UI Trustees Chair Kennedy to Step Down as Merchandise Mart Head

Christopher Kennedy is stepping down as president of Chicago's Merchandise Mart.

Kennedy, son of the late U.S. Sen. Robert F. Kennedy, made the announcement Thursday.

Kennedy has been with the Mart for 25 years. He's president of MMPI, the property management firm that owns the Mart, a sprawling complex at the heart of Chicago's design industry.

Joseph P. Kennedy bought the Merchandise Mart in 1945, but the Kennedy family no longer owns the building.

Christopher Kennedy says he's looking forward to spending the summer with family and focusing on his duties as chairman of the University of Illinois board of trustees.

He plans to take on a consulting role with MMPI through March 2012.

He's being replaced by Mark Falanga, who's been with MMPI for 17 years, on July 23.