Chicago Mayor Lori Lightfoot was the primary mayor of the Windy City to lose reelection in 40 years when she used to be defeated in Tuesday’s number one, and an exodus of primary companies from the Chicago space preceded her electoral defeat amid surging crime.
Lightfoot used to be elected mayor in 2019, and her tenure grew debatable as crime rose throughout the pandemic. In 2021, murders in Chicago reached their best stage in 25 years, outpacing different crime-ridden towns like New York City and Los Angeles.
While homicides ebbed remaining yr, different crimes endured to upward thrust. Lightfoot sparred with town’s regulation enforcement over various problems and her failure to handle the rise in violent crime brought on many companies to relocate their headquarters out of the Chicago space.
CHICAGO MAYOR LIGHTFOOT TELLS MCDONALD’S CEO TO ‘EDUCATE HIMSELF’ AFTER HE WARNS OF RISING CRIME
Boeing was the primary primary company to go for the exits when it introduced in May 2022 that it will transfer its world headquarters from Chicago, the place it have been positioned since 2001, and determine a brand new headquarters for its protection, area and safety operations in Arlington, Virginia.
Caterpillar adopted swimsuit a month later, pronouncing it will transfer its world headquarters from the Chicago suburb of Deerfield, Illinois, to Irving, Texas.
Billionaire Ken Griffin introduced remaining June that he would transfer his hedge fund, Citadel Securities, from Chicago to Miami. Rising crime charges in Chicago reportedly performed a task in Griffin’s resolution. Griffin’s letter pronouncing the transfer mentioned that whilst town “will continue to be important to the future of Citadel,” he famous, “Over the past year, however, many of our Chicago teams have asked to relocate to Miami, New York and our other offices around the world.”
BILLIONAIRE KEN GRIFFIN MOVING HEDGE FUND FROM CHICAGO TO MIAMI AMID CRIME COMPLAINTS
In April 2022, two months sooner than he introduced the transfer, Griffin instructed the Wall Street Journal, “I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”
Last September, McDonald’s CEO Chris Kempczinski mentioned the quick meals large used to be going through demanding situations in recruiting best ability to paintings in its headquarters in Chicago in spite of relocating some employees from the suburb of Romeoville into town.
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He mentioned that it used to be time to “face facts” concerning the affect of crime at the town’s financial system and famous, “The fact is that there are fewer large companies headquartered in Chicago this year than last year. There are fewer this month than last month.”
Lightfoot fired again, “I think what would have been helpful is for the McDonald’s CEO to educate himself before he spoke.”
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The record of businesses leaving Chicago grew additional in October 2022 when Tyson Foods introduced that it will transfer all of its company groups to its headquarters in Springdale, Arkansas. Tyson won its Chicago facility when it got Jimmy Dean sausage maker Hillshire Brands it 2014 and used the site to run its ready meals trade.
Chicago will dangle a runoff election for mayor on April 4. Voters will choose from former Chicago Public Schools CEO Paul Vallas and Cook County Commissioner Brandon Johnson.
Fox Business’ Caitlin McFall, Landon Mion and Sarah Rumpf contributed to this file.