Marc Schtul, chief executive of the Cherry Creek North Business Improvement District, resigned Wednesday morning.
Schtul’s sudden departure was announced at a closed meeting of the district’s board of directors held early Wednesday morning. His resignation becomes effective Oct. 31.
Marketing director Christina Brickley has been named interim CEO, and Schtul will continue as a consultant to the board until a permanent replacement has been named.
Schtul has served as chief executive of the business improvement district for more than seven years. A search committee will be formed immediately to find a replacement, Brickley said.
“I’ve been thinking about this for a while,” said Schtul, 44. “There’s never a good time for something like this, but there is a right time.”
Schtul’s resignation comes as the district prepares to vote on an $18.5 million bond issue intended to fund renovations and improvements in the 16- square-block area. The November vote will move forward as planned.
The bond issue has been divisive among retailers and property owners in the tony shopping district. Opponents have complained that the board has not adequately defined how the money will be spent. Supporters have said they want to move forward with the financing and work out the details later.
Some merchants directed their complaints at Schtul, alleging that maintenance in the area has been neglected and suggesting that the board focus on keeping up with its existing obligations rather than pursuing a grandiose renovation.
Schtul said the controversy did not directly affect his decision, but he believes voters should be aware of the changes before casting their ballots.
“It’s only fair to let people know who the leadership will be going forward,” said Schtul, a former lawyer.
The board praised Schtul for his efforts to advance the district during his tenure.
“Marc has been a very strong advocate for the past seven years,” said chairman of the board Dan Feldman.
Tensions have also simmered since the city launched a paid parking system in Cherry Creek in September 2004. Merchants and customers have complained that the kiosks make the area less welcoming. Some retailers said their business has suffered.
Staff writer Kristi Arellano can be reached at 303-954-1902 or karellano@denverpost.com.
