Mayor Dave Bing Announces Jack Martin as Detroit Chief Financial Officer
5/10/2012 - Mayor Dave Bing has named Jack Martin as Detroit’s new Chief Financial Officer as required under the Financial Stability Agreement between the State and the City of Detroit.
“I’ve known and respected Jack for many years and I look forward to having him as part of my team,” said Mayor Bing. “He brings critical expertise to my administration as we work to fiscally restructure the City.”
Martin most recently served as Emergency Financial Manager of Highland Park Public Schools and was a member of the State’s Financial Review Team that reviewed the city’s financial status earlier this year. He is a certified public accountant with 40 years of experience working in the private and public sector.
Martin began his career at General Motors in Detroit. He served from 2002-2005 as Chief Financial Officer of the U.S. Department of Education and as Chairman and acting CEO of Home Federal Savings Bank of Detroit before becoming the founder and Chairman of Martin, Arrington, Desai & Meyers, P.C.
Martin, of Bloomfield Hills, is a product of Detroit Public Schools. He attended Thurgood Marshall Elementary (formerly Custer) and Cass Technical High School. He earned Bachelor of Science and M.B.A. degrees from Wayne State University, and is a U.S. Marine Corps veteran.
Martin is transitioning from his position in Highland Park and is expected to join the administration next week. His salary will be $220,000 annually.
Martin, who reports to the Mayor, is required by the Financial Stability Agreement to provide monthly updates on the City’s financial and operational criteria set by the FAB and on implementation of the City’s budget and triennial budget to Mayor Bing, the Detroit City Council, the Financial Advisory Board, and the State Treasurer and to post those updates on the City’s website.