cloud cloud environments. is becoming a computing model in which the processing Q: How will the role of the CIO can happen anywhere data change amid these trends? is produced: in a data center, on premise, at a factory, in a A: In today’s economy, retail store, or even in a car. companies increasingly We’re also seeing the rise of compete on the basis of highly specialized, industry- digital innovation. CIOs are specific clouds tailored to the responsible for building the

JIM WHITEHURST, President, IBM SPONSORED CONTENT

engines of that innovation. So, from digital banking to the CIO’s role has expanded telemedicine. These changes well beyond automating back- –– and the consumer behaviors of ce functions and driving that drove them–– are here to operational ef ciency. In many stay. And that’s a good thing. companies, technology is the primary source of competitive Q: What will the role of the advantage. And that means the CIO look like in ve years, 10 CIO has much greater in uence years? in de ning and executing business strategy. A: As more competitive advantage is driven by Q: What lessons have you innovation, I think the learned from the work- responsibilities of the CIO from-home shift during the will continue to expand pandemic? and evolve. It's becoming a position of business A: Too many lessons to list leadership, not just technology here. But we’ve gained a leadership. new understanding of how important culture is to business Q: What advice would you strategy. And we’ve learned give to CIOs? how different –– and dif cult –– it is to affect culture in a A: Think short- and long-term. remote-only work environment. Speed is critical, of course. But For example, we’re missing all remember that the technology the subtle, non-verbal cues that decisions you make today, communicate so much in the during this time of accelerated workplace. So, we’ve had to be digital transformation, will very thoughtful about how to dictate your competitiveness replace those interactions. for decades. So be quick, but wise. Lay the technological Q: What changes are here to foundations for future success. stay? And be open to innovation coming from multiple sources, A: We’ve seen a number of including your business industries take huge steps partners, customers and in forward in digital capability, some cases, your competitors.

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2021_CIO AWARDS.indd 103 4/28/21 3:40 PM 2021 CIO of the Year Awards LEADERSHIP AWARD RECIPIENT

LINDA JOJO EVP Technology & Chief Digital Officer United Airlines, Inc.

Teamwork Accelerates Innovation By Jane Adler

echnology leadership to upgrade their tickets or “Leadership is really about airline, bringing unique insights Her other passion is helping was put to the test this change seat assignments having a great team,” says and experiences to her role at her alma mater attract qualified Tyear like at no other without waiting in line to talk to Jojo, who believes leaders United. “It makes a difference,” women and people of color to time. A quick pivot to an an agent in person. should surround themselves she says. enroll there. She is a member online environment created a with people from diverse of the Board of Trustees at the big challenge: How to keep Another challenge has been backgrounds with different Diversity is a priority for Jojo. school. business up and running. managing a remote workforce. experiences. “We are stronger Ever since she attended college United never shut down, but together than any individual.” at Rensselaer Polytechnic Institute Looking ahead, Jojo sees “We got scrappy,” says Linda Jojo’s team of developers in Troy, New York, she was the CIO role becoming more Jojo, winner of the 2021 and support staff worked Over her career, Jojo has struck by the lack of women and customer centric and strategic. Chicago CIO Leadership Award. mostly from home. “My worked in a variety of industries. people of diverse backgrounds in The pandemic has highlighted “We rallied.”

United Airlines Chief Digital Officer Jojo credits her 2,000-person team for a quick “We are stronger together than any individual.” response. “We accelerated innovation,” she says. tactics changed,” she says. Prior to joining United in technology. To make a difference technology as a pivotal engine A few examples: Within 30 Meetings and check-ins had to 2014, Jojo was the chief and prepare young people for of corporate growth. “No days into the pandemic, the be scheduled, unlike informal information officer at Rogers careers in technology, she focuses matter what industry you’re in, airline had touchless kiosks encounters when work was in Communications, Canada’s on two organizations. technology is critical,” she says. for customers to check their person. leading wireless, cable and bags. An app was created to media company. She has Jojo is Vice Chair of the Board Reflecting on the past year, help travelers navigate COVID Jojo is honored to receive this also held other technology of Trustees of Chicago’s Adler Jojo was looking forward to protocols and requirements. year’s Chicago CIO Leadership leadership roles including at GE. Planetarium. “Everybody can more in-person meetings as Artificial intelligence helps check Award. “This recognition look up,” she says. “It’s about the pandemic subsides. She travel documents to reduce validates the incredible work Jojo’s varied career has been getting young people excited was recently planning a trip to the workload of agents and the team here at United has an advantage. Though her about math and science while Denver. “Everyone is excited,” contact centers. An “agent on been doing and I have had the professional life took off in other they’re learning about the sky she says. “We’re travelling demand” now allows customers privilege to lead,” she says. industries she landed at an and the stars.” again.” T:8.5"

Whatever you’re trying to solve, we want to solve it with you. T:5.5"

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2021_CIO AWARDS.indd 105 4/28/21 3:40 PM 2021 CIO of the Year Awards SPONSORED CONTENT GLOBAL FINALISTS Over $2 billion annual revenue and multinational operations

Abhi Dhar has more than 25 years of experience in a wide array of technology and related roles, including product development, SUCCESS STORY digital product management and information security in complex and “Last year, I made the case to our board that we evolve our technology paradigm— regulated technology environments. He joined TransUnion in 2019 to re-think how we work and provision infrastructure by moving to cloud-based from Packyge, a last-mile delivery startup he founded. Before that, he technologies. This mission is more than just a move to the cloud, but rather an held IT management roles at Walgreens, TravelClick, Cendant Corp., opportunity to fundamentally change how we deliver our solutions. Our board PriceWaterhouseCoopers and AT&T. He co-invented a patent for a approved a more than $200 million investment over three years to migrate our communication device that triggers notifi cations and routes a customer infrastructure to the cloud and automate the way we work. With this effort we’re to a prescription-ready location, and is a frequent speaker on technology upskilling our people with cloud-based capabilities that furthers their development topics at industry events. as a world-class team that’s trained and comfortable operating in that future.” ABHI DHAR EVP & CITO TransUnion

Sven Krause is a digitally immersed technology and fi nance executive with deep experience in enterprise-wide transformation programs. SUCCESS STORY He has a 20-year record of delivering value-centered transformation “Digital transformation is not about technology, it's about people. When I joined programs in the life sciences, pharma and medical device industries, Hillrom, our digital journey was ongoing with the usual challenges. To guarantee guiding teams that are leveraging new technologies to help improve the success of the journey, we had to take one step back to ultimately make two steps operating models, business processes and overall business performance. forward. We strategically aligned our leadership team, added new talent, refocused He joined Hillrom in June 2020 following a 17-year career with Ernst & the scope and goals of our journey around our purpose, and calibrated our partners. Young, most recently as a partner/principal and leader of its Americas We're now moving full-steam ahead delighting our customers, our employees and SAP Life Sciences advisory. our caregivers, and you’ll hear about it in the market as we're advancing connected care.” SVEN KRAUSE CIO Hillrom

Kuldip Mohanty is a seasoned global business technology executive with over 25 years of experience and expertise in delivering business SUCCESS STORY transformation and operational effi ciency with technology. Earlier in his “Every leader’s success is a manifestation of their team’s success. My greatest career, he held several global leadership roles across North America, achievement is creating a cohesive culture where every member of my IT team feels Europe and Asia in the workforce solutions, fi nancial services and empowered, has a voice and has a clear line of sight to how their contributions outsourcing industries where he gained experiences spanning across make an impact on the enterprise. We’ve created an environment where IT is technology strategy, global delivery, business transformation programs viewed as a business partner that’s built on the premise of trust fostered by and P&L leadership. He joined HUB International in January 2020. open communication and transparency. Leadership is a privilege, and it’s my responsibility to enable a platform for my team to succeed and thrive.”

KULDIP MOHANTY CIO HUB International

Kris Rao has more than 20 years of management and leadership experience driving profi table transformation initiatives in his current role SUCCESS STORY at HNI Corp., as well as previously with Ricoh USA, Hospira, Motorola “HNI is embarking on a digital transformation journey to improve revenues, reduce and Oracle. He has managed budgets of more than $160 million and costs and improve customer satisfaction. After my rst 60 days, we restructured globally dispensed staffs totaling over 900. He has had repeated success IT to align with the business and become more agile, reconstructed the portfolio to defi ning enterprise technology, vision, strategy and roadmaps to bolster focus on business results, recruited talent, drove business and IT agility bootcamps top- and bottom-line growth at global high tech, health/pharmaceutical and established governance to monetize business results. After establishing a and manufacturing companies. Most recently he was named by the foundation, we championed digital initiatives that have successfully delivered MIT Sloan School of Business as one of the top four CIOs in the United visible business results. The biggest achievement was taking IT from waterfall States. project focus to MVP using agility, innovation, short-burst sprints, experimentation, KRIS RAO fail early/fail fast and collaboration—while having fun in the process.” CIO & CDO HNI Corp.

Edward Wagoner, a 24-year veteran of JLL, now spends more time with clients, leveraging his unique expertise to help them create, implement SUCCESS STORY and manage their digital strategies. This follows more than 15 years of “Every entity in every industry is realizing unprecedented demands for their real being globally responsible for all aspects of JLL’s technology, including estate portfolio. Workplace supports your brand and helps attract and retain talent. business strategy, marketing, development, deployment and support. Employees are demanding a better and safer workplace experience. The C-suite is Prior to his global CIO role, he was CIO for the company’s Americas expecting optimized portfolios. Everyone expects greater sustainability in our built region overseeing the management and delivery to clients and account environment. The right workplace digital strategies have never been more important teams in North, Central and South American markets. Earlier in his . . . and with the right ones in place, you will deliver a greater impact than ever career, he held fi nancial management roles with MetLife, Insignia before. JLL Technologies is the rst-of-its-kind team combining commercial real Financial Group and KPMG Peat Marwick. estate experts with world-class technologists to deliver transformational technology EDWARD to meet all of these hybrid workplace needs.” WAGONER CIO Digital JLL Congratulations, Chicago CIO of the Year ® Winners & Nominees!

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2021_CIO AWARDS.indd 107 4/28/21 3:40 PM 2021 CIO of the Year Awards SPONSORED CONTENT LARGE ENTERPRISE FINALISTS Over $3 billion annual revenue

Maryann Byrdak spent the fi rst 25 years of her career managing restaurant and retail transformation initiatives, which prepared her for SUCCESS STORY her current role leading technology transformation at the nation’s largest “The pandemic created an unprecedented test of the Feeding America network and hunger-relief and food rescue organization. She was part of the executive resolve. Demand skyrocketed while our supply chain was disrupted. I’m deeply team at Potbelly that guided the IT department through many digital and proud and humbled to be leading our technology team’s response, in partnership customer experience innovations. Before that, she held leadership roles with the incredible commitment and generosity from our donors, to rise and meet at Fortune 500 companies, including POS implementations at Sears, the needs of the moment. The technology team quickly adapted to evolve the way merchandising transformations at Offi ceMax, and merger integrations we use data and technology to nd food sources; innovate and evolve our systems; between Offi ceMax and Offi ce Depot. and equitably get food to the people that need it the most. At the same time, we continued advancing our technology modernization journey.” MARYANN BYRDAK CIO Feeding America

Bobbie Byrne is board certifi ed in both pediatrics and clinical informatics. She is currently responsible for all IT applications, information security, SUCCESS STORY infrastructure, clinical informatics, data warehousing and business “Everyone has their 2020 COVID-19 story. There are heroes all around us. For intelligence across the Advocate Aurora Health’s 25-hospital system. Advocate Aurora Health HIT, our hero story is delivering everything required for Previously, she served as Edward Elmhurst Health’s chief medical offi cer patient care excellence in COVID along with completion of a very strategic single and before that its chief information offi cer. Earlier in her career she was a patient record project. Even our lab, overwhelmed with new COVID testing volume senior vice president - clinical solutions for Eclipsys Corp. (now Allscripts) and requirements changed systems in 2020. The proof of this success was that and was a health care consultant at Cap Gemini Ernst and Young. She is less than 10 days after the last go-live—at a time when we would normally be active in the informatics work of the American Academy of Pediatrics, stabilizing—we turned to our brand-new single patient record to run our mass having served on the organization’s physician advisory council for vaccine program.” BOBBIE BYRNE informatics. CIO Advocate Aurora Health

