October 9, 2009 (CHICAGO) --As expected, Terry Peterson has been named the new chairman of the Chicago Transit Board. Peterson replaces Carole Brown, who resigned last month. In addition to his role with the CTA, Peterson is also vice president of government affairs at Rush University Medical Center.
Peterson takes over the CTA board when the agency must find a way to cut $300 million from its 2010 operating budget.
Fare increases and service cuts have not been ruled out.
The new budget is set to be announced on Monday.