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Wharton Graduate
Leeb, 58, got into the turnaround
business through a circuitous route.
A native of Milwaukee, he obtained
a bachelor's degree in economics

I

Looking Back
Rod Blake, Pontiac's director of special
projects, calls Leeb "an extraordinary,
honorable person; a bright, hard-
working, exceptional professional
who accomplished many things in 15
months, and was very humane and
sensitive to residents. And he did all
this under extenuating circumstances
because he got caught in a power
struggle with the mayor and council."
Leeb agrees the most controversial
issue during his Pontiac tenure was
the sale of the Silverdome. Worth $20
million, the edifice was sold at auction
for $583,000 to Triple Properties of
Toronto.
"We could have gotten millions for
it before the auction, but the mayor
and council kept rejecting the offers
from various people Leeb asserts.
"Then, under the auction rules, it had
to go to the highest bidder."
The owner since has spent about
$3 million renovating the Silverdome,
which is being used for miscellaneous
events, "and the owner hopes to bring
a national professional soccer fran-
chise to the city" Leeb added.
When he took the Pontiac job, Leeb
figured he would be able to continue
working with his other clients in his
turnaround practice. "But the city's
severe financial crisis required me to
set aside my practice for 15 months
and completely focus on Pontiac."

from the University of Wisconsin,
then a master's from the University
of Pennsylvania's Wharton School
of Business. He joined Ford Motor
Company's financial management
program at one of its Cleveland area
engine plants, then was promoted to
Michigan's Ford Rouge Manufacturing
Complex in Dearborn.
"Then I got married and went on
a '12-year honeymoon' to California;'
quips Leeb, "working at Occidental
Petroleum, Xerox and the Coopers
and Lybrand accounting firm. A cli-
ent there hired me as vice president
of his real estate division and I was
successful in turning the company
around. Finally, my wife said it was
time for us to return to Michigan,
saying I could use my turnaround
talents anywhere."
His wife, Laurie Leeb, is adult vol-
unteer coordinator at the Meer Family
Friendship Center in West Bloomfield.
Married for 31 years, the couple have
two children and one grandchild.
Leeb joined Jay Mix & Associates in
Southfield (now AlixPartners) for four
years, a firm that specializes in corpo-
rate turnarounds.
For his work with the city of
Inkster, Leeb won the 2007-2008
Turnaround of the Year Award
from the Michigan Turnaround
Management Association.
Philanthropist Phil Fisher of
Bloomfield Hills praises Leeb for his
work with Starfish, a nonprofit that
aids about 8,000 needy families annu-
ally in Wayne County.
"Fred did an excellent job; he has
a thorough, strategic approach to his
work," said Fisher. "He turned things
around and created fiscal stability for
us. Starfish is now generating consis-
tent operating surpluses."
From his Michigan base, Leeb con-
tinues to work with Jewish centers
and synagogues nationwide, such as
the Minneapolis Jewish Community
Center and JCCs in Virginia, New
Jersey and other parts of the country,
and even did a stint for Temple Beth
El in Bloomfield Township.
He also served as a consultant to
the Jewish Community Center of
Metropolitan Detroit several years ago.
Leeb once recommended to a major
donor at a New Jersey JCC that the
building, closed on Saturdays, be
rented that day to non-Jewish groups
for various events to produce extra
revenue.
Said Leeb: "He answered me by
saying, `That will be all right to do —
after I'm dead."' ❑

S.

him, according to Leeb. "One resident
even threatened to bring a gun to a
meeting and shoot me he said.
Mayor Leon Jukowski, who took
office in January, admits residents
were "pretty tough" on Leeb, "but that's
city politics',' he said. "I've been insult-
ed many times through the years; you
need a thick skin to be in politics."
Jukowski disputes Leeb's version
of a surplus, saying, "the governor
wouldn't have appointed another
emergency financial manager if she
thought Leeb left the city in such great
shape."
Jukowski said the city paid Leeb
$150,000 per year for his work and
claims Leeb added to the city's finan-
cial woes by spending additional
amounts on more consultants. "But
against Mr.
Pontiac has no
Leeb. We wish him well',' the mayor
said.

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1573510

August 12 6 2010

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