Terry Mazany, CEO of the Chicago Community Trust, will replace Huberman as the head of the third largest school system in the country, and take over a $6.57 billion budget.
"He brings managerial skills as well as experience in education to the job," Daley said at a press conference announcing the appointment.
Mazany is a former public school administrator, who worked in Michigan and California. He led a $50 million, five year education initiative for Community Trust that benefitted CPS, according to the bank web site.
The new boss said he has no interest in signing on permanently and will work "on loan" from Community Trust for $1 a year.
Mazany's appointment was a necessary, if not comfortable, one for Daley.
Huberman said earlier this month that he would leave his post by Nov. 29.