Michael Fasnacht, who is stepping down as CEO of World Business Chicago, has accepted a new position as president and chief growth officer for the Chicago region of Clayco, a leading real estate development and construction company.
Clayco, which moved its headquarters from St. Louis to Chicago more than a decade ago, has been involved in a number of major projects, from construction of the new Rivian EV truck factory in Georgia to the Obama Presidential Center to new factories that take time to ramp up. I'm involved. O'Hare expansion project in Chicago.
“What’s great is that not only can I stay focused on promoting Chicagoland and Chicago, but I can also have influence across the organization across the country,” Fasnacht told the Tribune. .
Mr. Fasnacht, a former advertising executive, announced his decision to step down from World Business Chicago in December after nearly four years serving as a pitchman for the city's top companies. In addition to serving as Director of Public and Private Economic Development for the City of Chicago, Mr. Fasnacht also served as Chief Marketing Officer for the City of Chicago.
In his new role, Fasnacht will oversee Chicago operations while expanding marketing efforts across the company. In 2022, Clayco will earn his $5.2 billion in revenue, and Fasnacht said that number will be closer to his $7 billion last year.
“Michael brings an unparalleled passion for business growth, an understanding of Chicagoland's economic ecosystem, and a strategic and creative mindset that will be of great benefit to our clients and our Clayco team. ,” said Bob Clark, Founder and Executive Chairman of Clayco. said in a news release.
Mr. Fasnacht's move is in line with the political pipeline of Clayco's Chicago executives. In 2019, Lori Healy resigned as chief executive officer of the Metropolitan Pier and Exposition Authority to become Clayco's Chicago regional president. A year later, she left to oversee the development of the Obama Presidential Center in Jackson Park on Chicago's South Side.
In 2019, Clayco also hired David Liefman, who served as the city's planning and development commissioner during the Emanuel administration, as senior vice president of strategic development for CRG, the firm's development and real estate investment arm. Mr. Liefman, who became Chicago regional president upon Mr. Healy's departure, left Clayco in January to build a real estate practice at the Chicago law firm Croke, Fairchild, Duarte & Berreth.
Mr. Fasnacht, a German immigrant who moved to Chicago in 2006 to work in advertising, became president of advertising agency FCB Chicago in 2014. He left FCB Chicago in January 2020 and three months later became the city's first chief marketing officer under then-Mayor Lori Lightfoot. .
When Andrea Zopp stepped down as CEO of World Business Chicago at the end of 2020, Fasnacht added a dual role as interim CEO of the Economic Development Authority. In May 2021, following a national search, Mr. Fasnacht was appointed President and CEO of World Business Chicago.
Mr. Fasnacht will leave World Business Chicago this month and begin a new job at Clayco. He will remain on World Business Chicago's board of directors and will assist in the search for his successor. The organization previously said it planned to name Fasnacht's successor in February.
In January, Melody Hobson, co-CEO and president of Ariel Investments, resigned as vice chair of World Business Chicago. She was replaced by her CEO of CS Insurance Strategies, Charles E. Smith.
rchannick@chicagotribune.com
