PRICIEST HOMES A look at how the luxury home market shifted in 2020. PAGE 13 CHICAGOBUSINESS.COM | FEBRUARY 8, 2021 | $3.50 fpo Citadel’s risk: Prying open the black box Reddit-fueled court action Ken Gri n could force disclosure of closely guarded intel BY STEVE DANIELS All it takes is one judge. Citadel remains caught in the swirl of anger and confusion of which de es easy prediction. over the would-be Reddit revo- Chicago-based Citadel (the lution in stock investing. As both hedge fund) and Citadel Securi- a participant in the short selling ties (the market maker) are de- that newly minted day traders fendants in at least 20 lawsuits attempted to combat and pro t around the country so far—most from as well as the leading mar- of them purported class actions ket maker for the trading app seeking to recover large trad- many of them used, Ken Gri n’s ing losses incurred by investors investment empire is a starring player in the drama, the ending See CITADEL on Page 17 Janet Hayes AbbVie sheds light AP IMAGES AP on life after Humira 5th time’s a charm? CEO predicts 2 new drugs will mostly ll the gap BY STEPHANIE GOLDBERG Richard Gonzalez told an in- Crate & Barrel has had a revolving door of CEOs in the past decade, vestor conference that sales will AbbVie is nally o ering an- decline when Humira copycats with Janet Hayes the latest. Her challenge: Ushering the retailer into swers to questions investors invade the U.S. market in 2023, have been asking since the drug- rise modestly in 2024 and reach a new era. BY ALLY MAROTTI maker spun o from Abbott Lab- high-single-digit growth in 2025 oratories in 2012: How badly will and beyond. FOR THE FIRST 50 YEARS of Crate & Barrel’s existence, ence, allowing it to capitalize on increasing home the loss of patent protection for e prediction of a rapid re- the retailer only had two CEOs. In the past decade, furnishing sales. But Hayes will face challenges as AbbVie’s top-selling drug hurt bound dispels some of the un- however, it has churned through ve. the economy recovers, and must steer Crate into a and how long will it take to re- certainty that has hovered over e current chief executive, retail veteran Janet new era of retail. cover? AbbVie as it nears the end of a Hayes, was quietly hired at the Northbrook-based Gordon Segal, who co-founded the compa- For the rst time, AbbVie last long exclusivity period for its retailer six months ago. Will she have better luck ny with his wife, Carole, in 1962 and was CEO month gave detailed projections blockbuster drug. Humira sales than her predecessors? until 2008, says Hayes’ strong background in for revenue trends after Humi- peaked at $19.9 billion in 2018, Industry observers are optimistic. Crate & Barrel ra loses protection from gener- entered the pandemic with a strong online pres- See CRATE on Page 17 ic competition in the U.S. CEO See ABBVIE on Page 23 NEWSPAPER l VOL. 44, NO. 6 l COPYRIGHT 2021 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED GREG HINZ THE TAKEAWAY Some biz leaders The new head of the are starting to scout Chicago Association for an alternative to of Realtors honors Lightfoot. PAGE 2 her son’s life. PAGE 6 2 FEBRUARY 8, 2021 • CRAIN’S CHICAGO BUSINESS A new mayor? Some biz leaders are talking. fter a brutal year in which industries are unhappy. ed, “at doesn’t mean they agree Mayor Lori Lightfoot has “Condence in (Lightfoot’s) abili- with every decision she’s made.” Aseemed to stumble from ty to get things done has gone down e formal response from Light- crisis to crisis, an open debate has in the past year . signicantly,” foot’s political oce: “As she man- GREG HINZ begun in Chicago’s business com- says one top business leader who, ages and leads our city through a munity about whether to stick by like most others interviewed, de- series of unprecedented crises, the ON POLITICS the city’s embattled chief executive clines to be named for fear of hurt- mayor remains focused on the job as her presumed re-election bid ing his working relationship with to which she was elected. Politics nears—or instead seek someone the mayor. “It just doesn’t seem like will come later.” her sta, boost her fundraising— anything of the sort. It’s complete new. anything is working.” e crises indeed have been the mayor’s two campaign commit- nonsense.” With the election to be held “ere is increased grumbling,” plentiful, from the COVID-19 tees pulled in less than $1 million But despite that and similar deni- two years from this month, active says