Suja Chandrasekaran is an industry-recognized digital transformation leader and value creator. Before joining CommonSpirit Health in 2019, SUCCESS STORY she held chief of information and digital technologies positions at “Suja Chandrasekaran led the organization with resiliency and empathy to Walmart, Kimberly-Clark, Nestle S.A and The Timberland Co. She has accomplish the mission of serving millions of patients in an unprecedented a reputation as a talent developer and mentor for tech and business pandemic. She rapidly accelerated the digital transformation and enabled virtual leaders, women in technology, Asian American leaders, startup founders/ care platforms that provided care to patients in a safe and timely manner, saving CEOs and others, and is the founder/facilitator of T200 - Women CXOs lives and improving outcomes. The successful response to COVID-19 with minimal in Tech, focused on lifting women in technology. She serves as a non- disruption to operations, care providers, and the patient experience, was one of executive director on the boards of American Eagle Outfi tters, Barry the major accomplishments of her leadership. In addition, she launched several Callebaut and digital supply chain technologies company Blume Global. employee engagement initiatives for well-being of her team.” SUJA CHANDRASEKARAN CDO & CIO CommonSpirit Health

Kevin Lowell ensures that U.S. Cellular’s information systems support a fi rst-class wireless experience for customers. He oversees all areas of IT, SUCCESS STORY including application development and delivery, infrastructure, enterprise “My greatest accomplishment is creating and sustaining an inclusive and diverse analytics and cybersecurity. He joined the company in 2003, and prior culture where people can do great work in service of something bigger than to his current position served as vice president of its engineering and themselves. Here’s what we did: We created a program for aspiring leaders, and network operations. In that role, he was responsible for ensuring the the results have been outstanding. We’ve attracted, trained and supported diverse quality of the company’s high-speed network so that customers would cohorts, and many of these diverse ‘graduates’ have been promoted into leadership have an excellent wireless experience. Previously, he held leadership roles. These engaged and inspired associates are getting outstanding results, and positions at Sprint PCS, including director of network fi eld operations. they’re doing it in an environment where all associates are empowered to reach their potential.” KEVIN LOWELL SVP IT U.S. Cellular

Marvin Richardson has helped oversee several successful projects at HCSC, including the launch of a multiyear initiative to modernize and SUCCESS STORY enhance its claims platform, and a new customer engagement program “In March 2020, IT moved all HCSC employees to remote work arrangements for that enables advocates to provide personalized service and build lasting the rst time in history. Teams swiftly deployed over 20,000 pieces of equipment, trust and relationships with members. Before joining HCSC in 2016, he 6,000 new digital security tokens and increased network traf c capacity by 400 served as chief technology offi cer for Aon and Electronic Data Systems. percent. We created a COVID-19 tech triage center to solve technical issues during He also worked as a technology leader at Oracle and was co-founder and the move and deployed advanced cybersecurity monitoring and response capabilities leader at two successful startups. He has been recognized as InfoWorld’s across the company. Our team’s continued resiliency and  exibility enabled us to “CTO of the Year” for Consulting Services and was named by CTO accomplish all this while improving our timely project delivery measure to 92 Magazine one of the “Top 25 Most Infl uential CTOs.” percent, shrinking our program spending where needed, retaining all staff and MARVIN breaking company records for system reliability.” RICHARDSON SVP & CIO Health Care Service Corporation Accelerate Business Transformation

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2021_CIO AWARDS.indd 109 4/28/21 3:41 PM 2021 CIO of the Year Awards SPONSORED CONTENT ENTERPRISE FINALISTS Over $1 billion annual revenue

Tim Dickson joined Generac last August, where he is creating and executing an enterprise-wide IT strategy and digital architecture as the SUCCESS STORY company transitions to a global energy technology solutions company. “As the rst CIO at Generac and reporting directly to the CEO, IT has been elevated. Prior to that, he spent two years as vice president of digital business The new mission, vision and purpose to become a strategic enabler for achieving platforms at Laureate Education, a $5 billion enterprise consisting of business growth is well underway, and we're starting to see some early, encouraging 65 international university institutions. He previously served as the results. With this new responsibility, I’ve both challenged and inspired the IT vice president of front offi ce IT at Motorola Solutions and before that organization to do more and go faster, and they’ve responded. They have deep as a divisional CIO leading emerging technologies, M&A and user aspirations and have taken advantage of the recent leadership and technical training experience for Dell, Inc. to transform themselves and become a trusted, valued and innovative partner of the business.” TIM DICKSON CIO Generac Power Systems

Gretchen Horn has spent her entire career as an IT professional, starting out as a software developer/architect and over time moving SUCCESS STORY into leadership roles. Today, her mission is operational excellence that enables IT to support the business agility necessary for our rapidly “My team is composed of many diverse talents. Every single IT product and service evolving world. In earlier years she worked in a variety of industry requires collaboration across multiple teams, and everyone is typically juggling verticals both as a consultant and full-time employee, gaining business multiple concurrent projects. I provide a space where every contribution is valued, acumen in multiple disciplines. For the past 14-plus years her focus has trust is at the center of everything and growth opportunities are abundant. I been retail real estate—leading technical initiatives that drive revenue, encourage my team to think beyond the technology and to focus on value-driven optimize performance and provide exceptional experiences for partners, business outcomes. Directly de ning success provides tangible insights into the tenants and shoppers. value of IT. More importantly, it also provides an opportunity for each individual to see the direct impact of their efforts toward our company's successes.” GRETCHEN HORN SVP & CTO Brookfi eld Properties, Retail Group

Anson Johnson is responsible for the development and execution of USG’s IT strategy. He oversees a team of more than 170 with SUCCESS STORY accountability for the company’s IT architecture and risk management, IT “The year 2020 was a dif cult one for many rms, but for the USG IT team it program management, digital innovation, customer-facing systems and was a Cinderella story. We solidi ed a seat at the table that determines the future end-user support. He joined USG in 2013 as director of IT. Prior to that, at USG—a seat earned through trust, hard work, leaders with grit, commitment he held leadership roles with Stericycle and Waste Management. He is to our employees and real business value delivery. IT reduced total costs by just an executive sponsor of USG’s Defend The Rock (military and veteran) under 40 percent, improved employee engagement and delivered new technology Employee Resource Group, and serves on the board for College Church solutions within USG and to our external customers. We’re now sought out as super and Outreach Community Ministries. communicators that partner with business leaders to solve real problems that drive the future of our company.” ANSON JOHNSON VP & CIO United States Gypsum - USG

Ed Rybicki has more than 20 years of IT experience setting and executing technology strategies for private-equity, private and public SUCCESS STORY global corporations across a broad range of industries. In his current role, “We ramped up all facets of IT to handle the unprecedented surge in business he is responsible for Vyaire’s technology initiatives including software, demand for respiratory products during the COVID-19 pandemic. Within 90 days, infrastructure, application development tools and processes, operations we scaled up production of six ventilator product lines to over 20 times, measured and cybersecurity. He also guides the overall direction for the company’s against any historical period of Vyaire. Simultaneously with the applications health care technology products, sponsors the creation of a data and and infrastructure ramp-up, we built a cloud-based enterprise data platform and analytics platform, and focuses on how technology can create value harmonized data from 12 ERPs into one portal for analytics. This initiative, called in companies and their customers. Previously, he was CIO at Merieux Project Insight, was the cornerstone in giving all of Vyaire the analysis it needed to Nutrisciences, a global laboratory services company. ramp up the business to meet the global demand for respiratory products.” ED RYBICKI SVP & CIO Vyaire Medical

Rich Voinovich has been with Equity Residential for nearly 16 years and is currently responsible for all facets of IT leadership including application SUCCESS STORY and infrastructure operations, IT support, application development, “Great leaders are made great by the team they lead and the partnerships they build. project management and unifi ed communications. His career has been I’ve worked hard to create relationships, build trust and make every member of focused on business process engineering, aligning technology with my team feel valued. This has built a mutual respect and drives a shared vision for business strategy to reduce costs, increase effi ciencies and improve simplicity—leveraging technology to simplify and automate business processes quality. He excels in partnering with business units to translate strategic with a focus.” goals into innovative process and technology solutions. Prior to joining Equity Residential he held consulting and project management roles with ADP and Intuit. RICH VOINOVICH SVP IT Equity Residential SUCCESS STORY My success story is grounded in a commitment to service. I’m proud to work at Stericycle, where, as a provider of regulated waste services, we “protect what matters” by helping our customers safely dispose of infected medical waste. I’ve achieved professional success as both a CFO and CIO of two public companies, but what matters most is making the world JANET ZELENKA a better place. As a Trustee of Rockford EVP, CIO & CFO University, I’ve worked to advance technology’s positive impact on education and sponsored Stericycle the establishment of an Esports team and technology sports center on campus. CONGRATULATIONS BRIDGET QUINLAN Vice President of IT, on your nomination as a finalist for Janet Zelenka has a strong breadth of expertise across corporate the 2021 Chicago CIO of the Year® ORBIE® Awards. nance, accounting, IT and operations. She joined Stericycle in June 2019 as executive vice president and CFO, and one year later We are so proud of your many accomplishments and assumed the additional role of CIO—responsible for the nancial leadership across the organization! management of the $3.5 billion global services company and for advancing the company’s technology-enabled transformation. Your Life Fitness Family Previously, she spent 15 years with Essedant, in roles that included CFO and CIO, and prior to that she spent 16 years at SBC/ Ameritech (AT&T) in a range of IT, nancial and operational roles. She serves on Rockford University’s Board of Trustees.

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2021_CIO AWARDS.indd 13 4/28/21 4:27 PM 2021 CIO of the Year Awards SPONSORED CONTENT LARGE CORPORATE FINALISTS Over $500 million annual revenue

Brad Bodell is not afraid to “learn fast, fail fast and innovate,” thanks to having over 20 years in IT leadership, including previous positions with SUCCESS STORY CNO Financial Group and MetLife. He joined Trustmark in 2018, bringing “My focus on empowering our talent has been my greatest accomplishment since a transformation focus that has helped the company prosper even in the I arrived at Trustmark. I’ve done this by re-architecting our job families to provide midst of a pandemic. A massive undertaking to move applications from associates with clear visibility to their career options. In addition, we’ve created the data center in the company’s Lake Forest headquarters to the cloud personalized training recommendations based on self-reported skills. By better is nearly complete. And under his leadership, Trustmark has launched aligning our skills to the roles, we’ve seen a large jump in in the morale of IT a talent development plan to help IT associates learn new skills and associates. Coupled with our focus on greater communication to associates, IT advance within the company. morale jumped 41 percent from 2019 to 2020 and helped Trustmark win a Chicago Tribune Top Workplace award in 2020.” BRAD BODELL SVP & CIO Trustmark Insurance

Michelle Kasson has more than 25 years of corporate IT experience, spanning the consumer product goods, food and pharmaceutical SUCCESS STORY industries. Before joining AZEK Co. in 2019 she was IT director at the “My greatest accomplishment is onboarding to a fast-moving train and arriving J.M. Smucker Co. for 11 years, and before that spent 17 years in a on time with my luggage! My rst year included integrating an acquisition, an variety of IT roles with Procter & Gamble, where her early IT growth was IPO, remediating 75 percent of the IT material weakness, replacing the service shaped. Her primary responsibility currently is IT strategy, services and desk, implementing a managed security service and driving a new culture of operations across the entire AZEK portfolio of companies and brands, accountability in the IT team. This is all possible because the AZEK leadership team including developing IT solutions to further drive effi ciencies, accelerate is inspiring and makes it easy to choose to work on the meaningful projects. It’s an innovation and promote operational excellence. amazing culture of teamwork and forward progress.”

