Market Watch: Administration

The nation's third largest school system has a new leadership team.

Chicago Public Schools Chief Executive Officer Paul Vallas and School Board President Gery Chico were appointed as a team by Mayor Richard Daley in 1995 to help turn around the failing school system. In the six years they have led the district, student test scores have risen and a multi-billion-dollar construction program has revitalized facilities.

Both men resigned earlier this summer after reports that Daley was dissatisfied with the school system's recent performance.

Replacing Vallas is Arne Duncan, who had served as Vallas's deputy chief of staff. Chico has been replaced by Michael Scott, a cable-company executive who has been chairman of the city's park board. Scott previously served on the school board 20 years ago.

Vallas was among the first noneducators to take the top job in a large school district. He says he is considering running for governor of Illinois.