There's a big change coming to the Merchandise Mart.
After 25 years, Christopher Kennedy is stepping down as president Merchandise Mart Properties, Inc. In a letter released by the company, Kennedy said it was time to move on:
"I will now be able to dedicate the time and the resources to aggressively pursue my long-held, deep belief in the importance of economic development," the 47-year-old said. "I have a growing interest in public policy, community service and the impact of strong leadership in these areas. Entrepreneurial business development seems like the best way to serve those interests."
Kennedy will be replaced by Mark Falanga, who currently serves as a senior vice-president with the company.
The transition will occur July 24. Kennedy will stay with the Mart as a consultant until the end of March 2012.
Kennedy, the son of late Sen. Robert F. Kennedy, also currently serves on the University of Illinois Board of Trustees, to which he was appointed by Gov. Pat Quinn in 2009.