MICHELLE KASSON VP & CIO The AZEK Company

Bridget Quinlan has 20 years of IT experience in application design, architecture, analytics, strategy and program management. In her SUCCESS STORY career at Life Fitness, she has developed and implemented complex “The wholesale transformation of our company’s fundamental IT operations was multi-faceted IT strategies, identifi ed and created transformational our most invigorating recent success. Our former parent company’s decision to organizational capabilities, designed and led both acquisitions and divest catalyzed a complex orchestration to decouple our shared enterprise IT divestitures from IT due diligence through system integration, and has ecosystem and reimplement our own IT systems and corresponding processes, while led large-scale, cross-functional programs. She is also a mentor, a leader also transitioning from data centers into new cloud environments. We built entirely for gender equality in the workplace and a board member of a local new infrastructure, security and help desk operations from the ground up to deliver community nonprofi t organization serving low-income families. purpose-built IT services. The incremental value returned by this transformation initiative to our now independent company has been signi cant, and is evidenced BRIDGET QUINLAN by substantially stronger customer service metrics, turnaround times and system VP IT performance.” Life Fitness

Allen Smith has served as the Baker Tilly’s CIO for nearly 20 years, leading all technology strategy and execution across the fi rm and also SUCCESS STORY serving in senior leadership roles for Baker Tilly International. Under his technology leadership, the fi rm’s revenue has grown by more than “My greatest accomplishment is the team I’ve created, retaining critical talent and 1,000 percent and he has established a strong track record of results by inspiring them to execute on the technology vision that’s propelled Baker Tilly from creating and fostering a culture driven by collaboration and camaraderie being the 24th largest to the 10th largest accounting rm in the US. Creating an among his team. Prior to joining Baker Tilly, he served in senior environment that develops and retains talent is key. Fostering personal experiences leadership and technology roles in a variety of organizations, including and opportunities for one-on-one interactions with all team members is critical. technology start-ups, hyper-growth enterprises and outsource service Sometimes we can be blinded by the desire to partner with other business leaders providers. and miss the opportunity to do the same with our own team. The relationships I’ve built drive team engagement, performance and rm results.” ALLEN SMITH CIO Baker Tilly US

Tim Walter is an IT business leader with over 20 years of experience and a proven record operating large-scale e-commerce websites, SUCCESS STORY digital marketing, global Internet infrastructure and enterprise business applications. He joined Randa in 2017 where he is responsible for “Shortly after joining Randa, I realized the need to modernize our environment and all technology of the company’s wholesale and direct-to-consumer build stronger relationships across the company. My team and I worked to become business. Previously, he held CIO/technology roles at The Packaging trusted and reliable strategic partners. The role of the IT department changed from Wholesalers, XSport Fitness, RMG Network’s Mall Media Division, being viewed as a utility, to that of a business enabler. Our emphasis began with CrossCom National and Uline Shipping Supplies. While at CrossCom, business processes and building customer engagement. From building actionable his leadership resulted in a 2010 CIO 100 Innovation Award for online reporting, expanding B2B and omni-channel, to our new direct-to-consumer mapping technology used to monitor service staff across the entire e-commerce offerings, our success and collaboration continue to grow with the company.” TIM WALTER United States. SVP & CIO Randa Apparel & Accessories SUCCESS STORY Congratulations on Your Nomination “My biggest success story is building a strategy and a team to execute on leveraging our proprietary integration platform to provide cloud-based solutions as a replacement for monolithic operating systems. This allows us to utilize the best technology paired with data science to drive operational excellence across our NICOLE WHITE own organization and for our customers' CIO supply chains. The Redwood leadership Redwood Logistics team provides the passion and support that motivates the technology team to excel at building digital freight solutions for the supply chain industry. We wouldn’t have been successful without this level of support or my innovative team.”

Nicole White joined Redwood in 2019 with an extensive Madhu Reddy, SVP & CIO, has been named a 2021 background in IT. Previously, she served as vice president of IT Chicago CIO of the Year ORBIE Awards Corporate for both DCLI and REZ-1 (now Blume Global). She also served as vice president of IT strategic projects for XPO Logistics, where Finalist! His excellence in technology leadership she worked on acquisition, integration and technology strategy. Throughout her career, she has been responsible for transforming helps guide Republic Bank forward. multiple organizations’ back-end processes to successfully integrate acquisition, improving legacy infrastructure, as well as successfully leveraging data to drive better decisions.

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2021_CIO AWARDS.indd 113 4/28/21 3:41 PM 2021 CIO of the Year Awards SPONSORED CONTENT CORPORATE FINALISTS Up to $500 million annual revenue

Sunitha Chamarti has a track record of aligning business strategy, innovation and technology while balancing assessment of IT’s SUCCESS STORY effectiveness to deliver business benefi ts. She has managed cross- “ReedGroup technology was on a two-year journey to driving stability and functional teams and championed a people-fi rst culture to promote reliability while supporting signi cant growth in 2019, while handling a 130 innovation, transparency and accountability. Her experience spans percent increase in call volumes due to COVID-19. Technology teams successfully multiple industries—including transportation, utilities, retail, insurance migrated to Amazon Web Services (AWS) and implemented digital platforms to and banking—and across Asia Pacifi c, Europe, Canada and South simultaneously drive self-service and operational stability. In addition, teams moved America. She has led transformational initiatives, M&A integrations and to scaled agile delivery methodology that signi cantly helped time to market and deployed modern engineering practices, while supporting infrastructure, customer centricity.” operations and service management. SUNITHA CHAMARTI CIO ReedGroup

Susan Czarnecki is responsible for designing and delivering state- of-the-art technology solutions to create effi ciency, mitigate risk and SUCCESS STORY grow revenue for the fi rm. She also defi nes, manages and executes a “I am very proud of the role our technology solutions team played in seamlessly robust cybersecurity and data governance programs, while overseeing pivoting to a 100 percent work-from-home environment when the COVID-19 the technology solutions department’s infrastructure, team and pandemic hit. Our team had previously ensured we had a ‘work from anywhere, vendor relationships. Prior to joining Golub in 2010, she was an anytime’ architecture, and last spring, we ensured that hundreds of employees— executive director at Morgan Stanley, and before that held technology many in Chicagoland—were equipped with the hardware, support, security management roles at Van Kampen Investments, Budget Rent-a-Car and solutions and enhanced network and video-conferencing capabilities needed to First Chicago. facilitate a period of heightened productivity remotely. We achieved this while also executing on an ambitious agenda of strategic technology projects.” SUSAN CZARNECKI CIO Golub Capital LLC

Augustus Oakes oversees all critical IT functions at ATI, including business applications, technology services, interoperability, IT security, SUCCESS STORY and cloud and digital technologies. He took on his current role last “My most signi cant accomplishment has been cultivating a winning team—one August after serving as interim CIO and before that vice president of that I am proud to lead, and one that helps enable ATI Physical Therapy deliver business technology—a role he assumed when he joined the company exceptional patient care every day! I am also proud of our technology journey, one in 2018. Over the last two years, he and his team have modernized and that started with building trust and alignment with our business; transforming our re-tooled ATI’s IT capability and infrastructure, utilizing novel cloud and core (elevating our people, moving to the cloud, and focused strategy and execution) digital technologies to support the company’s growth and operational and nally helping support our business, providers and patients with technology effi ciencies. Previously, he held IT management jobs at KPMG, Walgreens solutions, including our world-class electronic medical records. Very proud of the and Jones Lang LaSalle. team and value delivered!” AUGUSTUS OAKES CIO ATI

Pinky Raina has spent the last two years leading the fi nance, human resources and IT functions at U.S. Soccer Federation. She has extensive SUCCESS STORY experience in change management and facilitating continuous “The speed at which I drove change in our highly fragmented and siloed technology improvement initiatives across all the functions she has led. Before organization has been critical to our success. We were thoughtful and intentional moving to the sporting and entertainment industry, she led fi nance in outlining and refreshing our 30-60-90-day plans. We have now created a and IT in public and private corporations in the manufacturing industry, collaborative and cross-functional technology organization at US Soccer that is including the Marmon Group and IDEX Corp. She was recently featured re-de ning our organization's technology strategy and building the foundation to in SheBelieves, a movement to encourage young women and girls to execute against that strategy at record speed. With an eye to adding diversity to the reach their dreams—athletic or otherwise—inspired by the U.S. Soccer technology landscape, we are also inaugural hosts to UIC's Chicago ‘Sprinternships,’ Women’s National Team. a program to help launch women into technology careers.” PINKY RAINA Head of IT, CFO & CHRO U.S. Soccer Federation

Madhu Reddy is responsible for all elements of IT and digital at Republic Bank, including strategy, innovation, solution delivery, operations and SUCCESS STORY cybersecurity. With more than 20 years of multinational and multicultural “I am proud of leading and transforming a reactive IT function into a high- work experience in the banking industry, he has a holistic approach to performance customer-focused business partner. Modernizing our technology technology and data analytics use with sensitivity to cultural, political and innovating to ensure our digital capabilities drive our company strategy of and organizational issues. He has delivered outstanding value by enabling great customer experiences. The team had an outsized impact that is truly taking calculated risks, creating competitive differentiation, operational outstanding by all measures and is serving the organization extremely well, winning effectiveness, profi table business growth and bottom-line impact. By us accolades. We delivered business outcomes by creating cross-functional teams to building/galvanizing high-impact teams, he has developed IT strategy and leverage data analytics, automation, and innovation. We’ve got a team that moves translated business needs into technical solutions in a complex environment fast, in anticipation of changes in our customer’s needs and our organization.” MADHU REDDY under tight budget constraints. SVP & CIO Republic Bank of Chicago SUCCESS STORY “My greatest success is when IT nds new ways to execute our bank's vision and mission, to be the bank our customers deserve, contributing to local communities and assisting our customers. I felt proud when our IT team developed an innovative and automated solution to process CONGRATULATIONS PPP loans during the pandemic. We were able to pivot priorities and collaborate with the business to Kevin Lowell, a 2021 RAJ units to get our customers access to PPP loans Chicago CIO of the Year® SAMPOORNAM in a short period of time. This solution helped ® SVP & CIO the timely processing of over 3,700 customer ORBIE Award finalist. Byline Bank applications resulting in $635 million in PPP loans that retained more than 56,000 jobs.” UScellular™ is proud of your leadership and contributions Raj Sampoornam has more than 24 years of IT experience, and is in a difficult year. It is an currently responsible for Byline Bank’s technology and digital strategy, overseeing its IT infrastructure, applications and analytics, business honor to have you represent analysis and technology operations teams. He joined Byline in 2017 as director of enterprise applications and analytics, and was promoted our company as an award to his current role in 2018. Previously, he spent more than 15 years at Banco Popular, where he headed the business intelligence and finalist. Thank you for all analytics team and contributed to several transformative initiatives and M&A activities. He began his career helping organizations solve your hard work. their business problems by developing custom software and analytics solutions.

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2021_CIO AWARDS.indd 115 4/28/21 3:41 PM 2021 CIO of the Year Awards SPONSORED CONTENT PUBLIC SECTOR FINALISTS Government, education and nonpro t organizations

Scot Berkey is recognized as a servant-leader, value-driven executive with over 30 years of experience in executive leadership roles, SUCCESS STORY organizational change management, management consulting, "The distribution in 2020 of over $330 million of Federal CARES funds for technology services, outsourcing, and large program and project emergency rental and mortgage assistance kept over 56,000 families from losing management. He has a strong industry record of success in providing their homes. No other state in the nation was as effective or was able to create the strategic direction to executive management and boards. He is currently paper-free technology platform that IHDA put into place. We kept families from responsible for all aspects of IT at IHDA, including enterprise business becoming homeless, kept children in their schools and kept homes with the owners continuity planning and the enterprise COVID-19 Incident Command who had responsibly paid their mortgages—in some cases for decades. IT had a seat Team. He also co-chairs the largest COVID at the table and IHDA’s IT team delivered.” rental and mortgage assistance program in SCOT BERKEY the nation, which is distributing over $450 CIO million to Illinois residents in need. Illinois Housing Development Authority

Tracy Harrington began her career with the Federal Reserve Bank of Chicago in 1995 and her tenure has encompassed multiple areas of SUCCESS STORY management within bank supervision, application development, program “As SVP and CIO, I’m responsible for ensuring secure, reliable access for management, operations and risk management. She was promoted to approximately 10,000 nancial institutions to conduct more than $4 trillion assistant vice president in 2009, to vice president in 2012 and to her each day in payments, contributing to nancial stability for the country. Payments current role in 2015. On behalf of the Federal Reserve System, she is include wire transfers, securities transfers, ACH, check and cash, which are responsible for FedLine, the electronic access solution used by fi nancial critical to the U.S. economy. In recent years, the greatest accomplishment has been institutions to conduct daily payments transactions. She oversees all executing on the strategy to deliver the next generation of FedLine solutions with strategic and operational aspects of the FedLine higher levels of security, resiliency, availability and innovation to set the foundation business including architecture, security, portfolio to process payments 24x7x365 in future years.” TRACY management, product and pricing, application HARRINGTON development and operations. SVP & CIO Federal Reserve Bank of Chicago

Heather Nelson has spent the last two decades in health care IT, joining UChicago Medicine in 2014 as executive director of applications systems. SUCCESS STORY She was named interim vice president/CIO in 2017, then vice president/ “I’ve always said that in UCM IT we’re the people that take care of the people that CIO in 2018, and promoted to SVP/CIO in 2019. Previously she held IT take care of patients. Watching my teams support the health system during our leadership roles with Baystate Health in Springfi eld, Mass.—including a response to the pandemic in 2020 and now, supporting our vaccination efforts, has stint as interim CIO—and Spectrum Health in Grand Rapids, Mich. She been amazing and humbling. Their dedication, passion and creativity are second to is a member of the American College of Healthcare Executives and the none. I’m so very proud of each and every one of them and am honored to be part of Society for Information Management, and is a certifi ed health care CIO. their team. They make me a better leader and I learn from them each and every day.” As a volunteer, she provides IT consulting services to the Misericordia leadership team in Chicago. HEATHER NELSON SVP & CIO UChicago Medicine

Michael Pegues was appointed to his role in 2017 by Aurora Mayor Richard C. Irvin. An Aurora native and U.S. Army veteran, he began SUCCESS STORY his career in IT support for AT&T and PepsiCo in the Chicago area, “As the City of Aurora’s CIO, the single greatest accomplishment is the development then as a civilian automation offi cer with the U.S. Army in Italy. He and implementation of the technology strategic plan, which promotes a new vision later held senior IT positions at Hewlett-Packard (France), Vodafone for the way our city harnesses the opportunities that IT offers. Transforming Aurora (Hungary) and Morgan Stanley (Hungary, New York City). In his current into a new technologically progressive community will serve both government position, he drives processes and technology change to enhance public agencies and constituents alike.” administration and safety, promote economic development and civic engagement within Illinois’ second largest city.

