World Business Chicago President and CEO Andrea Zopp is leaving the economic development group at the end of the year to take on a new role at a local venture capital firm.
Chicago Mayor Lori Lightfoot announced Monday that Zopp will step down as head of WBC at the end of the calendar year, a role she's held for the last three years. Zopp plans to join Cleveland Avenue, a food-focused VC firm that's led by former McDonald's CEO Don Thompson.
Michael Fassnacht, WBC's chief marketing officer, will assume the role of interim president and CEO. The search for a new leader will begin in early 2021, WBC said.
Zopp joins Cleveland Avenue just two months after the firm filed documents with the SEC indicating it plans to raise up to $500 million for its second fund. Cleveland Avenue launched in 2017, two years after Thompson left his role as chief executive of McDonald's. The firm already has a successful exit under its belt in Beyond Meat, the plant-based protein company that went public in 2019. Cleveland Avenue owned 5.4% of Beyond Meat at the time of its IPO, valuing the firm's stake at around $65 million.
Other Cleveland Avenue portfolio companies include Chicago-based Farmer's Fridge, Food Boss and Bartesian.
“Historically underrepresented groups have been held back from advancements in VC and Tech because of money and access,” Zopp said in a statement. “While I’m saddened to leave WBC, I am excited for my next chapter at Cleveland Avenue that will not only involve improving access for underrepresented minorities, but also lifting up our businesses, communities and neighborhoods."
Prior to WBC, Zopp served as served as deputy mayor and chief neighborhood development officer during the Rahm Emanuel administration. She also served in the United States Attorney’s Office.
