12/29/2011 04:06 pm ET Updated Dec 29, 2011

Detroit's Financial Review Board: A Closer Look

After preliminary findings indicated Detroit is under "probable financial stress," Gov. Rick Snyder assigned the city a 10-person financial review board Tuesday. The board's work is expected to begin early next month, leaving the interim to examine its members' background and experience.

Under Michigan's Public Act 4, the governor has authority to appoint such a board to conduct a 60-day study to determine if the city should be taken over by a state-appointed emergency manager who would have special powers over legal and financial matters.

Here is a closer look at the members of Detroit's financial review board:

Andy Dillon

Andy Dillon is the state Treasurer of Michigan, appointed by Gov. Snyder. He is a former Speaker of the Michigan House of Representatives, where he served three terms. Dillon ran for governor as a Democrat in the last election, losing in the primary to Virg Bernero. Before running for office, Dillon worked as the managing director of Wynnchurch Capital, vice president of GE Capital and as a financial analyst at WR Grace. He also practiced law for seven years. He received accounting and law degrees from the University of Notre Dame.

Dillon led the preliminary review of Detroit's finances, which determined in just 15 days that the city was under "probable financial stress" with a shorterm budget shortfall of $200 million and longterm debt nearing $12 billion. Dillon has pressured both Snyder and Detroit Mayor Dave Bing to move quickly on fixing Detroit's finances, fast-tracking the state review, and has spoken in favor of emergency managers.

Doug Ringler

Doug Ringler serves as the director for the Office of Internal Audit Services in the Department of Technology, Management and Budget (DTMB). He has also been the chief audit executive and director DTMB's Office of Internal Audit Services since 2008. Earlier he worked in the state's Office of Financial Management and Office of Auditor General. Ringler holds a bachelor’s degree from Ferris State University and is a certified public accountant and certified internal auditor.

Irvin Reid
Irvin Reid served as Wayne State University's first African-American President from 1997-2009. During his tenure, he dramatically improved the institution's fundraising, taking it from $27 million per year to almost $80 million per year.

He also changed the face of the university, spending hundreds of millions of dollars on new construction projects, including Tech Town, a 43-acre business incubator and technology park near Wayne's campus.

Despite these achievements, Reid has had his critics. When he decided to close Wayne State's College of Lifelong Learning and its College of Urban, Labor and Metropolitan Affairs, students and community members accused him of cutting programs geared towards working-class students and initiating a shift towards a more affluent student body.

Prior to his tenure at Wayne State he served as president at Montclair State in New Jersey and oversaw its transition from a college to a university.

Reid also has worked with NASA and the U.S. Consumer Product Safety Commission. Reid holds master's degrees and doctorates in business and applied economics from the University of Pennsylvania and a bachelor's and master's degree in psychology from Howard University, as well as a certificate in educational administration from Harvard.

Isiah "Ike" McKinnon

After spending many years on the force, Ike McKinnon served as Detroit's chief of police during Mayor Dennis Archer's administration. Some of his more memorable achievements include negotiating a truce between rival gangs and talking down suicidal jumpers from the People Mover and the Belle Isle Bridge.

He now hosts a personal safety television show on WDIV called "Stay Safe With Ike." Since his retirement, McKinnon has worked as an Associate Professor of Education and Human Services at the University of Detroit Mercy and as a motivational speaker. He recently made news advocating for the legalization of marijuana.

McKinnon holds a Ph.D. from Michigan State University, a Masters Degree in Criminal Justice from the University of Detroit, and a bachelor's degree from Mercy College of Detroit. He is also a graduate of the FBI Academy in Virginia, and the United States Secret Service Dignitary Protection School in Washington, D.C.

Conrad Mallet, Jr.

Conrad Mallet Jr. has had a distinguished career working in Michigan's Democratic party. From 1990 to 1999 he served as a justice on the state's supreme court and eventually broke ground becoming the body's first African-American chief justice in 1997.

He served as the chief operating officer for the City of Detroit for four months in 2002. Since 2003, Mallet has led Sinai-Grace Hospital, which belongs to the Detroit Medical Center System, as its president and CEO. Last year, Mallet supported the sale of the nonprofit DMC to the private firm Vanguard.

He also served as a chief administrative officer of DMC, president and general counsel of La-Van Hawkins Food Group LLC. Before this he worked for U.S. representative John Conyers and former governor James Blanchard, the Democratic National Committee, as well as a registered lobbyist for Avis Rent-A-Car and the Hertz corporation.

Mallett holds a bachelor's degree in English from UCLA and a master's degree in public administration and a law degree from the University of Southern California.

Jack Martin

Jack Martin has spent 40 years in the private and public sector overseeing matters of finance. He is the founder of and Chairman of Martin, Arrington, Desai & Meyers, P.C., an accounting and business consulting firm. Martin served as chief financial officer for the U.S. Department of Education under President George W. Bush. At the Department of Education he helped implement the now much-maligned No Child Left Behind Act, which requires schools to meet performance standards based on standardized test scores.

Martin is a certified public accountant and a belongs to the American Institute and Michigan Association of Certified Public Accountants. He has also acted as chairman of the board and acting CEO of Home Federal Savings Bank of Detroit and served on the AICPA Practice Standards Sub-Committee.

Frederick Headen

Frederick Headen works for the Michigan Department of Treasury as Director of the Local Government Services Bureau. Headen's service with the Bureau goes back to 1997. His experience includes working with Emergency Financial Manager Ramona Henderson-Pearson when Highland Park went into state receivership in 2001, under Michigan's older emergency manager law.

Headen has served as an acting chair for the State Tax Commission and as a legal counsel for the Citizen's Research Council. He earned both a bachelor's degree in political philosophy and a master's degree in labor and industrial relations from Michigan State University. He also holds a law degree from Thomas M. Cooley Law School in Lansing.

Dr. Glenda Price

Dr. Price serves as president emeritus at Marygrove College, where she was president from 1998 to 2006. She also sits on the board of Compuware.

Her prior experience includes provost at Spelman College, interim president of the Michigan Colleges Foundation and director at LaSalle Bank Corporation. Price also sits on the board of numerous community and civic organizations, such as the Detroit Symphony Orchestra, Focus: HOPE and the Michigan Colleges Foundation. She received several degrees from Temple University, including a bachelor's in medical technology, a master's in educational media and a doctorate in educational psychology.

In 1999, Mayor Dennis Archer named Price to a state-imposed reform school board, which was organized to replace elected Detroit School Board officials at Gov. John Engler's request. Voters replaced that body with an elected board in 2005. Detroit's school board remains an elected body, but lacks power under current DPS Emergency Manager Roy Roberts.

Shirley Stancato

Shirley Stancato is the longest serving president and CEO of New Detroit, a group dedicated to bettering race relations in the metropolitan area. She previously worked in a number of positions at Chase Bank, ultimately rising to the role of senior vice president. She has garnered many awards during her service, including the Distinguished Leadership Award from the National Association of Community Leadership, Crain's Detroit Business 100 Most Influential Women, Woman of Achievement by the Anti-Defamation League, and the Detroit News Michiganian of the Year award. Stancato is a graduate of Cass Tech and has received a bachelor's degree in sociology and master's degree in industrial relations from Wayne State.

Brom Stibitz

Brom Stibitz serves as senior policy advisor for the Michigan Department of Treasury
He worked as Andy Dillon's legislative director when the latter was in the state House and as an appropriations coordinator and policy analyst for the body. He earned a bachelor's degree in biology from Kalamazoo College and a master's degree in public administration in state and local government from Northern Michigan University.