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Chicago Transit Authority (CTA) recently named Carole Brown chairman, succeeding Valerie Jarrett, who resigned in August.

A senior vice president at Lehman Brothers where she oversees the Midwest municipal finance office, Brown is a financial expert with background in analyzing and understanding city government budgets and investment priorities, according to a prepared statement.

The authority currently has $2 billion in unmet capital needs and plans to seek additional funding.

Brown will receive a $50,000 annual salary — half of which is for chairman duties and the other half for serving on the Regional Transportation Authority (RTA) Board; the CTA chairman is a member of the RTA board.