FHLBank Chicago Declares Leadership Transition
The Federal Home Loan Bank of Chicago (FHLBank Chicago) has announced today that Michael A. Ericson, who serves as President and CEO, will end his tenure on December 31, 2026, after over 20 years of committed service.
“After more than two decades at FHLBank Chicago, I am proud of what we have accomplished together and the foundation we have laid for the Bank’s long-term strength and resilience,” Ericson said. “I look forward to supporting a smooth transition and wish Virxhini and the entire team continued success in strengthening the cooperative and delivering on our mission.”
The Board has designated Virxhini Gjonzeneli, who serves as EVP, CFO, and Group Head of Financial Accounting and Markets, as the interim President and CEO, starting January 1, 2027.
“We are also pleased to announce Virxhini as interim President and CEO,” said Michelle L. Gross, Chairperson of FHLBank Chicago’s Board of Directors. “Having served FHLBank Chicago for 23 years, she brings deep institutional knowledge and a strong understanding of the Bank’s operations, members, and mission. Her extensive experience and demonstrated leadership across the Bank make her well positioned to ensure continuity and build on the Bank’s strong foundation during this transition.”
Gjonzeneli has held the position of Chief Financial Officer and Group Head of Financial Accounting and Markets at FHLBank Chicago since 2023. She became part of the Bank in 2003 and was promoted to EVP in 2021, after serving as Group Head of Member Support and Strategy and as SVP, Director of Enterprise Risk Management. Additionally, she is a board member of Legal Aid Chicago, Chicago Commons, and the Chicago Public Library Foundation.
“Throughout my years with the Bank, I have seen firsthand the strength of this organization and its commitment to members and communities,” Gjonzeneli said. “I look forward to working with Michael and our strong leadership team to ensure a smooth transition and continue delivering reliable funding, trusted partnership, and exceptional service to our members.”
In accordance with its succession planning strategy, the Board of Directors is commencing an extensive search for a permanent President and Chief Executive Officer.
“On behalf of the Board, I want to express our deep gratitude to Michael for his leadership and dedication to FHLBank Chicago,” said Michelle L. Gross, Chairperson of FHLBank Chicago’s Board of Directors. “Michael has been a tireless advocate for our members and the communities they serve, and his leadership helped translate the Bank’s financial strength into greater mission scale. Throughout his tenure, the Bank has delivered strong financial performance, delivered exceptional value to members, championed affordable housing, and built a foundation for continued success. We are grateful for his contributions and wish him the best in his next chapter.”
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