Hartford treasurer resigns after decade in office

Adam Cloud, Hartford’s first African American male city treasurer, announced Friday at the city’s Pension Commission meeting that he will retire from his position after 11 years to pursue other opportunities.

“It has been the highest honor of my life, a privilege to serve the great people of Hartford for these many years,” Cloud said. “I’m proud of the many accomplishments of this office under my stewardship and remain confident of the good work this office will continue to do.”

Cloud recalled that he was called to public service following his graduation from law school in 1996 when then-City Council President John Stewart approached Cloud while he was studying for the bar exam.

“[He] said, ‘Adam, I heard you were home and that’s good because we need your service. We helped raise you up on Plainville Street and Canterbury Street, and now that you’ve come back home we want you to help,’” Cloud said, adding that he began serving on the then newly formed Economic Development Commission and on the Redevelopment Agency. “Since that moment I have committed my life to the city of Hartford in various roles.”

Those roles included serving on the library board, the Metropolitan District Commission and treasurer of the Hartford Democratic Party before being elected city treasurer.

“For me, what is most significant in this experience serving as the treasurer of the city of Hartford is the team, which I have had the pleasure of working with, they are the best of the best, to the person,” Cloud said. “We have been able to elevate the level of service of this office. We have consistently executed at a high level, with a smile, but a laser focus on our obligation as fiduciaries on behalf of the community we serve. ... While I always have recognized the privilege of serving, you never want to stay too long.”

Cloud cited some health issues, including a kidney transplant, as part of the reason he is stepping down.

“I have taken stock about what is in my best interests and the best interests of my family and have decided that it is now time for me to move on do some other things,” he said.

“I’m not going anywhere. I am a Hartford boy, born and raised,” Cloud said. “I am still going to be here. But I think it’s time for me to turn the leadership of this organization over to the talented people with whom I’ve had the pleasure of working with.”

His resignation is effective Sept. 2. As city treasurer, Cloud was responsible for, among other things, overseeing an investment portfolio of about $1 billion. Among his successes, Cloud cited his office’s commitment to diversity, equity and inclusion to increase opportunities for smaller, emerging diverse firms.

“I couldn’t be prouder of the record we have created and impact we have had both on our retirees but also within this industry to move the dial in the right direction,” Cloud said.

Earlier this year, Cloud said he would not seek the Democratic nomination for the office of state treasurer after Shawn Wooden announced that he would not be seeking re-election.

During the Pension Commission meeting, Cloud endorsed Assistant City Treasurer Carmen Sierra be named the city’s interim treasurer. That decision ultimately rests with the City Council.

“I would strongly encourage them to vote unanimously on the recommendation and approval of Carmen as the interim treasurer of the city of Hartford,” Cloud said. “This city is quite diverse... One of the decisions why I named her to be the first Latina to serve as the deputy treasurer for the city of Hartford, in the back of my mind I wanted to make sure our relationship showed a contrast to what we generally see.”

Officials praised Cloud’s work as the city treasurer.

“I can only hope we can respect the foundation you have laid for us and our activities moving forward on both the commission and the treasurer’s office use that steering wheel you provided us in moving forward,” Pension Commission Chairman Peter Stevens said.

“I’m deeply grateful for Treasurer Cloud’s close partnership over many years, and I’m very sorry that we’ll be losing his experience, expertise and commitment in the Treasurer’s office,” Mayor Luke Bronin said.

“I’m also grateful that he has built a strong and capable team in the Treasurer’s Office, and I know that the team will carry the work forward skillfully and seamlessly during the transition ahead.” Bronin said. “I wish Treasurer Cloud all the best as he begins a new chapter and, on behalf of our whole city, want to thank him for his long and dedicated service to the City of Hartford.”

Cloud’s tenure with the city was not without controversy, including two instances – one with insurance broker Earl O’Garro Jr., the other with the now-defunct Back9Network – where he touted Hartford-based companies that rented space in a building owned by the Cloud family and that had hired his brother, Christopher Cloud, as their lobbyist.

In 2015, O’Garro, who owned Hybrid Insurance Agency, later was convicted in federal court of swindling more than $2.5 million from a lender, insurance carriers and the state of Connecticut.

Adam Cloud was a witness for the government in that case; he was not charged or convicted of any wrongdoing and the city didn’t lose money or insurance coverage as a result of the incident.

Back9Network, a golf lifestyle television network, also rented space in a Cloud-owned building and had hired Christopher Cloud as its lobbyist. Sanford Cloud, the Clouds’ father, was on the company’s board of directors.

It was discovered that Adam Cloud had used his city email several times between 2011 and 2014 to steer potential investors to Back9, which eventually went under.

Adam Cloud apologized for poor judgment when the conflict of interest was brought to light in 2015. He easily won re-election in November of that year.

Editor’s note: An earlier version of this story said that Adam Cloud was the first African American city treasurer. He is the first African American male city treasurer.