MICHAEL PEGUES CIO City of Aurora Illinois

John Sudduth has more than 25 years of IT experience and is skilled in defi ning organizational structure, resource requirements and mission/ SUCCESS STORY vision alignment. His industry IT experience includes professional “My greatest accomplishment at MWRD has been transforming an IT department services, legal, retail, government and health care. As an IT leader, he has that was traditionally looked at as a break/ x help desk, into a department that’s a used his CIO roles to make IT a value adding partner rather than a cost strategic thought partner with the business. The COVID-19 pandemic really put my center. Since assuming the CIO role at MWRD in 2015, he has completely team to the test when we were tasked with building a remote work solution over the revamped internal controls and has implemented a standardized IT span of a weekend. I consider this my greatest recent accomplishment because the governance framework resulting in the reduction of IT audit fi ndings from work that the IT department did enabled MWRD to continue its critical mission of 23 to zero in four years. protecting Cook County’s water supply during one of the most challenging periods of our lifetime.” JOHN SUDDUTH CIO & Dir. IT Metropolitan Water Reclamation District of Greater Chicago WHO'S WHO? CHAPTER CHAIR CHAIR EMERITUS CHAIR EMERITUS MEMBERSHIP CHAIR MEMBERSHIP CO-CHAIR PROGRAMS CHAIR OFFICERS

Lisa Dykstra Yvonne Scott David Hoag Danielle Brown Kevin Lowell Brock Morrison Lurie Children's Crowe LLP (ret) Options Clearing Whirlpool UScellular Sasser Family Hospital of Chicago Corporation Corporation Companies

PROGRAMS CO-CHAIR AWARDS CHAIR AWARDS CO-CHAIR PHILANTHROPIC CHAIR WISCONSIN HUDDLE LEADER

Bridget Quinlan Jeanine Charlton Kevin Boyd Scot Berkey Allen Smith Life Fitness Merchants Fleet University of Chicago Illinois Housing Baker Tilly Development Authority *At-Large Advisory Board Member

Michael Adams William Berry Jonathan Beyer Brad Bodell Robert Bushey Maryann Byrdak Bobbie Byrne Jeff Cole* Brunswick Empire Today Evangelical Lutheran Trustmark Companies CohnReznick Feeding America Advocate Aurora OneSpan Corporation Church in America Health

Abhi Dhar Tim Dickson Sabina Ewing Diego Ferrer Sean Freeburger Conal Gallagher Erica Geil Ron Guerrier TransUnion Generac Power Abbott Chicago Department of Aviation Huron Flexera Snyk HP Systems Inc (CDA)

Tracy Harrington Anson Johnson Linda Jojo Praveen Jonnala Andy Jurczyk Rajeev Khanna Steve Laurent Andy Konchan Federal Reserve Bank USG Corporation United Airlines CommScope Seyfarth Shaw Aon GE Healthcare Calamos Investments of Chicago

Vince Martin* Paul Martin Jim Maza Frank Modruson Kuldip Mohanty John Mohr Chris Nash Heather Nelson* Sidley Austin LLP Baxter International Assurance Agency Modruson & Hub International MacArthur Adtalem Global UChicago Medicine Associates LLC Foundation Education

Carleton Nolan* Michael Pegues* Ryan Pikus Jane Possell Patrick Powers Diane Randolph Michael Rapken Madhu Reddy City of Chicago City of Aurora RJW Logistics Group CNA Crowe, LLP Retired 27G Republic Bank of Chicago

Marcio Ribeiro* Marv Richardson- Bill Rocholl Elliott Rodgers Simona Rollinson Jason Ruger* Kader Sakkaria Raj Sampoornam DOM's Kitchen & Health Care Service CCC Information Ulta Beauty Isaca Motorola Ruffalo Noel Levitz, Byline Bank Market Corporation Services LLC

Rob Sarkis Dan Simpson* Thomas South John Sudduth Tim Theriault John Walls Nicole White* American Hospital Grant Thornton Northern Trust Metropolitan Water Wellmark, The ADM Investor Redwood Logistics Association Reclamation District Vitamin Shoppe & Services of Greater Chicago Alliance Data #1 Cybersecurity Company in the World Leading Every Evolution of Cybersecurity Most Deployed Most Validated Most Patented Broadest Portfolio

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2021_CIO AWARDS.indd 118 4/28/21 3:41 PM LAW LAW Advertising Section Thompson Hine, Chicago Freeborn & Peters LLP, Chicago

PEOPLE ON THE MOVE Thompson Hine LLP, a Lillian Grappe full-service business law Lamphere is To place your listing, visit www.chicagobusiness.com/peoplemoves fi rm with approximately an Associate in or, for more information, contact Debora Stein at 917.226.5470 / [email protected] 400 lawyers in 8 Freeborn’s Litigation offi ces renowned Practice Group for its commitment and a member of ACCOUNTING / CONSULTING CONSTRUCTION HEALTH CARE to innovation, is Randolph the Antitrust and pleased to welcome Insurance Coverage Teams. Lillian RSM US LLP, Chicago Interior Construction Group, Inc., Zing Health, Chicago Simone A. Randolph has experience representing Chicago and Layla Dotson publicly traded corporations, local RSM US LLP is pleased Chicago-based Lumpkin to its Chicago businesses, insurance carriers, to announce that Interior Construction insurer Zing Health offi ce as partners in and individuals in contract Noopur McKenna has Group, Inc. (ICG), a proudly names Vince the Real Estate and disputes, real estate disputes, joined the fi rm as a commercial interior A. Lanni as Executive Corporate Transactions unfair trade practices, premises business development general contractor Vice President of liability, noncompetition, and & Securities practice Lumpkin director. Noopur is founded in 1988, is Broker Relations groups, respectively. utilities regulation. Prior to an accounting and pleased to welcome and Telesales. As Randolph focuses on complex Freeborn, Lillian was a Litigation business development professional Jaime Zwierzynski as a top sales executive, Vince commercial real estate and Associate at Phelps Dunbar LLP. with a strong blend of experience Business Development Manager. builds Medicare fi eld marketing fi nance transactions, with over in assurance, advisory and Jaime will primarily focus on organizations that respect and $500 million in closings for lender LAW consulting services. Beginning establishing new and maintaining respond to seniors’ needs. Most clients in just the last two years, her career as an auditor and existing client relationships recently, Lanni built out Oak and advises large real estate Freeborn & Peters LLP, Chicago later leading growth strategies within the commercial real estate Street Health’s broker channels portfolio holders on all aspects at a consulting fi rm, Noopur’s community. She previously and trained agents nationwide in of property ownership. Lumpkin Jacob R. Schuhardt passion and talent in nurturing and held business development productive, compliance-focused concentrates on corporate developing relationships led to her roles in the real estate industry practices. He plays a key role in is an Associate in transactions, including mergers Freeborn’s Litigation successful transition as a business and has a proven track record Zing Health’s market expansion and acquisitions, venture capital development leader at RSM. building brands, landing project as a trusted source of Medicare and Insurance fi nancing, commercial contracts and Reinsurance opportunities and increasing Advantage Health plans. and commercial fi nancing market share. Practice Groups. transactions. Jake has experience conducting research and writing legal memoranda on a variety of issues including SEC disclosure ARCHITECTURE / DESIGN requirements, defamation law, and real estate lease terms. He Kahler Slater, Chicago / Milwaukee handles drafting legal briefs and HUMAN RESOURCES contractual documents, and Kahler Slater has NON-PROFIT reviewing documents for internal named architects CONSULTING United Service Companies, Inc., and government investigations. Al Krueger and Chicago United Way of Will County, Jake was previously an Associate Glenn Roby as CEOs, Ragan Consulting Group, Chicago Joliet at Fried, Frank, Harris, Shriver & fulfi lling strategic United Service Jacobson LLP. Thomas A. Corfman succession plans for Companies is thrilled Kamala Martinez has has been named a the internationally to announce the been named President Krueger senior consultant at PRIVATE EQUITY known architectural, promotion of Miguel & CEO of the United Ragan Consulting strategic advisory and A. Perez, PHR, Way of Will County. FSB Companies, Chicago Group, which design fi rm. Krueger SHRM-CP, to VP of She previously served advises clients on and Roby will lead Human Resources. as CEO of KidsMatter The FSB Companies brand journalism, the implementation Miguel has been with United Foundation and welcomes Coleman public relations and internal of the fi rm’s strategic since 2001, holding various Executive Director of the RR Gunter, CPA to communications. He was plan focusing on the roles including Director of HR Donnelley Foundation. Martinez the team as VP of previously director of growth of our people, for U.S. Aviation Services, and has also sat on many nonprofi t Accounting & Finance. Roby communications for Cook County design excellence and most recently Director of HR boards, including Naperville Prior to FSB, Coleman Treasurer Maria Pappas. Before expanding our reach. In addition for United Service Companies. Cable Television 17, Indian Prairie began her career as joining Pappas in 2017, Tom was to fi rm leadership, both CEOs Miguel is a results-oriented HR Education Foundation, the Art an auditor with PwC. She later a journalist at Crain’s Chicago will continue to serve clients as professional who has proven Institute of Chicago, and Hispanic moved to the advisory practice as Business and the Chicago Tribune, experts in their markets. Krueger his dedication to his role and Alliance for Career Achievement a manager in the M&A fi nancial covering commercial real estate, will continue leading Kahler company. He has excelled at any (HACE). Martinez holds a BA from due diligence group. Coleman will health care and politics. Tom Slater’s nationally recognized challenge presented to him and the University of Iowa and has lead efforts in fi nancial reporting & began his career as a civil rights Healthcare Team and growing the represents a true leader in any been a resident of Will County analysis, cash fl ow management, and criminal defense attorney. fi rm’s strategic advisory services. position. Congrats Miguel! since 1996. and prospective investment due Roby will continue to lead the diligence. Coleman was raised in Corporate, Hospitality and Alabama and is a southerner at Residential Teams including the heart, though she enjoys exploring rapidly growing Chicago offi ce. TECHNOLOGY the city of Chicago with her family. Discovery Partners Institute, Chicago

HEALTH CARE INSURANCE BROKERAGE Discovery Partners BUSINESS SERVICES Institute (DPI) is pleased Sinai Chicago, Chicago Lockton, Chicago to announce that REAL ESTATE Michael Fitzsimons Crescent Cleaning Company, Newcastle Limited, Chicago Chicago Sinai Chicago is Lockton is thrilled and Adriann Anderson pleased to announce to announce the have joined the Mark Tumiel joins the addition of Dr. promotion of Robert Lauren Smith has DPI team. Michael Fitzsimons Newcastle Limited as Olusegun Ishmael Wierema to President joined Crescent Fitzsimons, Associate Senior Vice President, as Associate Chief of its Chicago and Cleaning Company, a Director of Research Human Resources. Medical Offi cer Wisconsin offi ces. This boutique owned and and Development Mark will lead the for Sinai Medical appointment refl ects operated janitorial Programs will work fi rm’s HR function, Group (SMG). Dr. Ishmael will Lockton Midwest’s commitment company serving with the R&D science responsible for provide clinical and operational to its culture, clients and Chicagoland for 50 teams to support cultivating a high-performing oversight for care management, community. Since joining Lockton, years. Crescent specializes in them in acquiring culture and talent strategies. He clinical leadership and quality Robert has proven himself as a both union and non-union work new funding, fi nding brings a 20-year track record for SMG/Physician Enterprise. leader in business growth and Anderson in commercial offi ces, museums, academic and in creating unique employee He will be focused on clinical culture. In his expanded role, medical offi ces, education, industrial partners, and generally experiences, developing talent innovation and value-based he will work closely with service industrial, and construction supporting their research goals. and building employer of choice care models. Dr. Ishmael brings teams while continuing to serve cleans. As Business Development Adriann Anderson, Senior organizations. He is a member of extensive experience providing on the Midwest Executive Manager, Lauren brings over Coordinator of Business the Society for Human Resource care to underserved populations Committee and advise his clients 10 years of sales, new client Operations supports the business Management and has been an through emergency, family and on risk management and human acquisition, project management, and administrative function for all active volunteer with numerous preventive medicine. capital strategies. and new product development parts of the Discovery Partners LGBTQ+ organizations. success to the Crescent team. Institute operations. 32 MAY 10, 2021 • CRAIN’S CHICAGO BUSINESS After a slow 2019 and brutal 2020, retail sales are poised to rise 6 percent this year As bad as last year was, local sales would have fallen even further without a boost from pot sellers BY ALBY GALLUN

