DETROIT (WXYZ) - Michigan Governor Rick Snyder named Kevyn Orr as his choice for Detroit's emergency financial manager during a 2 p.m. press conference Thursday.
The Local Emergency Financial Assistance Loan Board will have to approve Snyder's pick before the appointment is official. The meeting is expected to happen at 3 p.m.
"There were three key attributes," Snyder said, in searching for in the EFM candidate. "We were able to find an outstanding individual," the governor continued. "And that's Kevyn Orr."
Orr is a high-powered D.C. attorney who helped steer Chrysler through their 2009 bankruptcy. He attended undergrad and law school at the University of Michigan.
Orr said he will officially resign from his D.C. firm on Friday.
"As Detroit's motto says; 'We can rise from the ashes,'" said Orr. He continued to say he believes it is possible "to restore this city to a sustainable rate of growth."
Despite his positive attitude, Orr said he recognizes the size and of the task at hand and the challenges that accompany it, "This is the Olympics of restructuring." "In my business you're sort of the undertaker that walks up to the front door. You're rarely welcomed."
Orr's nomination comes two days after Detroit City Council appealed Governor Snyder's state takeover. Council proposed a revised consent agreement that prevented a state takeover in 2012.
Mayor Bing was also present at the press conference to answer questions about his role now that an EFM has been nominated. Bing previously stated that he did not agree with City Council's appeal and was ready to team up with the new EFM.
"I'm looking forward to being a party of the team," said the mayor. "I've committed to the governor, to Kevyn that we'll do everything we can to be good teammates."
City Council President Charles Pugh said they will not go forward filling a suit to challenge the appointment of an EFM based on the advice of lawyers and advisors.