Jack Martin takes reigns as Detroit's new chief financial officer
Martin says he's 'honored' to work on turnaround plan to tackle city's financial plan, but 'it won't be easy'
DETROIT – Jack Martin has taken the reigns as Detroit's new chief financial officer.
Detroit Mayor Dave Bing formally introduced him Thursday during a news conference.
Martin was the emergency manager for Highland Park School. He also served as a member of Michigan Gov. Rick Snyder's financial review team in Detroit and was chief financial officer of the U.S. Department of Education from 2002-2005.
Snyder on Thursday replaced Martin in Highland Park with Joyce Parker, emergency manager for the city of Ecorse.
The CFO position is the first of two positions the city must fill under requirements of the consent agreement it has with the state.
Martin said he would be focusing on developing revenue enhancing intiatives for the city.
"We must get the job done," Martin said. He noted that he knew the road would lead to success, but wouldn't be easy.
Detroit, state work together on consent agreement
The city and state approved a consent agreement in April to try to stave off the possibility of an emergency manager. The city has a $265 million budget deficit and $13.2 billion in long-term structural debt.
Under the agreement, Bing was required to create the positions of a new chief financial officer and a program manager and then hire them with approval by the governor.
The governor, mayor and city council also have a month to appoint a nine-member financial advisory board to help run the city.
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