fter su ering from malaise in 2019 and full-blown Apanic in 2020, local retail businesses have reason for opti- mism in 2021. Chicago-area retail sales plunged 8.66 percent in 2020, dragged down a pandemic that closed shopping malls and restaurants and encouraged housebound consumers to shop online, according to a report from Melaniphy & Associates. It was the  rst annual decline since 2009, during the Great Reces- sion, when sales fell 8.74 percent. But vaccinations, federal stim- ulus checks, a rebounding econ- omy and pickup in tourism will help the market recover a big share of its losses, according to Melaniphy, which forecasts a 6 percent sales increase in 2021. “ e good news is we’re look- ing in the rearview mirror, and

things can’t get worse,” says John REY/UNSPLASH ARTURO Melaniphy, president of Chica- go-based consulting  rm. “ ey COULD HAVE BEEN WORSE can only get better.” Chicago-area retail sales fell 8.7 percent in 2020 as the coronavirus pandemic walloped restaurants, bars and apparel merchants. STORES SHUTTERED TOTAL CHICAGO AREA RETAIL SALES 2020 CHANGE FROM 2019  e pandemic pummeled retailers, restaurants and their $140 billion Automotive and lling stations −6.1% landlords last year. Many nation- 120 Drugs and miscellaneous stores −0.9% al chains closed stores or  led Food stores 6.4% for bankruptcy and some just 100 Drinking and eating places −30.8% stopped paying their rent to con- $125.77 billion serve cash. Malls including Gurn- 80 Agriculture and all others −9.5% ee Mills, the Louis Joliet Mall and General merchandise −9.9% Yorktown Center ran into loan 60 Home improvement 13.3% trouble. Lenders  led foreclosure suits against the North Riverside 40 Furniture and electronics −12.0% Park Mall and the Arboretum of Apparel and accessories 20 −39.0% South Barrington. Manufacturers −5.7% Government restrictions to 0 slow the spread of the corona- 1990 1995 2000 2005 2010 2015 2020 Total −8.7% virus took an especially heavy Note: 2021 is a projection. Source: Melaniphy & Associates toll on the retail sectors. Nones- sential retailers shut down com- pletely in the early days of the Two other bright spots limit- didn’t have to dress for work,” Some mall owners are trying to cludes the Wood eld mall, from pandemic; restaurants were lim- ed the losses. Sales rose 6.4 per- Melaniphy says. adapt by redeveloping their prop- 2019 to 2020, according to a re- ited to carryout and, later, severe cent, to $18.0 billion, at grocery It was an especially brutal year erties with new uses, like apart- cent analysis by the Chicago Sun- restrictions on seating. stores, as more consumers ate at for retail in the city of Chicago, ments. But the pandemic has dis- Times. Online retailers also o ered home and stocked up on essen- which su ered both from the rupted a major makeover at one,  ough malls remain vulner- consumers a COVID-safe op- tial items like toilet paper, paper coronavirus pandemic and from Northbrook Court, which has lost able to e-commerce, Melaniphy tion that sucked shoppers out towels and cleaning products, looting and rioting over the sum- two department stores and is fac- sees brighter days ahead, at least of stores. U.S. e-commerce sales according to the Melaniphy re- mer. Retail sales in the city dove ing an uncertain future as its own- this year. jumped 32 percent in 2020 after port. And home improvement re- 20.7 percent last year, to $24.0 er and lender mull a sale. “As more consumers receive tailers notched a 13.3 billion, pulled down by a 45.2 per- vaccinations, mall tra c is go- percent jump, to $7.0 cent decline at bars and restau- SUBURBS HIT HARD ing to increase signi cantly,” he “AS MORE CONSUMERS RECEIVE billion. rants. Tourism all but vanished, Suburbs with big malls suf- says. “ e consumer is going to VACCINATIONS, MALL TRAFFIC IS “Many consumers depressing sales on North Mich- fered especially large declines unleash all that pent-up demand who were working igan Avenue and in other shop- in retail sales last year. Sales fell and do some revenge shopping.” GOING TO INCREASE SIGNIFICANTLY.” from home under- ping districts. Sales at downtown 19.3 percent in Skokie, the home Recent news o ers more rea- took home improve- bars and restaurants crashed as of the West eld Old Orchard son for optimism.  e return of John Melaniphy, president, ment projects since professionals in the city’s o ce mall, and 20.5 percent in Boling- the Chicago Auto Show in July Melaniphy & Associates home improvement towers worked from home. brook, home of the Promenade could bring in tens of thousands stores remained open “ e city was just decimated of Bolingbrook.  ey fell 13.8 of visitors to Chicago and opens rising 14.9 percent in 2019. since they were deemed essen- because of the virtual evapora- percent in Schaumburg, the lo- the door to more big trade shows. But it could have been worse. tial businesses,” the report says. tion of the downtown daytime cation of the Wood eld Center, Citadel, the big Chicago-based Melaniphy, which compiles its But sales fell in eight of the 10 population,” Melaniphy says. the area’s biggest mall, according hedge fund manager, says it ex-  gures from state Department of categories tracked by Melaniphy. COVID-19 also victimized to Melaniphy. pects most of its U.S.-based em- Revenue data, forecast a bigger  e big losers: restaurants and shopping malls. Many closed last  e sales drop has made life ployees to be back in the o ce drop, 10 percent, in Chicago-area bars, which su ered a 30.8 per- March, reopening as the pandem- di cult for state and suburban by June 1; other big local em- sales last year. One reason sales cent drop, to $13.5 billion, and ic eased in late May. But malls al- governments that depend heavi- ployers could follow suit. And the fell only 8.66 percent: pot. Recre- apparel, with a 39.0 percent de- ready were struggling before the ly on sales taxes to  nance their state and city of Chicago aim to ational marijuana sales, which be- cline, to $3.2 billion. health crisis amid the slow de- budgets.  e total sales tax fell lift coronavirus restrictions and came legal on Jan. 1, 2020, added “So many consumers were mise of department stores, their 29.3 percent, or $22.3 million, in fully reopen the local economy more than $1 billion to the total. working from home so they traditional anchor tenants. the 60173 ZIP code, which in- by July.

P032_CCB_20210510.indd 32 5/7/21 3:50 PM CRAIN’S CHICAGO BUSINESS • MAY 10, 2021 33 Will Zell’s big bet on industrial real estate pay off? The billionaire investor, one of the most famous contrarians in nance, is jumping into an especially hot sector. He insists he’s not too late to the party.

BY ALBY GALLUN little late to the industrial party,” er by selling Equity Oce in a $39 Michael Bilerman, an analyst at billion blockbuster deal in 2007, If there’s anything Sam Zell Citi, said on a conference call May as the economy and oce market doesn’t like to do, it’s running with 5 with Zell and other Equity Com- were peaking. the herd. “When everyone is going monwealth executives. at’s one reason few investors left, look right,” is a favorite saying Zell wouldn’t concede the point, are willing to bet against Zell, a of his. saying “I don’t think we’re too late” 79-year-old with a $5.4 billion for- So why would one of the most in an industrial sector “that has a tune, according to Forbes. Nick- famous contrarians in nance pile very signi cant amount of room named the “Grave Dancer,” he’s into a frothy industrial real estate yet to grow.” It’s too early to buy best known as a buyer of distressed market that’s already awash in retail property and it’s hard to nd assets, but Zell describes himself capital from other investors? Some attractive deals in the oce sector, as a “professional opportunist,” an real estate pros are asking that he said on the call. Plus, Equity investor with a much broader rep- question after hearing about plans Commonwealth is sitting on a big ertoire. by a Zell-led company, Chica- pile of cash to expand its industrial He saw an opportunity in go-based Equity Commonwealth, portfolio. 2014 when he teamed up with an to take over a New Jersey-based in- “Yes, the industrial space is very investor group to take over the dustrial landlord, Monmouth Real crowded at the moment,” Zell said. leadership of a company called Estate Investment, in a $3.4 billion “But I don’t think it’s crowded with Commonwealth REIT. e New- deal. too many people with $5 billion of town, Mass.-based oce landlord e industrial market is our- buying capability and cash on the faced criticism for poor manage-

ishing during a pandemic that has balance sheet. And it’s going to be ment and conicts of interest that BLOOMBERG crushed other sectors, especially up to us to take advantage of that depressed its share price. Dissi- Sam Zell, best known as a buyer of distressed assets, describes himself as a “professional opportunist.” retail and hotels. With more peo- set of circumstances.” dent shareholders tossed out the ple shopping online, demand for board and brought in Zell and e REIT owns 120 properties to- Still, Blackwells could compli- warehouse space is booming as FLASHBACK longtime lieutenant David Helfand taling 24.5 million square feet, in- cate matters for Zell by sweetening retail, logistics and e-commerce e Monmouth acquisition may to run the company. cluding nine in Illinois, and it’s not its bid for Monmouth. Equity Com- rms like Amazon expand their remind some of another big deal ey quickly moved the business struggling with low occupancies or monwealth’s friendly all-stock deal supply chains. Property values are in a hot real estate market: the $7.2 to Chicago and renamed it Equity bad debt. works out to $19.40 per share, or also soaring—not exactly a stylis- billion takeover in 2001 of Spieker Commonwealth, an adopted sib- But Monmouth has obvious par- $19.58 including an extra dividend Properties by Eq- ling for Zell’s other two REITs, Eq- allels to Commonwealth circa 2014. payment. Blackwells criticized the uity Oce, an uity Residential, a big apartment Its management and board also are oer as “wholly inadequate” and ”I DON’T THINK THE SECTOR IS CROWDED oce real estate landlord, and Equity Lifestyle Prop- facing criticism for insider-friendly said it will “consider its options” WITH TOO MANY PEOPLE WITH $5 BILLION investment trust erties, a mobile-home park owner. arrangements and poor stock per- after reviewing merger documents. led by Zell. Since then, Equity Common- formance. Two shareholders have at raises the prospect of a bid- OF BUYING CAPABILITY.” Zell faced a lot wealth has been selling o build- been agitating for change. ding war for Monmouth, some- of criticism from ings and amassing a war chest for One of them, Blackwells Capi- thing that Equity Commonwealth Sam Zell, chairman, Equity Commonwealth analysts and in- a big acquisition. It owns only four tal, a New York-based hedge-fund executives almost certainly have vestors for buy- oce properties today. After the manager, made an unsolicited gamed out. Monmouth shares tic t for an investor like Zell who ing Spieker, which had a heavy pandemic sent the economy and $18-per-share cash oer for Mon- closed May 5 at $19.35, up 6 per- seeks out-of-favor assets. concentration of oce buildings real estate market into the dumps mouth in December. Even though cent but below Equity Common- “One could argue if Sam Zell in tech-heavy markets, just as the last spring, many investors pon- it’s hard to nd value in the in- wealth’s oer, suggesting that in- came around and put a stake in tech market was crashing. Zell dered the possibility of a major dustrial market today, a takeover vestors don’t expect higher bids. the ground on retail or returning managed to write a happy ending distressed deal. could create value for Monmouth Many may be wondering how into the oce, that may have more to that story. He burnished his at’s why some may have been shareholders merely by putting its much Zell is willing to pay to join meaning than being arguably a reputation as a savvy market tim- surprised by the Monmouth deal. portfolio under new management. the herd. Amtrak expansion plan gets wide backing here An unusual alliance of business, labor and civic groups asks Illinois members of Congress to support the president’s call to spend $80 billion on rail, with new or expanded service from Chicago to destinations throughout the Midwest e letter speci cally endorses the letter says. “When paired BY GREG HINZ a “vision statement” Amtrak re- with ongoing eorts in Illinois An unusual coalition of labor, leased after Biden included $80 and Michigan to increase train business and civic groups is get- billion for the passenger carrier speeds to 110 mph, a bold vision ting behind President Joe Biden’s and other railroads in his $2 tril- of modern, fast, comfortable and plan to expand Amtrak service as lion infrastructure plan. Also sign- convenient passenger rail service part of his big infrastructure plan, ing the letter were the Environ- for the Midwest emerges.” at’s saying it oers “tremendous bene- mental Law & Policy Center and already the case on parts of the St. ts to our state and region.” the Illinois AFL-CIO. Louis line. In a letter sent to all members What’s not clear, even if Biden’s of the state’s congressional dele- WISH LIST bill is approved, is whether the gation—Democrats and Repub- Included on Amtrak’s wish list federal government will provide licans—groups including the city are improvements on existing any operating funding and not and state chambers of commerce, service from Chicago to St. Louis, just capital funds for the new and the Chicago Federation of Labor faster speeds and decreased trav- expanded service, which likely and the Civic Committee of the el time between Chicago and the will lose money on an operating Commercial Club of Chicago say home of the University of Illinois basis. better connecting Chicago with at Urbana-Champaign, upgrades Biden’s bill also oers huge other Midwest cities will pay o in on lines to Milwaukee and Detroit, funding for nontransportation

the long term. and new service to the Quad Cities items that are not normally consid- BLOOMBERG “Chicago is the hub of the Mid- and Rockford. ered infrastructure, such as home Amtrak would get billions under Biden’s infrastructure plan. west,” one signer, Chicagoland Adding links state by state health care for seniors. A smaller, Chamber of Commerce President eventually would allow train trav- $568 billion plan oered by Senate e two parties, including Re- hike the corporate income tax rate Jack Lavin, said in a phone inter- el between Chicago and Colum- Republicans does include money publicans in Illinois’ delegation, from 21 percent now to 28 percent, view. “If we get high-speed rail and bus; Ohio; Madison, Wis.; Dulu- for railroads: $20 billion, not nearly also are split on how to pay for undoing most but not all of the more investment, it’s good for us.” th, Minn.; and Iowa City, Iowa, as much as Biden’s bill. the plan, with Biden proposing to Donald Trump cuts.

