November 12, 2021
Gregory L. Gleason, vice chair of the Board of Directors of Montgomery Place, announced that Michael M. McGarry, 59, is the new president and CEO of Montgomery Place, effective immediately. He succeeds Deborah E. Hart as the continuing care retirement community’s president and CEO. To facilitate continuity, Hart will continue to work at Montgomery Place through December 31, 2021.
“When our Board regretfully accepted Deborah’s resignation because she plans to retire, we set a goal to sustain the positive direction Montgomery Place is heading since Chicago has begun to emerge from the worst of the COVID-19 pandemic,” says Gleason. “After some deliberation, we asked Mike, who has been our Board chair for the last six years, to consider taking this top executive role. We are very pleased that this transition will be seamless for Montgomery Place residents and staff members.”
According to Montgomery Place by-laws, McGarry resigned as Board chair and Gleason assumed those responsibilities until the Board convenes for its scheduled meeting in December 2021 to elect new officers.
“I am honored the Board asked me to increase my involvement with Montgomery Place,” says McGarry, who has served on the community’s Board since 2002. “My primary goal is to fortify current priorities that sustain our community’s quality services and care for residents. Like all senior living communities, we have been challenged by the shutdowns and economic uncertainties caused by a global pandemic.”
During his 30-year career in banking, McGarry rose from vice president of retail banking for Hyde Park Bank through various positions of increased responsibilities to become its president in 2011. In 2012 when Wintrust Financial Corporation acquired Hyde Park Bank, McGarry stayed on as its market president until 2017.
Soon after he joined Hyde Park Bank, he was recruited to serve as a volunteer Board member of Montgomery Place. Over time, McGarry contributed his leadership skills to a variety of neighborhood initiatives, most notably in 2013 he was part of the organizing committee for the City of Chicago Special Service Area #61, which led the redevelopment of the 53rd Street corridor.
In 2014, members of the organizing committee recruited him to serve as the first chairman of the SSA #61 Board, a position he held until 2017. In 2019, he chaired the finance committee and remains an active consultant.
As Hart concludes her six-year position as Montgomery Place’s president and CEO, she reflects on numerous ways she has helped enhance the lives of residents who value an active, engaged lifestyle as well as those who need healthcare services and extra support. From 2002 until 2006, she was CFO for Montgomery Place, when it became a continuing care retirement community.
“Deborah’s experience in leadership roles at other CCRCs and accounting firms as well as her training as a CPA has been an advantage for Montgomery Place. Her expertise in managing vast amounts of data has given our Board insights into trends in senior living as we developed our current strategic plan,” says Gleason.
“During the shutdown caused by COVID-19, Deborah excelled in not only protecting and caring for residents and staff members, but also transparently communicating with families about the issues Montgomery Place faced and solutions to address them. When there was no blueprint to guide us, she earned the trust of so many of us,” added Gleason.