The Federal Home Loan Bank of Chicago (FHLBank Chicago) has announced a leadership transition following a decision by the Board of Directors and current President and Chief Executive Officer Michael A. Ericson. Mr. Ericson will conclude his tenure as CEO effective December 31, 2026, after more than 20 years of service with the institution.
Michelle L. Gross, Chairperson of the Board, expressed gratitude for Mr. Ericson’s leadership, noting that he has been a tireless advocate for members and the communities they serve. The Board stated that Mr. Ericson’s tenure helped translate the Bank’s financial strength into greater mission scale and delivered strong financial performance.
To ensure continuity during the leadership transition, the Board has appointed Virxhini Gjonzeneli as Interim President and CEO, effective January 1, 2027. Ms. Gjonzeneli, age 45, has served as Executive Vice President and Chief Financial Officer since January 2023. She joined the Bank in 2003 and previously held roles as Group Head of Member Support and Strategy and Senior Vice President, Director of Enterprise Risk Management.
The Board is initiating a process to identify a permanent successor for Mr. Ericson. Ms. Gjonzeneli is described as bringing deep institutional knowledge and a strong understanding of the Bank’s operations and mission. In addition to her executive duties, she serves on the boards of Legal Aid Chicago, Chicago Commons, and the Chicago Public Library Foundation.
Compensation arrangements regarding Mr. Ericson’s departure and Ms. Gjonzeneli’s interim service are being finalized and will be subject to review and non-objection by the Federal Housing Finance Agency. The Bank will disclose any material compensatory arrangements once available.