P033_CCB_20210510.indd 33 5/7/21 3:49 PM NOMINATION PROGRAMS to honor any deserving colleague

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MINORITIES IN COMMERCIAL BANKING

NOMINATION DEADLINE: MAY  PUBLICATION DATE: JULY

Crain’s Notable Minorities in Commercial Banking feature will list minorities who are managing people and millions –if not billions– of dollars at some of Chicago’s largest commercial banking institutions.

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LGBTQ EXECUTIVES NOMINATION DEADLINE: JUNE  PUBLICATION DATE: AUGUST  Crain’s Notable LGBTQ Executives will recognize leaders from a wide range of sectors who have demonstrated the power to advance their industries, workplace equality and civic engagement in Chicago.

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21cb0209.pdf RunDate 5/10/21 FULL PAGE Color: 4/C 35 MAY 10, 2021 • CRAIN’S CHICAGO BUSINESS

Manufacturers struggle with supply shortages SUPPLY CHAIN BREAKDOWN Shortages of various parts and material are slowing production and driving up costs for SUPPLY from Page 1 record-long lead times, wide-scale Transportation costs are on the manufacturers. shortages of critical basic materials, rise, too. Scarcity of ocean contain- Khan, director of sourcing at Morey, rising commodities prices and di - ers, made worse in March when a LEAD TIMES FOR RAW MATERIALS AVERAGE PRICES FOR HIGH DENSITY which makes wireless controllers culties in transporting products are container ship blocked the Suez Ca- In days POLYETHYLENE RESIN and communication devices for use continuing to a ect all segments of nal for six days, caused the price of 100 Per pound for industrial and automotive uses. the manufacturing economy,” the ocean freight to nearly double, says $1.20 He previously worked at Motorola, group says. Craig Russell, CEO of Monitor Tech- 80 1.00 Honeywell and Illinois Tool Works. Lead times for production materi- nologies in Elburn, which makes Shortages, which triggered alarms als rose to 79 days in April, the high- sensors to monitor level,  ow and 60 79 0.80 in February when they idled big auto est since March 2018, says Tim Fiore, moisture levels of dry chemicals, $1.08 plants in Chicago and Belvidere, chairman of the PMI survey. grain, cement and plastics. 40 0.60 have spread to other industries and Nicole Wolter, president of HM For some critical parts, he turned 0.40 from chips to more pedestrian ma- Manufacturing in Wauconda, is to air freight. “It’s 10 times as expen- 20 terials such as plastic, metals, wood feeling the squeeze from all sides sive,” he says. “Flights were reduced. 0.20 pallets and cardboard boxes. as commodity prices have soared People were scrambling to get space 0 MA MJJASOND JF MA MJJASONDJF MA “It’s not just chips: It’s everything,” across the board to the highest levels on aircraft.” 0 2020 2021 says Haven Allen, CEO of mHub, an in 10 years. Loyola University logistics profes- 2020 2021 advanced-manufacturing incubator “ e supply chain right now is sor Maciek Nowak calls it “a perfect Sources: Purchasing Managers Index, Institute for Supply Management, Plastics News 100 in Chicago. a complete disaster,” says Wolter, storm” of small catastrophes that 1.2 e global supply chain is sput- whose father, Kenneth, started the collided with the just-in-time manu- ways carried more inventory than semiconductor shortage could drag tering just as the economy is starting 22-employee maker of gears, shafts facturing ethos of keeping inventory its bankers would like, Russell says. on through1.0 2022 because manufac- 80 to recover from COVID-19. Compa- and pulleys in 1979. low to free up capital. “You wouldn’t “We’re conservative generally, so turers can’t easily increase produc- nies that can’t get parts have to turn Prices of metals, the primary raw have predicted this series of events,” we keep some extra inventory. at tion due0.8 to the time and expense of 60 down sales, slowing their growth as material for the company’s prod- he says. “It has exposed so many saved us. We haven’t had an issue yet building chip plants. 0.6 rising material costs squeeze their ucts, have skyrocketed this year. Alu- gaps in our supply chain.” where we can’t deliver something.” In the meantime, companies are 40 pro ts. minum is up 41 percent, and steel 37 Morey, the electronics manufac- looking0.4 for suppliers close to home, “I have a shortage of parts, not or- percent. STOCKPILES turer, also has brought some inven- says Chandra Brown, CEO of MxD, 20 ders,” Khan says. “Something as basic as pallets: Once seen as a curse, inventory tory in-house rather than relying on an advanced0.2 manufacturing insti- Spread across the economy, With the lumber shortage, I’m hav- stockpiles are now enviable. vendors to manage it. “As the market tute in Chicago whose members 0 these e ects threaten to dampen ing a hard time getting pallets,” Panduit, a maker of electrical and gets tighter and tighter, you don’t include0.0 Boeing, Deere and Siemens. MA the recovery and fuel in ation. New Wolter says. computer networking products in want to pay extra or lose parts to “You’re only as good as your weakest York-based investment  rm Gold- Suley Muratoglu, CEO of Proven Tinley Park, so far has largely side- competitors,” Khan says. link. Manufacturers will be asking: man Sachs estimates the drag from Partners Group, a manufacturer of stepped shortages of plastic resins As shortages pinch, competition ‘What in our supply chain needs to semiconductors alone could reduce bake mixes and other dry food items caused by historic winter storms for parts and materials is intensify- be more local?’ ere will be more U.S. gross domestic product by 0.5 in Elgin, is struggling to get card- in Texas and Louisiana that idled ing. An executive at a large electron- near-shoring and re-shoring.” to 1 percentage point in 2021 while board boxes for his products. “ e plants. Brett Lane, Panduit’s chief ics distributor says some big global at’s good for Wolter’s company. adding 0.1 to 0.4 percentage point to lead time on orders has increased technology o cer, says the compa- customers are paying millions in “I have so much quoting opportuni- in ation. Motorola Solutions CEO from three to 14 weeks,” he says. ny began increasing inventory early fees to expedite shipments and in- ty I never had before,” she says. Greg Brown said May 6 that its rev- “You’re purchasing inventory that in the pandemic in anticipation of a structing distributors to buy up all Wolter expects sales to be up 17 enue growth for the year would be you don’t have orders for.” surge in demand later. the available inventories of critical percent in the second quarter from higher than the 8 to 9 percent it’s Companies face uncertainty at ev- “We were ready,” he says. “We’re parts. e executive, who declined to a year ago, when revenue slipped 10 forecasting without semiconductor ery turn, making it hard to plan. a global supplier. We have inven- be named because of nondisclosure percent because of the pandemic. “I supply constraints. “My suppliers are getting price in- tory scattered about. We’ve been agreements with customers, says can’t complain because we’re very A sign of the impact came when creases from the mills,” Wolter says. able to o er availability that others many companies now want to hold busy. But when you can’t get materi- the Institute for Supply Management “I’m getting prices that are good can’t.” Nonetheless, he says, “‘We’re as much as six months of inventory, als, it’s di cult,” Wolter says, noting reported that its Purchasing Manag- for 24 hours. I can’t even forecast. I stretching the supply chain to its compared with 30 to 40 days before. that one of the orders that’s been de- ers Index for manufacturing slipped can’t get some material until June, breaking point.” Disruptions in plastics could ease layed because of supply constraints 4 points to 60.7 last month. Any read- July, August. Some are as bad as Monitor Technologies, which by June, although prices might re- is for timing-belt pulleys used to ing above 50 signals growth. “Recent September.” employs about 40 in Elburn, has al- main high because oil is rising. e manufacture semiconductors.

Here’s a Chicago rarity in recent years: a big, splashy bank deal FALLING DOMINOES If West Suburban Bank is sold, its sale BANKS from Page 1 licly traded local lenders seeking the region’s 18th-largest bank by leader JPMorgan Chase. price likely will be the highest the Chicago to grow and add market share, deposits, according to FDIC data. “We’re very interested in (merg- market has seen for a privately held bank to be mainly those already here that including Rosemont-based Win- First Midwest CEO Michael Scud- ers and acquisitions) now that the in five years. are looking to add on, particularly in trust Financial, Chicago-based der told analysts last month that credit fog is kind of lifted here,” DuPage County. As of June 30, West First Midwest, Chicago’s Byline merger discussions generally were CEO Eccher said on an April 22 LARGEST PRIVATELY HELD BANK Suburban was the eighth-largest Bancorp and Aurora-based Old beginning to resume after the in- earnings call. “Obviously, our capi- SALES SINCE 2016 bank by deposits in DuPage, with Second Bancorp, sources say. dustry largely paused dealmaking tal levels are pretty robust. I will say Standard Bankshares $1.9 billion, or nearly 4 percent of during the pandemic year. “I think that conversations are active. . . .So Hickory Hills the market, according to the Federal FAMILY TIES consolidation in the space is likely we are ready and very interested in Buyer: First Midwest Deposit Insurance Corp. Low pro le for its size, West to continue,” he said April 21. “So to  nding a strategic partner.” Price: $361 million Whether a deal for West Subur- Suburban was launched in 1962 the extent that we see those oppor- A buyer will be acquiring West Announcement date: June 28, 2016 ban is clinched and at what price by the Acker family, which still tunities that align with strategically Suburban for its deposits rather First Community Financial Partners will say something about the zeal is the largest shareholder. Kevin where we want to go and what we than its assets or lending capabili- Joliet for continued consolidation of think is in the best interest of the ties. Loans on West Suburban’s bal- Acker, son of co-founder Ralph Buyer: First Busey Chicago’s banking industry, as Acker, is the chairman. His broth- franchise and the shareholders, ance sheet make up just 55 percent Price: $242 million well as the importance of retail er, Keith Acker, is bank president we’ll certainly look to take advan- of its deposits. Most banks want a Announcement date: Feb. 6, 2017 100 banking. e parent of Glenview and didn’t respond to calls re- tage of those.” loan-to-deposit ratio of at least 80 State Bank, another longtime sub- questing comment. e bank, along with Byline percent. at leaves West Subur- Cummins-American * urban lender prized by would-be Representatives of Wintrust, First Bank, has been the local industry’s ban investing in a lot of low-yield- Glenview buyers for its upper-middle-class Midwest and Byline declined to most aggressive buyer of banks ing securities, which has led to re- Buyer: First Busey 80 deposit base, agreed this year to comment. James Eccher, CEO of like West Suburban in recent turns on equity in the single digits. Price: $191 million sell without testing the market to Old Second, didn’t respond. years. Champaign’s Busey Bank, Loan demand has been tepid Announcement date: Jan. 19, 2021 100 Champaign-based First Busey. First Midwest, with $21 billion too, has shown an appetite in re- while COVID-induced uncertainty First Evanston Bancorp 60 If West Suburban sells, that will in assets, is perceived as the most cent years, but it’s consumed with has loomed, but bankers believe Evanston leave just four privately held banks likely buyer if only because it ap- closing the acquisition of Glen- demand will accelerate in the latter Buyer: Byline Bancorp 80 in the area with more than $2 bil- pears to have the most to gain. e view State Bank. half of the year as companies seek Price:$169 million 40 lion in assets. 11th-largest bank in the six-coun- For Old Second, a deal for West to meet pent-up demand from cus- Announcement date: Nov. 27, 2017 A sale also will reveal how bank- ty area by deposits, First Midwest Suburban would nearly double tomers. With interest rates still low, Bridgeview Bancorp ers are thinking about Chicago’s has a branch network that’s strong its size and also prevent rivals having cheap deposits to support 60 Bridgeview suburbs. Twenty years ago, the in the southern and northern from strengthening in Old Sec- lending will be key to maintaining 20 Buyer: First Midwest western suburbs were perceived as suburbs but sparse west of the ond’s west suburban stronghold. bank pro t margins, which have Price: $145 million a fast-growing region. Today, while city. It has just seven locations in Old Second was the third-largest slipped along with rates. Announcement date: Dec. 6, 2018 40 sprawling, west suburban Chicago DuPage and Kane counties, while bank by deposits in Kane County Keefe Bruyette & Woods is han- 0 is considered more mature. West Suburban has 31 full-service as of June 30, according to FDIC dling the sales process for West Source: D.A. Davidson *Glenview State Bank Suitors include several pub- branches there. West Suburban is data, behind Wintrust and market Suburban. 20

