Downtown Development Chief Olatoye Steps Down

Shola Olatoye left the San Francisco Downtown Development Corporation, and TJ Wenzel was named interim CEO while a national search begins.

Updated on Nov. 10, 2026 in People

Bold vector editorial illustration of a single empty executive chair on a steep San Francisco sidewalk, evoking a leadership vacancy. — Shola Olatoye stepped down as CEO of the San Francisco Downtown Development Corporation, and TJ Wenzel was named interim CEO while a national search begins. AI Illustration. Upload story photo >

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Shola Olatoye stepped down as CEO of the San Francisco Downtown Development Corporation, which confirmed the departure on Monday. The DDC board named TJ Wenzel, managing director of capital initiatives, as interim CEO and launched a national search for a successor.

Why it matters

Olatoye's exit came just over a year after she became the organization's inaugural leader, leaving the nonprofit's downtown revitalization work under interim leadership. The DDC announced no reason for her departure.

The DDC has secured $70 million in private commitments since launching last spring, with $5 million set aside to keep hospitality and safety ambassadors in the area. The organization has not said why its inaugural CEO departed, and no permanent successor has been named.

The players

San Francisco Downtown Development Corporation

A San Francisco nonprofit formed to revitalize the city's downtown through real estate and public-space initiatives.

Shola Olatoye

Former inaugural CEO of the DDC who previously served as chief operating officer at Eden Housing.

TJ Wenzel

Interim CEO of the DDC and a principal in the real estate investing business of Sixth Street.

The details

The DDC board named Wenzel, who continues as a principal in the real estate investing business of Sixth Street, to lead the organization on an interim basis. The board also named Rebecca Foster as vice chair the same day, and the DDC is now recruiting a permanent CEO nationally.

September: Olatoye joined the DDC from Eden Housing, where she was chief operating officer.
Spring: The DDC launched as an independent nonprofit.
Monday: The DDC confirmed Olatoye's departure and Wenzel's interim appointment.

Market Landscape

The DDC was launched in spring 2025 as an independent nonprofit to direct private capital toward downtown San Francisco's recovery. Olatoye's early exit now places the organization's first permanent leadership search at the center of its next phase.

Downtown San Francisco businesses and visitors may see shifts in the pace of the DDC's initiatives, including the expanded pressure-washing in Union Square and the Moscone Center Corridor. The $25 million Downtown Business Fund remains the organization's current financial anchor for local businesses.

The takeaway

Leadership transitions at newly formed nonprofits often signal the importance of stable funding and governance during early growth. Readers following San Francisco's downtown recovery can watch for the permanent CEO announcement.