Penny Pritzker

Penny Pritzker
Penny Pritzker
Born	Penny Sue Pritzker; May 2, 1959 (age 67); Chicago, Illinois, U.S.
Occupation(s)	Entrepreneur, attorney, philanthropist, government official
Years active	1987–present
Known for	38th United States Secretary of Commerce (2013–2017), member of the Pritzker family, founder of multiple finance and real estate ventures

Penny Sue Pritzker (born May 2, 1959) is an American entrepreneur, attorney, and heiress who held the position of the 38th United States Secretary of Commerce between 2013 and 2017. Her appointment was confirmed by the Senate with a vote tally of 97 in favor and 1 against.

Belonging to the influential Pritzker family, Pritzker became involved in the family enterprises at an early stage and was designated as one of three heirs to her uncle, Jay Pritzker. She established several finance and real estate ventures, including PSP Partners, PSP Capital Partners, and Pritzker Realty Group, while also co-founding Artemis Real Estate Partners and Inspired Capital. Pritzker holds a seat on the board of Microsoft and has chaired the Carnegie Endowment for International Peace. As reported by Forbes in May 2025, her net worth is estimated at $3.9 billion. In 2009, Forbes recognized her as one of the world's 100 most powerful women. She is also the sibling of Illinois Governor JB Pritzker.

Her philanthropic efforts extend to Chicago-based organizations such as the Chicago Board of Education and the Museum of Contemporary Art, Chicago, alongside leading the Pritzker Traubert Family Foundation. A longtime acquaintance of the Obama family, she was among the earliest endorsers of Barack Obama's presidential bid.

Between 2021 and 2022, she contributed to the President’s Council of Advisors on Science and Technology (PCAST), and from September 2023 through August 2024, she served as U.S. Special Representative for Ukraine's Economic Recovery. Since 2018, Pritzker has been a fellow of the Harvard Corporation, becoming its first female Senior Fellow in 2022.

Early life and education

Born in Chicago in 1959, Pritzker is the daughter of Sue (née Sandel) and Donald Pritzker, co-founder of Hyatt Hotels. The family relocated to Atherton, California, coinciding with Hyatt’s growth. She has two younger brothers: Tony and JB, currently serving as Illinois’s governor.

During her youth, she accompanied her father on visits to Hyatt hotels, gaining early exposure to business operations. Following her father’s unexpected passing in 1972, she frequently supported her mother and brothers. At age sixteen, she defied traditional family business practices by writing to her grandfather, A. N. Pritzker, requesting inclusion in business discussions; he responded by arranging for her to take a summer accounting course.

Pritzker completed her secondary education at Castilleja School in Palo Alto, California, graduating in 1977. She earned a Bachelor of Arts degree in economics from Harvard College in 1981 and subsequently obtained both a Juris Doctor and an MBA from Stanford University in 1985.

Initial undertakings

Following completion of her academic programs, Pritzker entered the family business realm with encouragement from her cousin Nick Pritzker. In 1987, she launched Classic Residence by Hyatt (later rebranded as Vi), a luxury senior living alternative designed to replace traditional nursing homes. Although the initiative initially suffered a $40 million loss within its first eighteen months, it rebounded after adjustments in marketing strategies and management. In 1991, her uncle Jay Pritzker, then leading the family enterprises, appointed her as director overseeing non-hotel real estate assets. She subsequently founded the Pritzker Realty Group, which developed residential apartment complexes, retail centers, and the Baldwin Park community in Orlando, Florida.

Superior Bank

Between 1991 and 1994, Pritzker served as chairperson of Superior Bank of Chicago, headquartered in Hinsdale, Illinois. Jay Pritzker had purchased a 50% interest from the Federal Deposit Insurance Corporation (FDIC) following the bank’s collapse. In 1993, Superior Bank aggressively expanded into subprime mortgage lending. By the year 2000, the institution was struggling financially; after several months of efforts to secure additional capital, the FDIC took control in July 2001. Subsequently, the Pritzker family consented to pay $460 million to regulatory authorities.