P035_CCB_20210510.indd 35 5/7/21 5:16 PM 0 36 MAY 10, 2021 • CRAIN’S CHICAGO BUSINESS

æ`ÛiÀ̈Ș}-iV̈œ˜ Chick- l-A MIGRATING TO CHICKEN Burgers are still king, but chicken is growing. Sales at burger-focused chains dropped 2.9 CLASSIFIEDS percent between 2019 and 2020, whereas sales at chicken joints increased 7.6 percent. To place your listing, contact Claudia Hippel at 312-659-0076 CHICKEN SALES or email [email protected] .www.chicagobusiness.com/classi eds Sales at U.S. limited-service restaurants focused on chicken (includes chains like Popeyes, Chick-fil-A and KFC) 2015 $20.6 billion

BUSINESS FOR SALE CAREER OPPORTUNITIES 2019 $29.9 billion WOMEN’S HEALTH CLINIC FOR SALE SOFTWARE ENGINEER Seeking buyers for Access Health Center, Ltd. (Citadel Americas LLC – Chicago, IL) 2020 $32.2 billion A Women’s Health Clinic and Family Planning Dsgn, dvlp, test & deploy next gen sftware and birth control practice in Downers Grove, solutions for rsrch, trad’g & bus ops activities. Popeyes BURGER SALES Illinois, a western suburb of Chicago. F/T. Reqs a Bach degree (or foreign equiv) in U.S. sales at burger-focused limited-service restaurants e practice is $750,000 and CS, Software Engin, or a rel tech fi eld & 3 yrs Real Estate of $1.1 Million. Contact Us: of exp in the job o ered or in object-oriented 2015 $103.5 billion CELL: 8475338772 • OFFICE: 8472557400 programm’g w/ C# or sim lang. All stated [email protected] • veras@o† cegci.com exp must include the follow’g: end-to-end sftwre dev; object-oriented programm’g 2019 $117.2 billion & dsgn; C, C++, Python, C# or JavaScript; data structures, algorithms & computer 2020 $113.8 billion CAREER OPPORTUNITIES architecture; & Distributed Computing, Natural Language Process’g, Machine Learn’g, Source: Euromonitor International AVNET, INC. seeks Platform Dvlpmnt, Network’g, Sys Dsgn or DESIGN ENGINEER II Web Dvlpmnt techniques. Exp may be gained to architect, code, synthesize, simulate, concurrently. Resumes: Citadel Americas test and debug electronics systems in LLC, Attn: ER/LE, 131 S Dearborn St, 32nd Fl, Chicago, IL. REQ’D: Bachelor’s degree in Chicago, IL 60603. JOBID: 4875736. The early results on McDonald’s chicken foray Comp. or Electrical/Electronics Eng or closely related or foreign equivalent) & 3 yrs CHICKEN from Page 1 ‘Look, this is kind of the start of our quick-service restaurants in 2020, of progressive exp. in designing embedded chicken journey.’ ere’s more to up from 41 percent in 2019, accord- LEGAL SERVICES systems for IoT-related applications w/ the chicken sandwich war was come.” ing to Technomic. hardware/fi rmware programming exp. Background checks & drug screening req’d. well underway and the battle eld Indeed, McDonald’s USA Pres- “Everybody is doing a chicken Resume [email protected] and DADS’ RIGHTS! was crowded. Competitors like ident Joe Erlinger told investors sandwich right now, and people REFERENCE JOB CODE 890SL. KFC, Burger King and even Taco last year that chicken will be at are still sort of in that comparative Bell have launched crispy chicken the heart of the company’s growth space where they’re thinking about items. ey’re all chasing Chick- strategy and that the new sand- this compared to Chick- l-A. It’s CAREER OPPORTUNITIES l-A, which is a growing compet- wiches in particular will oer the always going to be compared to Follow Our Victories ! itive threat to McDonald’s, and biggest opportunity. On the earn- Chick- l-A, the long-standing gold ENOVA FINANCIAL HOLDINGS, LLC seeks Popeyes, whose sandwich started ings call, executives said the chick- standard,” Byrne says. “If it’s just LEAD SOFTWARE ENGINEER the recent craze. en sandwiches—along with the not there, that doesn’t necessarily in Chicago, IL to help diagnose and recommend approaches to address data LOANS But experts say that in a contest return of Spicy Chicken McNug- mean it’s not a successful item . . . scaling issues in the code base. Apply at like this one, a chain doesn’t nec- gets, stimulus checks and other it just means that it may not neces- https://www.jobpostingtoday.com/ MULTIFAMILY REAL ESTATE LOANS essarily need to become No. 1 to factors—helped lift U.S. same-store sarily be that really strong driver of REF# 49746. $500,000 to $5,000,000 succeed. In fact, McDonald’s new sales growth to 13.6 percent in repeat visitation that you want your Great Rates and E cient Closing Times DEVON BANK oerings could be considered at the rst quarter. And in April, the menu items to be.” CALL 7734232527 least a partial success if they keep chain began testing chicken-based ere’s also the possibility that CAREER OPPORTUNITIES CHICAGO • ORLAND PARK • BRIDGEVIEW customers from defecting to rivals breakfast sandwiches in Ohio and McDonald’s chicken sandwich MEMBER FDIC. EQUAL HOUSING LENDER. oering chicken sandwiches. Sacramento, Calif. sales are primarily driven by ex- PHYSICIANS NEEDED McDonald’s restaurants are sell- isting customers switching from Seeking Physicians for a Surgical Center in North West and Western Suburbs of Chicago. ing about 260 crispy chicken sand- burgers and other menu items ANESTHESIOLOGY • ENT RESIDENTIAL REALESTATE wiches per day on average, accord- “MCDONALD’S HAS SAID, rather than new customers ocking INTERVENTIONAL RADIOLOGY ing to a recent franchisee survey by to the chain for chicken. If so, the PAIN MANAGEMENT • UROLOGY BUILD IN BUCKTOWN! Kalinowski Equity Research. One- ‘LOOK, THIS IS KIND OF new sandwiches won’t do much to PLASTIC SURGERY • GYNECOLOGY BUILD YOUR DREAM! boost customer trac, a long-term Customize your Covid Compound third of respondents said sales THE START OF OUR CHICKEN Contact Us: were higher than expected, and challenge for McDonald’s. Still, CELL: 847-533-8772 • OFFICE: 847-255-7400 On a 48x100 lot close to 606, 6 corners etc. [email protected] • veras@o† cegci.com Call/text JAMES for specs 773 368 1977 only 10 percent said the sandwich- JOURNEY.’ THERE’S MORE they could succeed as a defensive es were selling below expectations. measure by keeping existing cus- “Long term, the chicken prod- TO COME.” tomers from leaving to nd a chick- ucts are going to be a real positive, Mark Kalinowski, CEO, en sandwich elsewhere. but it’ll be hard to tell with all the Kalinowski Equity Research new and changing elements in COMPLEXITY OUR READERS ARE today’s business. But I’m glad to During the pandemic, McDon- 125% MORE LIKELY have them,” wrote one franchisee But are the new sandwiches good ald’s sped up drive-thru times by responding to Kalinowski’s sur- enough to steal customers from reducing menu complexity, which TO INFLUENCE vey. Said another: “e second and competitors and establish McDon- ultimately helped boost same- OFFICE SPACE third quarters are going to be great ald’s as a go-to for chicken? Early store sales growth. e chicken for same-store sales. Not too sure indicators suggest that McDonald’s sandwiches add a little complexity DECISIONS about the fourth quarter and 2022. still has some work to do there. back. at could be worth it, as long Chicken intro advertising ends “I don’t have Chick- l-A near my as the sandwiches do more than now, so we’ll see how the product stores, so the chicken products are just cannibalize sales from oth- sales hold up.” well-received,” said one franchisee er menu items, says Morningstar who responded to Kalinowski’s analyst Sean Dunlop. AD SUPPORT survey, but none mentioned pull- McDonald’s Erlinger told an- CEO Chris Kempczinski said ing customers away from the alysts on the earnings call that during McDonald’s most recent chicken champ. executives consider the launch earnings call that the company Tellingly, none of the consum- successful and that McDonald’s is understands it needs to support ers polled in a rolling survey from “selling substantially more chicken the sandwiches “over a longer pe- market research rm Technomic sandwiches compared to our pre- riod of time,” rather than putting described McDonald’s chicken vious chicken sandwich line.” “a bunch of media weight against sandwich as a “craveable item.” McDonald’s is planning a loyal- Find your next it for a quarter and then move on.” In contrast, 32 percent of recent ty program that could help boost Even so, sales of a new item typ- Chick- l-A customers and 29 per- repeat purchases of the sandwich, corporate tenant or leaser. ically drop by one-third when a cent of recent Popeyes customers says Dunlop. But McDonald’s big- national advertising push ends, called those chains’ chicken sand- gest challenge will be establishing says Mark Kalinowski, CEO of wiches craveable. itself in consumers’ minds as a the research rm. But even at 175 at could indicate McDonald’s place to get chicken. sandwiches per day, the premi- chicken sandwich isn’t driving vis- “For quick-service chains, so um-priced product would still gen- its to the chain, says Robert Byrne, much of these products is build- erate 8 to 11 percent of a U.S. Mc- director of consumer and industry ing a following,” Dunlop says. Donald’s restaurant’s annual sales. insights at Technomic. e need “Chicken sandwich sales are prob- Connect with Claudia Hippel at “at’d be a very successful to satisfy a craving is one of the ably not top of mind for most con- [email protected] for more information. menu item,” Kalinowski says. “On top reasons people visit restau- sumers when you think of McDon- top of that, McDonald’s has said, rants. It drove 43 percent of visits to ald’s still.”

P036_CCB_20210510.indd 36 5/7/21 4:45 PM CRAIN’S CHICAGO BUSINESS • MAY 10, 2021 37 Developer aims to bring some urban verve to suburban malls sapped of energy ANDERSON from Page 3 attributed the “unusual record-set- ting pace” mainly to the shopping e two projects represent an- center right out the front door. Re- other step in the evolution of Tim tail tenants include REI, Athleta, the Anderson, who has found a sweet Dailey Method and about a dozen spot in developments that combine restaurants. apartments with lots of retail space. e Atworth isn’t next to a Metra A former architect—and self-pro- station, a convenience important claimed Ludwig Mies van der Rohe to some commuters, but it’s near fan—Anderson moved into residen- something in the shopping center tial development in the 1980s, strug- that Anderson considers even more gled through the condo crash and valuable: a Whole Foods Market. A then pivoted into apartments when recent study found that apartment the multifamily market took o after buildings with a ground-oor Whole the Great Recession. Foods achieve a 5.8 percent rent pre- Focus, founded by Anderson in mium over comparable buildings 1993, has developed buildings both nearby. short and tall in places that include “I’d bet more on Whole Foods Wheaton, the West Loop, the Illi- than I would a train station,” Ander- nois Medical District, Evanston and son says. Lake Forest. But Anderson lately has Focus’ success with the Atworth been digging deeper into suburban impressed Centennial’s executives

