Shola Olatoye is stepping down as CEO of the San Francisco Downtown Development Corporation after a little more than a year as its first leader, the Chronicle reported Monday, citing a confirmation from the organization. The announcement did not give a reason.
The board named TJ Wenzel, the DDC's managing director of capital initiatives, as interim CEO and said it has started a national search for a successor. Wenzel joined the nonprofit from the investment firm Sixth Street, where he continues to work as a principal in its real estate business, the Chronicle reported. The board also named Rebecca Foster, CEO of the San Francisco Housing Accelerator Fund, as vice chair.
The privately funded nonprofit, which works closely with Mayor Daniel Lurie's administration, has secured $70 million in private commitments since launching last spring and is advancing projects that include a Powell Street makeover and a new park on the Embarcadero. The Standard reported that Olatoye previously led the New York City Housing Authority and was chief operating officer of Eden Housing. Related: Lurie’s cuts in the innovation office.