11:20am | With the departure of Lori Ann Farrell this week for a new position in Huntington Beach, the City of Long Beach announced yesterday that it is conducting a search for her replacement as Director of Financial Management.
The search will be handled by an outside recruiting firm. City Manager Pat West is appointing Erik Sund as acting Director of Financial Management effective this Friday until a permanent replacement is found.
Sund has over 23 years of experience in the governments of Irvine, Downey and Long Beach. He has served as the Long Beach Business Relations Manager since 2007.
“Mr. Sund will do an excellent job leading the Department and ensuring a smooth transition to an Interim Director in January,” said Mr. West. “The selection of a new Financial Management Director is incredibly important, and the acting appointment will allow us time to conduct a recruitment for both an Interim and permanent Director to ensure we have the best of the best for Long Beach.”
Farrell came to Long Beach when West began assembling his City Management team after his 2007 appointment. She has been instrumental in organizing budget plans and served as an important resource for the City Council. Farrell has also led the charge in attempting to recoup nearly $20 million in losses when the City invested that amount in financial giant Lehman Brothers just twelve days before it collapsed. Farrell was widely criticized for the investment but says that at the time it was considered secure and low-risk.