City Treasurer Stephanie Neely will step down after eight years in office, effective at the end of November.
Neely announced her resignation to her staff Monday morning, telling them she plans to return to the private sector, according to the Chicago Sun-Times.
In a statement released Monday afternoon, Neely confirmed "with mixed emotions" that she will not seek re-election.
"When I came into this office nearly 8 years ago I vowed to become the best Treasurer this city has ever had," she said. "It has been an honor and a privilege to serve my hometown as its Treasurer."
Looking back on the accomplishments of her two terms, Neely touted her office's annual Small Business Expo, micro-loan program for small businesses, workshops for entrepreneurs, financial education for Chicago Public Schools students and six clean external audits in a row, "something no other Treasurer can claim," she said.
"I have been humbled by the brilliant individuals I have met along the way," she said, "and am forever grateful to my staff and to the people of Chicago for electing me to serve the City I love."
Neely's resignation allows Mayor Rahm Emanuel to appoint her successor. Some speculate he will choose Kurt Summers, County Board President Toni Preckwinkle's former chief of staff.
Neely had been considered as Governor Pat Quinn’s running mate, but he choose Paul Vallas instead.
"I was honored when Gov. Quinn spoke to me," she said in an interview with NBC Chicago's Mary Ann Ahern. "He decided to go a different way and that is his choice and I'm not sour on him or politics because of it."
GOP candidate Bruce Rauner mentioned Neely’s name to her surprise at last week’s debate focusing on African American issues.
"I was sitting there in the audience and I was like, 'What?'" she said.
As for her future in politics, Neely says "never say never."
"I've enjoyed serving, but it's just time for me to do something else," she said.