another. “ere is increased pandemic—clearly not Lightfoot’s last year—and above all “work to als, insiders with rsthand knowl- eorts to eld a business-friendly wondering about who (else) will fault—and its social and economic nd a common ground” with oth- edge tell me some business gures Lightfoot challenger so far are run.” fallout to a continuing spike in ers, that source says. “She seems to have begun to meet and reach out limited, and mostly concentrated Lightfoot political and govern- high-prole murder and carjack- want to ght all of the time.” to others. in the real-estate development and mental aides are pushing back hard ing cases, the plundering of North e names of several potential “I’ve been surprised about the on that narrative. Michigan Avenue, a looming Chi- contenders have surfaced, includ- level of interest in the development Among those I heard cago teachers strike, city scal woes ing businessman and former Rahm and restaurant community,” says THERE’S LITTLE DOUBT PEOPLE IN A from—unprompted— and continued discord with alder- Emanuel associate Michael Sacks, one person who has been contact- RANGE OF INDUSTRIES ARE UNHAPPY. was Mellody Hobson, men, with Lightfoot’s City Council county Commissioner Bridget ed. Restaurateurs are upset about co-CEO of Ariel Invest- oor leader, Ald. Gil Villegas, 36th, Gainer, and Alds. Villegas and Brian relatively tight reopening rules in restaurant industries. ments and vice chair of World Busi- recently leaving that post. Hopkins, 2nd. All tell me they’re not the city and the slow return of big “It’s in the initial phase,” says one ness Chicago, the city’s corporate Even people in the corporate running. For instance, Sacks, who trade shows. Some developers source familiar with what’s occur- recruitment arm. community who are backing Light- has a large interest in the Chicago say that despite good intentions, ring. “ey’re starting to make it “e people I talk to say they foot want to see change. Sun-Times, says in a statement: “I permitting and decision-making is clear that, if someone is interested know how hard (Lightfoot’s) job is “I’ve told my folks, don’t give am only interested in helping the going slower than under Emanuel. in running, there’s probably sup- now, and they understand her deci- up on Lori, ’cause you don’t know mayor in this challenging period ose business people “don’t port for them.” sion-making. ey feel like they’re what you’re going to get,” says one, and recently supported her nan- have a candidate,” says one elected In the meantime, there’s little being heard,” Hobson said in a fearing a sharp move to the political cially. I am unaware of any group ocial who turned down a request doubt people in a broad range of phone call. But even Hobson add- left. But Lightfoot needs to widen or groups or meetings to discuss to run. “ey’re looking.” We’ll soon see if these three are serious about fair maps eadlines are serious busi- But don’t be distracted by such maps. e delays in census data ness. You don’t need to be a rhetoric. Instead, keep your eyes on heightens the urgency for Welch, Djournalist to know that. what really matters. e state’s three Harmon and Pritzker to put weight And one deadline in particular— key public ocials in the mapmak- behind their fair-mapping words. DAVID GREISING Dec. 31—was meant to have mean- ing process—new House Speaker eir best way forward would be ON GOVERNMENT ing. at’s the date by which the Chris Welch, Senate President Don to pass and sign a bill to establish an U.S. Census Bureau was required to Harmon and Gov. J.B. Pritzker—all independent public commission to tell the states how many residents say they oppose gerrymandered draw the maps. commit that districts will be drawn say he will consider signing a map should live in each congressional maps. What they do over the next If they won’t go as far as they without regard to where incum- only if it was drawn according to district. several months will tell us if they should, they could at least make bents live. While such an idea those two minimum standards. From that simple data point, really mean it. progress by committing to meaning- may be viewed by old Springeld the entire machinery of electoral If Pritzker, Harmon and Welch ful public hearings, with follow-up hands as a non-starter, it would be Crain’s contribu- mapmaking was supposed to jump are serious, they’ll need to change a hearings after the maps are drawn, a most eective tool in slaying the tor David Greising into motion.