By 2011, uninsured depositors had recouped 81% of their uninsured balances in addition to insured amounts. Industry analysts and consumer advocates criticized the Pritzkers for the bank’s risky financial conduct and exploitative lending practices. Pritzker denied holding any ownership stake and attributed the failure to a combination of complex factors, including changes in accounting standards and economic challenges. A 2001 Business Week report highlighted Alvin Dworman as the principal partner due to arrangements made by Jay Pritzker. A family associate characterized Pritzker’s role as a consequence of her uncle’s decisions.

Leadership and dissolution

In 1995, Pritzker was appointed one of three successors to the retiring Jay Pritzker, alongside his son Tom and cousin Nick. Tom assumed leadership of the enterprises, with Pritzker and Nick serving as vice-chairpersons, collaboratively managing the family holdings. Jay established trusts designed to preserve family wealth—estimated at $15 billion spread over 200 companies—to support expansion and philanthropic efforts.

Following Jay’s passing in 1999, internal conflicts emerged as other relatives contested Tom, Nick, and Penny’s authority through legal actions, including challenges from Penny’s brothers. By 2001, the family reached an agreement to liquidate assets and allocate shares among eleven cousins, effectively ending their business partnerships—a process that extended nearly ten years. A significant transaction included selling the controlling interest in the Marmon Group to Berkshire Hathaway for $4.5 billion in 2008. Additionally, the Pritzker Realty Group divested Parking Spot, an airport parking company co-founded by Penny in 1998, to Green Courte Partners LLC for $360 million in 2011.

Starting in 2005, Penny held the position of non-executive chair at TransUnion. In 2009, she co-established Artemis Real Estate Partners LLC with Deborah Harmon, successfully raising $736 million for property investments. Two years later, she founded PSP Capital Partners, an investment management firm. In total, Pritzker launched five enterprises before transitioning into federal government roles.

Government and political involvement

Pritzker's association with Barack Obama began in the 1990s during her tenure as a senior lecturer at The University of Chicago Law School. Their connection was facilitated through her son's involvement in a basketball program coached by Obama's brother-in-law Craig Robinson. Obama and his family frequently visited Pritzker's vacation residence on Lake Michigan. She was an early backer of Obama’s political journey, providing financial support for his 2004 Senate bid and assisting during his Democratic presidential primary campaign when he lagged behind Hillary Clinton. Serving as national finance chair for Obama’s 2008 presidential campaign, Pritzker raised substantial funds by mobilizing both grassroots donors and high-profile contributors.

Following Obama's election victory in 2008, CNN identified Pritzker as his preferred candidate for Commerce Secretary, but she declined due to familial responsibilities and managing extensive assets amid the financial crisis. Her visible endorsement also drew criticism from labor organizations opposing Hyatt Hotels' labor practices; UNITE HERE anticipated she would advocate for improved labor conditions given her ties to Obama.

Pritzker contributed to both the President's Council on Jobs and Competitiveness and the President's Economic Recovery Advisory Board. Although less engaged in Obama’s 2012 reelection effort, she served as national co-chair of Obama for America 2012. She also became a member of the board of directors at the Council on Foreign Relations, a nonpartisan organization dedicated to international affairs and U.S. foreign policy analysis. In 2023, President Joe Biden appointed her as U.S. special representative tasked with overseeing Ukraine's economic recovery efforts.

Nomination and confirmation

On May 2, 2013, President Obama put forward Pritzker's name for the role of United States Secretary of Commerce. To prevent any conflicts of interest, she consented to divest her holdings in over 220 companies and step down from 158 organizations, including her positions on the Hyatt board and the Chicago Board of Education. During the Senate confirmation hearing held on May 23, various subjects were discussed; although Republicans scrutinized her family business connections, only a handful of questions pertained directly to her relatives. The Senate approved her appointment on June 25 by a vote of 97 to 1, with Senator Bernie Sanders casting the sole dissenting vote and Senators Sheldon Whitehouse and Mike Lee choosing not to vote. She officially took office on June 26.

