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World Business Chicago, the City of Chicago’s nonprofit economic development agency, has appointed Philip Clement as president and CEO to champion Chicago as a business destination.
Clement previously served as global chief marketing officer for Johnson Controls, a manufacturer of building equipment and technology. Based in Milwaukee, Johnson Controls has 105,000 employees in more than 120 countries and annual sales of approximately $26 billion.
Prior to joining Johnson Controls, Clement spent 12 years in a similar role at insurance company Aon. He has also started technology companies and his own management consulting firm.
“With Philip’s extensive experience and deep understanding of both the local and global economic landscape, he will undoubtedly bring a unique perspective that will move World Business Chicago forward,” Mayor Brandon Johnson said in a news release. Ta.
The announcement comes as Chicago grapples with its post-pandemic economic recovery. Since 2022, several well-known companies have exited or relocated operations from the Chicago area, including hedge fund Citadel, Boeing, and Caterpillar.
According to a report from World Business Chicago, in 2023, there were 117 business expansions, relocations, or new entries into the area in the Chicago area, compared to 183 in 2022.
World Business Chicago Vice Chairman Charles Smith said in a statement that Clement will lead the agency, which is working to “stimulate growth, attract investment, and advance Chicago as a global business destination.” Stated.
Clement will succeed Michael Fasnacht, who resigned as CEO of World Business Chicago in December.
Fassnacht, a veteran advertising executive and former president of advertising agency FCB Chicago, took over WBC under former Mayor Lori Lightfoot in 2020 after serving as the city’s chief marketing officer. During his tenure as CEO, he doubled WBC’s staff to 50 people and increased corporate support to supplement the agency’s government funding.
Fasnacht joined real estate firm Clayco in February as chief growth officer and president of the Chicagoland region.
Clement has long-standing ties to Chicago and is a strong environmental activist. He joined Johnson Controls in 2020 after coming out of early retirement thanks to the company’s smart building technology aimed at reducing emissions.
“Buildings account for 40% of the world’s carbon emissions, and we’re now implementing technologies that could reduce that by 50% to 60%,” he said at the University of Chicago Harris School of Public Policy. he said.
Clement serves on the board of the Harris School of Public Policy and also serves on the boards of the Midwest Sustainability Network, the Goodman Theater, and the Chicago International Film Festival.
He is a graduate of the University of Chicago Harris School and Booth School of Business, and studied anthropology, documentary filmmaking, and journalism as an undergraduate at the University of Southern California.
“I look forward to working with Mayor Johnson, Vice-Chairman Charles Smith, the board and the entire team to further strengthen the strengths of this region and create new and equitable opportunities for businesses and residents alike,” Clement said in a statement. I’m excited.” .
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