mixed-use developments, knowing as the landlord was drafting up its BOEHM R. JOHN apartment tenants will pay premi- $250 million redevelopment plan Tim Anderson, founder and CEO of Focus, is betting his development will result in apartments supporting retail and restaurants, and vice versa. um rents if they have restaurants for Hawthorn Mall. Focus “was on and a good grocery store nearby. the extremely short list” of apart- ments by fall 2022, Anderson says. mall relevant in the 21st century, In Northbrook, the owner of Investors will pay up, too. In 2015, ment developers Centennial con- Focus also plans to begin con- “it’s got to be almost like a city,” with Northbrook Court was ready to be- a joint venture between Focus and sidered in its search for a partner to struction of 304 apartments at the a variety of other uses, including se- gin construction on a major rede- its longtime partner, Atlanta-based handle the multifamily chores, says Fox Valley Mall next month. Unlike nior living, hotels and oce space. velopment that would have includ- Atlantic Realty Partners, complet- Jon Meshel, senior vice president of the Hawthorn project, the apart- Apartments will have to do for ed about 315 apartments. But those ed the Reserve at Glenview, a 239- development at Centennial. ments at Fox Valley, also on the site now. ey are the preferred option plans now are up in the air as the unit apartment development next “ey had that product dialed in of a former Sears store, will not have today for mall owners with turn- mall’s owner, Brook eld Property to a shopping center anchored by a really well,” he says. retail space underneath. Both de- around plans. e suburban multi- Partners, and its lender consider a Mariano’s supermarket. e venture Centennial is hoping for a repeat velopments will include a pedestri- family market has made it through sale of the property. sold the apartments for about $81 performance at Hawthorn Mall, a an-friendly main-street streetscape. the coronavirus pandemic almost Adding housing to malls makes million two years later. 1.3 million-square-foot property at unscathed—both rents and occu- sense, but the idea works best with Around the same time, Focus Townline Road and Milwaukee Ave- ‘ALMOST LIKE A CITY’ pancies rose last year—and devel- projects that maximize the synergies and Atlantic Realty began con- nue. So are the village of Vernon Hills Centennial and Focus are trying opment is picking up. Investors in between the apartments and retail, struction on a 260-unit apartment and other local taxing bodies that to recycle valuable real estate into other sectors, including hotel and says Gail Lissner, managing director development connected to the rely on the mall for sales and proper- something useful, but their mission oce, are still licking their wounds. at Integra Realty Resources, a Chica- 270,000-square-foot Mellody Farm ty tax revenue. e village last month is really bigger than that: to make Malls could represent an even go-based appraisal and consulting shopping center in Vernon Hills, approved $46.5 million in incentives the shopping mall cool again, or bigger business opportunity for An- rm. Just developing an apartment across the street from Hawthorn for the redevelopment, which Cen- at least cool enough that people derson, who says he’s been talking building on the parking lot outside Mall. ey sold the development, tennial calls Hawthorn 2.0. would want to live at one. Indoor with other owners of local malls “doesn’t energize the mall,” she says. called Atworth at Mellody Farm, for Crews demolished the Sears store malls today are derided as relics of mulling apartments at their prop- Focus and Centennial have $89 million in late 2019. in January, and site preparation and the 1980s, like hair bands and ac- erties. e trend is accelerating avoided that mistake in Vernon e Atworth apartments rented infrastructure work are underway. id-washed jeans. nationwide as more department Hills and Aurora, she says. up in just 10 months, much faster Focus expects to begin construction Right now, malls “lack 24/7 ac- stores close and struggling mall “ey should both do well,” Liss- than projected, Anderson says. He next month and complete the apart- tivity,” Anderson says. To make the owners explore their options. ner says.

FAST TIMES Where homes are selling like greased lightning These are the places where houses sold fastest on average in the first three months of the year. FAST SALES from Page 3 essarily more sensitive to the eect the house and, she believes, “to in- For comparison: In the city of Chicago, homes sold in an average of 91 days on the market of changing interest rates on how timidate buyers, make them expect during that time, and in Will County they sold in an average of 53 days. average of 36 days in the rst three much house they can get than af- to pay higher” when they see the months of the year, according to uent people are. Early this year, as line. AVERAGE DAYS ON THE MARKET data released mid-April by the 30-year mortgage rates threatened Toro made sure she was rst in West Lawn (Chicago) 36 Chicago Association of Realtors to creep back above 3 percent after line when a 1950s bungalow on Joliet 37 and Midwest Real Estate Data. seven months sub-three, “buyers Moody Avenue in Clearing came on at’s faster than any neigh- were like: ‘Oh crap we need to hurry the market in mid-January. Know- Glendale Heights 38 borhood or suburb with at least up and do this,’ ” says Adam Zagata, ing it was a good possibility for her Ashburn (Chicago) 39 25 home sales during each of the a D’Aprile Properties agent. client to buy, she showed up about comparison quarters. Zagata represented buyers who 20 minutes early. On the way out Clearing (Chicago) 39 Citywide, homes sold in an aver- put a four-bedroom house on Aus- from walking through with her cli- Evergreen Park 39 age of 91 days, about 12 percent fast- tin Avenue in Clearing under con- ent, “we saw the line forming, four, er than they did in the rst quarter tract when it had been for sale for ve families. ere were more com- McKinley Park (Chicago) 41 just four days in late December and ing,” Toro says. of 2020. A regionwide gure isn’t Bolingbrook 41 available, but in all the suburban early January. “ey were lucky,” he Toro’s client was the highest bid- counties, the acceleration was fast- says, to be house hunting then, “be- der, she says, and wrote a contract Round Lake area* 41 er than in Chicago. In Will County, fore people saw interest rates go up with the seller seven days after the Oak Lawn 42 homes sold nearly 47 percent faster and they jumped in.” house went up for sale. e deal this year, in an average of 53 days His clients’ lucky timing delivered, closed March 10 at $303,000, or 4.5 Streamwood 42 compared to 98 in the rst quarter Zagata says; they paid $399,000, percent over the asking price. *Includes Round Lake, Round Lake Beach and Round Lake Park of 2020. $900 below the asking price, rather e pace of the market is discon- Note: Includes only locations where 25 or more houses sold during the first quarter of 2021. Condo and townhouse sales are not Most sales completed in the rst than having to bid the price up. certing to people on both sides, included, and the data does not include homes that sold before officially going on the market, a common occurrence this year. quarter of 2020 would have been in buyers and sellers. “Sellers worry Sources: Chicago Association of Realtors, Midwest Real Estate Data, ShowingTime the contract stage prior to the pan- GET IN LINE where they’ll go if their house sells demic shutdowns, so the compari- More recently, buyers and their in a minute, like they’re hearing,” son here is not to a faltering quarter. agents in these neighborhoods have Molly Mann, a Keller Williams Elite in West Lawn sold in ve days for by $10,000, so you have room.” In West Lawn and a few other gotten used to standing in line to agent based in Oak Lawn, says. 3 percent more than the $269,000 For both sides, buyers and sell- parts of the region, a 91-day sale see homes that pop onto the mar- Most gure out how to deal with it, asking price—says buyers should ers, it’s important to know that the would feel like a snail’s pace. Among ket. “You have to if you want to see but Mann says she’s known a few to prepare for the high likelihood of game will move swiftly and to be them: Joliet, where homes are tak- it,” says Maricela Toro, a Realty of say they’ll sit it out until things slow having to pay more than the asking ready. “I tell them if they’re not ing an average of 37 days to sell, and Chicago agent. Sellers’ agents limit down. price. If they have a preapproval for motivated to compete in this mar- Glendale Heights at 38 days. showings to a single day, she says, Ivette Hollendoner—a Keller a certain amount from their mort- ket then they shouldn’t do it,” Toro ey are mostly moderately both to keep from driving the sellers Williams Preferred agent whose gage lender, she says, “don’t look at says, sounding a bit more like a priced areas, where buyers are nec- nuts with constant requests to show clients’ house on Kolmar Avenue houses for that price. Look under swim coach than a real estate agent.

P037_CCB_20210510.indd 37 5/7/21 4:13 PM 38 MAY 10, 2021 • CRAIN’S CHICAGO BUSINESS It pays to be a box-maker during a pandemic. But what to do with all that cash?

PACKAGING from Page 3 percent of revenue this year, says Jeeries analyst Philip Ng. PCA in PCA made a big acquisition in February said it would permanent- 2013 with the purchase of paper ly convert capacity at a paper mill in producer Boise for $1.27 billion and Jackson, Ala., to produce linerboard has been converting capacity previ- at a cost of $440 million. ously dedicated to producing o ce Kowlzan told analysts in a call paper and newsprint. It’s continued reviewing rst-quarter earnings to make targeted “bolt-on” deals in that sales volume for the company’s the past ve years. containerboard mills and corrugat- But doubling down on contain- ed products plants set or matched erboard poses risks for CEO Mark all-time quarterly records and that Kowlzan. Demand for cardboard bookings for the rst 14 business boxes could slow as COVID lock- days of April were up 16 percent downs ease and consumers shift from the same period last year. more purchasing back to brick-and- “If a year ago somebody told you mortar stores. New containerboard that volume was going to be up 16 production capacity coming online percent in a given month, no one

could cause a supply glut and drive would believe you,” Kowlzan said. ISTOCK down prices later this year or early PCA executives didn’t respond to Demand for cardboard boxes could slow as COVID lockdowns ease and consumers shift more purchasing back to brick-and-mortar stores. next, analysts say. several interview requests. For now, producers have pricing following year, and two partners former compared to its two largest stung by the shrinking market for power. PCA has beneted from a DIVERGENCE at Madison Dearborn serve on the competitors: Its earnings before o ce paper and whose stock re- series of price increases since last Shipments of corrugated box- PCA board. e company operates interest, taxes, depreciation and mains relatively cheap, Wilde says. fall. Producers instituted a $50 in- es usually track the economy, but eight mills and 90 corrugated prod- amortization last year outpaced But a large deal could raise antitrust crease to $765 a ton for a bench- last year marked an unusual diver- ucts plants and facilities. those of Memphis, Tenn.–based concerns and prompt PCA to pur- mark grade of kraft linerboard, fol- gence with box shipments growing Not that it’s been a smooth ride. International Paper and Atlanta- sue smaller privately held rms that lowed by two additional increases in spite of a recession. “ere was PCA’s net income last year fell by a based WestRock, according to BMO make boxes from a mix of virgin this year to $825 a ton, according a massive recession in the services third to $461 million, or $4.84 per Capital Markets. PCA derives high- and recycled material. Canadian ri- to the industry publication Pulp & industry, but goods did just ne,” share, while revenue dipped 4 per- er margins from a customer base val Paper Excellence has also been Paper Week. But PCA faces head- says Mark Weintraub, managing di- cent to $6.7 billion. at was due that is more local and regional than exploring a deal to acquire Domtar, winds in higher costs for freight, rector at Seaport Global Holdings. to the second-quarter economic its competitors, who sell compara- according to a Bloomberg report. recycled ber, chemicals and other “Goods come in boxes.” slowdown and a dramatic drop in tively more to national customers Any deal PCA makes will be tar- goods, CFO Robert Mundy told an- PCA historically was part of the paper sales as o ces and schools and on the price-sensitive spot and geted to buying virgin container- alysts last month. Tenneco conglomerate, which in shut down. Bad weather hampered export markets, analysts say. board assets, Ng says. “PCA has the Containerboard accounbted for 1999 sold the containerboard and operations, most notably Hurricane If PCA pursues another deal, one ability to convert a market that’s in nearly 90 percent of PCA’s sales last corrugated packaging business to Laura, which impaired the compa- candidate could be the publicly secular decline—printing paper—to year, up from 80 percent in 2015. private-equity rm Madison Dear- ny’s DeRidder, La., mill. traded South Carolina-based paper produce something that’s growing at could climb to as much as 95 born Partners. PCA went public the e company is a strong per- producer Domtar, which has been and generating pretty good returns.”

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P038_CCB_20210510.indd 38 5/7/21 4:14 PM CRAIN’S CHICAGO BUSINESS • MAY 10, 2021 39 All new inside a vintage Old Irving Park exterior Unwilling to build a glaring McMansion among historical houses and churches, the owners of this home lled its 110-year-old shell with a 21st-century interior; it’s for sale at just under $2 million

BY DENNIS RODKIN On the outside, this house on Kildare Avenue shows all its 110 years, with porches, window bays, stained glass and other fea- tures that suit its setting among historical homes and churches in Old Irving Park. Inside, it’s a remix of the 11 de- cades, blending contemporary el- ements like a stone replace wall and a unique two-story combo of bedroom and library with histori- cal features, some of them moved to new locations and some of them re-creations. When Missy and Bart Goldberg bought the house in 2008 for $550,000, “it was a classic grand old home on a corner,” Bart Goldberg

says, but the second oor had PHOTOS VHTSTUDIOS decades earlier been cut up into apartments, and the building needed updating. Tearing it down was a possibil- ity but not one they considered seriously. “We couldn’t do a Mc- Mansion type of house here,” Bart Goldberg says. Instead, they rebuilt the interi- or and spied up the stucco and wood exterior. e house is now a ve-bedroom, 7,000-square-foot- er with an attached garage, a rarity among older homes in the neigh- borhood. It’s on a 6,300-square- foot lot, a little more than twice the city standard. Empty nesters, the Goldbergs— she’s in consulting and he’s an attorney—are planning to shift full-time to a home in southwest Michigan and work remotely. ey put the Old Irving Park house on the market May 5, priced at just under $2 million and represent- ed by Mario Greco of Berkshire MORE PHOTOS ONLINE: ChicagoBusiness.com/residential-real-estate Hathaway HomeServices Chicago.

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P039_CCB_20210510.indd 39 5/7/21 3:49 PM One year ago, our lives dramatically changed. For many in Together, we’ll build Chicago back our region, COVID-19 has disrupted our jobs, education, stronger than before. budgets, and access to healthcare. Though it’s a new year, our neighbors still need our help. Make a gift online today at We face many hurdles as we work to reverse the economic impact of the pandemic, but with your support, we can move LIVEUNITEDchicago.org/Recovery-March from pandemic response to recovery. Your donation will help 9RMXIH;E]HIPMZIVGVMXMGEPVIWSYVGIWXSRSRTVSƤXSVKERM^EXMSRW on the front lines of the crisis so that our neighbors can easily access food, housing, and healthcare.

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