Penny Pritzker Bio
Penny Sue Pritzker (born May 2, 1959) is an American businesswoman, lawyer, and philanthropist who served as the 38th United States Secretary of Commerce from 2013 to 2017 under President Barack Obama. A member of the influential Pritzker family of Chicago, she founded PSP Partners, PSP Capital Partners, and Pritzker Realty Group, and co-founded Artemis Real Estate Partners and Inspired Capital. She is a member of the Democratic Party and has held senior civic and corporate roles, including board service at Microsoft and leadership of the Carnegie Endowment for International Peace.
Beyond government service, Pritzker has remained active in higher education governance at Harvard University and in international diplomacy. From 2023 to 2024, she served as the U.S. Special Representative for Ukraine’s Economic Recovery under President Joe Biden. Her career spans real estate, finance, public education advocacy, and global economic policy.
Early Life and Background
Penny Sue Pritzker was born on May 2, 1959, in Chicago, Illinois, to Donald Pritzker and Sue (née Sandel) Pritzker. She grew up in a wealthy and influential business family, and her father was one of the co-founders of Hyatt Hotels. As a child, Pritzker often accompanied her father to Hyatt properties and helped check the women’s restrooms for cleanliness. She has two younger brothers, Tony and JB Pritzker, the latter of whom later became governor of Illinois.
Donald Pritzker died suddenly of a heart attack in 1972, after which her mother struggled with depression. At times, Penny helped care for her mother and brothers. At 16, she wrote her grandfather A. N. Pritzker a letter asking why he discussed business with the men in the family but not with her. In response, her grandfather arranged a summer course in accounting for her, encouraging her early interest in business.
After her father’s death, the family moved to Atherton, California, where Hyatt continued to grow. Pritzker attended Castilleja School in Palo Alto, California, graduating in 1977. She went on to earn a Bachelor of Arts in economics from Harvard College in 1981, followed by a Juris Doctor and an MBA from Stanford University in 1985.
Path to US Politics
Pritzker’s entry into public life grew out of decades of civic engagement in Chicago and a long friendship with the Obama family. She served on the Chicago Board of Education and chaired the Chicago Public Education Fund, gaining a reputation for hands-on involvement in local institutions. She also chaired the Museum of Contemporary Art, Chicago, and held leadership roles in education and workforce policy initiatives.
Her friendship with Barack Obama dates to the 1990s, when Obama was a senior lecturer at the University of Chicago law school. Pritzker met Obama at a Chicago YMCA where her son participated in a basketball program coached by Obama’s brother-in-law, Craig Robinson. She became an early supporter of Obama’s political career, helping finance his 2004 Senate campaign and later serving as national finance chair of his 2008 presidential bid. She also served as national co-chair of Obama for America in 2012.
After Obama’s 2008 election victory, CNN reported that Pritzker was his top choice for Commerce Secretary, but she withdrew from consideration. According to the Chicago Tribune, she cited her family obligations and the financial crisis as reasons. In 2013, Obama nominated her again, and she was confirmed by the U.S. Senate, opening her formal path into national politics.
Penny Pritzker Career
Early Career (1985–2001)
After earning her degrees, Pritzker joined the Pritzker organization at the encouragement of her cousin Nick Pritzker. In 1987, she founded Classic Residence by Hyatt, an upscale senior housing concept later renamed Vi. The venture initially struggled, losing $40 million in its first 18 months, but it turned around after management and marketing changes. In 1991, her uncle Jay Pritzker appointed her to lead the family’s non-hotel landholdings, and she created the Pritzker Realty Group, which developed apartment buildings, shopping centers, and the Baldwin Park neighborhood in Orlando, Florida.
From 1991 to 1994, Pritzker served as chairperson of Superior Bank of Chicago, a Hinsdale, Illinois-based institution in which Jay Pritzker had purchased a 50% stake from the FDIC. The bank later pursued a strategy of growth in subprime home mortgages and was seized by regulators in July 2001. Pritzker has stated that she had no direct or indirect ownership in the bank and that it complied with fair lending laws.
Business Leadership and Diversification (2002–2012)
Beginning in 2005, Pritzker served as non-executive chairman of TransUnion. In 2009, she co-founded Artemis Real Estate Partners LLC with Deborah Harmon. In 2011, she founded PSP Capital Partners, an investment office. Altogether, Pritzker started five companies before entering federal service, building a portfolio that spanned real estate, finance, and credit reporting. She also held civic roles, including election to the Harvard Board of Overseers in 2002 and later chairmanship of the Carnegie Endowment for International Peace in 2018.
Secretary of Commerce (2013–2017)
On May 2, 2013, President Obama nominated Pritzker to be the 38th United States Secretary of Commerce. To avoid conflicts of interest, she agreed to divest from at least 221 companies and resign from 158 entities, including the Hyatt board of directors and the Chicago Board of Education. The Senate confirmed her on June 25, 2013, by a vote of 97 to 1, and she was sworn in on June 26.
Among her priorities was the Trans-Pacific Partnership (TPP), a proposed regional trade agreement she supported as a way to expand market access for U.S. businesses and set global trade standards. Pritzker also created a Digital Economy Board of Advisors, expanded the IP attaché program, and established the Commerce Data Advisory Council. She served as the lead U.S. negotiator for the E.U.–U.S. Privacy Shield, an agreement governing transatlantic digital data transfers. She also traveled to Cuba following Obama’s announcement of normalized relations, meeting with Cuban trade officials to discuss future economic engagement.
Post-Government and Ukraine Role (2017–2024)
After leaving office in 2017, Pritzker returned to PSP Partners and the private sector. In 2018, she was elected to the Harvard Corporation, the 12-person group that governs Harvard University, and in 2022 she became the first woman to serve as senior fellow of the Corporation. She chaired the Carnegie Endowment for International Peace and remained a major voice in business, education, and foreign policy circles. In March 2020, she helped establish the Illinois COVID-19 Response Fund with $23 million in startup money, contributing $1.5 million with her husband.
On September 14, 2023, President Joe Biden appointed Pritzker as the U.S. Special Representative for Ukraine’s Economic Recovery. In this role, she worked with the Ukrainian government, the G7, the European Union, international financial institutions, and the U.S. private sector to coordinate recovery efforts. During her first visit to Kyiv, she met with President Volodymyr Zelenskyy, the prime minister, government officials, and the Speaker of the Verkhovna Rada. She resigned from the position on August 6, 2024.
Notable Events and Milestones
Pritzker’s signature moments include her 97-to-1 Senate confirmation as Commerce Secretary, her lead role in negotiating the E.U.–U.S. Privacy Shield, and her appointment as the first woman to serve as senior fellow of the Harvard Corporation. Her service as U.S. Special Representative for Ukraine’s Economic Recovery further cemented her reputation in international economic diplomacy.
Penny Pritzker Family
Family Background and Business Lineage
Pritzker is a member of the prominent Pritzker family of Chicago. Her father, Donald Pritzker, was a co-founder of Hyatt Hotels, and her grandfather A. N. Pritzker headed the family’s business empire. Her uncle Jay Pritzker later led the Pritzker businesses and named Penny, Tom, and Nick Pritzker as successors in 1995. She is the sister of Illinois Governor JB Pritzker.
Personal Life
Pritzker is married to ophthalmologist Bryan Traubert, and the couple has two children. Together they run the Pritzker Traubert Family Foundation, which supports physical activity for young people and economic opportunity in Chicago. In the 1980s, Pritzker completed her first Ironman Triathlon in Hawaii in 12 hours and has since completed multiple triathlons and marathons.