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CEO of Lurie-aligned downtown nonprofit departs after a year

CEO of Lurie-aligned downtown nonprofit departs after a year

Money Moves San Francisco, CA local

Shola Olatoye's exit from the San Francisco Downtown Development Corporation leaves an interim leader overseeing $70 million in pledged projects.

Yesterday: Olatoye departs; Wenzel named interim CEO

Overview

Updated 1 hour ago

Shola Olatoye was hired as the first CEO of the San Francisco Downtown Development Corporation to scale up Mayor Daniel Lurie's private fundraising vehicle for downtown. A little more than a year later, she is out, and the organization has not said why.

The DDC has pledged $70 million to downtown projects, including $14.5 million for the Powell Street cable car turnaround and $25 million for ground-floor retailers. TJ Wenzel, a managing director on loan from Sixth Street, will run it while the board searches for a permanent CEO.

Why it matters

The DDC is central to Lurie's private-funding plan for downtown; its leadership turnover could affect project timelines.

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Key Indicators

$70M
Pledged to downtown projects
DDC commitments to infrastructure and retailer support.
$14.5M
Powell Street cable car turnaround
Private funding for the project, according to the DDC.
$25M
Downtown Business Fund
Capital support planned for ground-floor retailers.

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People Involved

SO
Shola Olatoye
Former CEO, San Francisco Downtown Development Corporation
Departed November 2026
TW
TJ Wenzel
Interim CEO, San Francisco Downtown Development Corporation
Serving as interim CEO
RF
Rebecca Foster
Vice chair, DDC board; founding CEO, San Francisco Housing Accelerator Fund
Took over Olatoye's board vice chair role
DS
David Stiepleman
Chair, DDC board; co-founder, Sixth Street
Leads DDC board
 Daniel Lurie
Daniel Lurie
Mayor of San Francisco
In office

Organizations Involved

San Francisco Downtown Development Corporation
San Francisco Downtown Development Corporation
Nonprofit
Searching for permanent CEO

A nonprofit created in 2025 to raise private money for downtown San Francisco projects.

Timeline

2025 November 2026

5 events Latest: Yesterday
Tap a bar to jump to that date

  1. Olatoye departs; Wenzel named interim CEO

    Latest Leadership

    DDC gives no reason; managing director TJ Wenzel takes over temporarily.

  2. Foster becomes board vice chair

    Leadership

    Rebecca Foster takes over Olatoye's board role.

  3. Olatoye says she has no plans to leave

    Statement

    In an interview with The Standard, she discussed DDC projects and timeline.

  4. DDC founded

    Organization

    Nonprofit created to raise private money for downtown San Francisco projects.

  5. Olatoye hired as first CEO

    Leadership

    Former Eden Housing COO takes helm of the new nonprofit.

Scenarios

1

DDC names permanent CEO by mid-2027

Likely Resolves by Q2 2027

Discussed by: DDC board and San Francisco Standard reporting

The board has started a search for a full-time replacement. A permanent hire would stabilize leadership as construction begins on Powell Street and the Embarcadero Plaza.

2

Wenzel remains interim CEO through 2027

Possible Resolves by End of 2027

Discussed by: San Francisco Standard

If the search stalls, TJ Wenzel could stay in the role while the DDC focuses on project delivery. He is on temporary assignment from Sixth Street.

3

City opens formal review of DDC fundraising

Unlikely Resolves by Q2 2027

Discussed by: California Common Cause and other watchdogs

Ethics watchdogs have raised concerns about private influence in City Hall. A formal review could examine the DDC's behested payments and donor relationships.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2020

San Francisco Public Works corruption scandal (2020)

Public Works director Mohammed Nuru was arrested in a federal corruption probe involving city contracts and private donations. The scandal led to a 2022 ballot measure restricting officials from soliciting private donations.

Then

Nuru and others were sent to prison.

Now

The city now requires waivers for certain behested payments, which the DDC is seeking.

Why this matters now

The DDC's private fundraising model has drawn similar watchdog concerns about donor influence.

2022

San Francisco behested payments law (2022)

Voters passed a law making it harder for public officials to solicit private donations for city projects after the Nuru scandal.

Then

Officials must seek waivers for certain donations.

Now

The DDC is seeking a waiver for behested payments, according to KQED.

Why this matters now

The DDC operates under these post-scandal transparency rules.

Sources

(2)
The San Francisco Standard KQED