LAKEWOOD, Ohio — After four years as finance director, Peter Rancatore is retiring.

Lakewood Mayor Meghan George said the city received a half dozen applicants for the position with a handful of interviews leading to Renee Mahoney being named as finance director.

“After a number of years of service to the city, our finance instructor Peter Rancatore is retiring,” she said. “What was great was he gave us quite a bit of notice.

“Through that process, we identified Renee Mahoney, who is the current finance director for the city of Bay Village. She’ll be the next finance director for the city of Lakewood.”

A 1985 graduate of Holy Name High School, Mahoney received a bachelor’s degree from the University of Toledo in business administration.

An assistant finance director for the city of Shaker Heights for more than two decades, Mahoney became Bay Village’s finance director in 2013.

“We’re thrilled to have Renee joining the Lakewood team,” she said.

“She also is a Lakewood resident, so she will be serving her hometown, which I think is wonderful. She’s got extensive executive-level experience in municipal finance.”

Mahoney, who starts with the city today (July 8), will earn an annual salary of $125,000.

“I’m so excited to have the privilege of working for the residents of the amazing city of Lakewood where I’ve called home for 24 years,” she said. “I am so happy to give back to the community, which has provided a wonderful place to raise our family.

“I’m really looking forward to working with the staff, especially the exceptional finance department to continue the great work they are doing.”

As for Rancatore’s tenure with Lakewood, he was sworn in virtually during the pandemic.

The mayor pointed out that under his leadership the city received the prestigious Auditor of State Award with Distinction.

The recognition is only achieved by 3 percent to 4 percent of the 6,000 government entities audited in Ohio.

“Peter Rancatore ushered us through one of the most challenging times in Lakewood’s history with the Covid-19 pandemic,” she said.

“Looking at uncertain financial forecasts and uncertain markets, he helped Lakewood through a very challenging time. I’m eternally grateful for his ability to do that.”

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