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December 6, 2001
City of Toronto Appoints new Chief Financial Officer and Treasurer
City of Toronto Chief Administrative Officer Shirley Hoy today announced the
appointment of Mr. Joseph Pennachetti to the position of Chief Financial
Officer (CFO) and Treasurer. Toronto City Council confirmed Mr. Pennachetti's
appointment at its meeting today.

Mayor Mel Lastman said, "This is great news for the City. Mr. Pennachetti
brings excellent experience with him and we look forward to working with him."

Chief Administrative Officer Shirley Hoy added, "Mr. Pennachetti will be an
important part of our team as he brings a wealth of experience and knowledge to
the position."

Mr. Pennachetti brings 25 years of municipal finance experience to the position
and is currently with the Regional Municipality of Peel as Treasurer and
Commissioner of Finance where he has been since 1995. Prior to his current
position, Mr. Pennachetti was the Treasurer and Commissioner of Finance for the
Regional Municipality of York from 1990 to 1995. In addition, the new CFO and
Treasurer previously worked in the finance departments of the Regional
Municipality of Durham and the City of Edmonton.

Mr. Pennachetti holds Bachelor of Commerce and Master of Business
Administration degrees and is a Certified General Accountant.

Mr. Pennachetti will join the City of Toronto on January 21, 2002.

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