Tenure

One of Pritzker’s key focuses was the Trans-Pacific Partnership (TPP), envisioned as the "largest regional trade agreement ever." She advocated for the TPP as a means to open markets for American companies and set U.S. trade benchmarks. In the lead-up to the 2016 election, despite resistance from candidates across major parties, Pritzker and members of the Obama administration actively promoted its approval, although Congress ultimately did not ratify the deal.

Pritzker formed a Digital Economy Board of Advisors composed of technology industry leaders and scholars to provide strategic guidance on policy matters. She expanded the intellectual property attache program to enhance global protection of U.S. innovations and initiated the Commerce Data Advisory Council to prioritize data-driven business initiatives. Additionally, she played a central role in negotiating the E.U.–U.S. Privacy Shield framework, which governs transatlantic digital data exchanges.

Following President Obama’s announcement regarding efforts to normalize diplomatic relations with Cuba, Pritzker traveled there to engage with Cuban trade officials and ministers, setting the stage for deeper economic ties despite the continuing U.S. embargo that requires congressional approval for change.

After concluding her service as secretary, Pritzker reentered the private sector and resumed leadership at PSP.

U.S. Special Representative for Ukraine's Economic Recovery

On September 14, 2023, President Biden appointed Pritzker as the U.S. Special Representative tasked with Ukraine's Economic Recovery. In this capacity, she worked closely with the Ukrainian government, members of the G7, the EU, international financial bodies, global allies, and American businesses.

During her initial visit to Kyiv, Pritzker held meetings with President Volodymyr Zelenskyy, Ukraine’s prime minister, other government officials, and the Speaker of the Verkhovna Rada.

Civic and philanthropic activities

Pritzker has contributed significantly to public service through roles such as serving on the Chicago Board of Education and chairing the Chicago Public Education Fund. She led as advisory board chair for Skills for America’s Future (SAF), a policy initiative under the Aspen Institute, and chaired Chicago’s Museum of Contemporary Art. In 2002, she was elected for a six-year term on Harvard University’s 30-member Board of Overseers. In 2018, she joined Harvard’s governing body known as the Harvard Corporation, which consists of twelve members. In 2021, she donated $100 million toward constructing a new facility for Harvard’s economics department. The following year, she became the first woman appointed as senior fellow within the Corporation. After Harvard president Claudine Gay resigned, some alumni and donors criticized Pritzker and called for her resignation due to concerns over how events were managed by the Corporation; however, she maintained her position.

Together with her husband Bryan Traubert, Pritzker founded the Pritzker Traubert Family Foundation focused on promoting youth physical activity and expanding economic opportunities in Chicago. Their initiatives included donating $5 million to convert grass soccer fields into turf surfaces and $1 million toward tennis court repairs. They also established ChicagoRun, an organization that prepares children for their inaugural 5k races.

In 2012, Chicago recognized her among its list of Chicago’s 100 most influential figures. Two years later in 2014, Elle featured her among Washington’s powerful women. In 2018, she was elected chairperson of the Carnegie Endowment for International Peace.

In March 2020, responding to a request from her brother Governor JB Pritzker, she launched the Illinois COVID-19 Response Fund with an initial $23 million in capital; she and her husband personally contributed $1.5 million to assist nonprofits during the pandemic crisis.

Personal life

Pritzker is wedded to Bryan Traubert, an ophthalmologist, and together they have two children. Although tensions arose between her and her brothers following the reorganization of the family enterprise, they eventually mended their relationship. Penny later endorsed JB's 2017 political campaign.

During the 1980s, after undergoing six months of preparation, Pritzker completed her inaugural Ironman Triathlon in Hawaii with a time of 12 hours. Since then, she has participated in numerous triathlons and marathons.

External links

Official profile of Secretary Penny Pritzker at the United States Department of Commerce
Money Maven
The Forbes 400 – #135 Penny Pritzker 2007 profile
The Harvard Crimson – Penny Pritzker by Madeline W. Lissner, June 5, 2006
SEC filings
Personal website