Marlo M. Oaks took the oath of office on Tuesday, officially becoming Utah’s 26th state treasurer.
Oaks replaces David Damschen, who resigned in April to become the president and CEO of the Utah Housing Corporation, a nonprofit that helps provide affordable housing for low and moderate-income people.
Oaks, a former investment banker, was one of three candidates to replace Damschen put forward by the Utah Republican Party’s Central Committee. Gov. Spencer Cox picked Oaks ahead of Riverton City Councilmember Tawnee McCay and investment banker Seth Sunderland.
Oaks was the managing director at Crewe Capital in Salt Lake City and sits on the investment committee of the Utah Valley University endowment. He also founded two nonprofit organizations.
Oaks’ appointment will continue until January 2023. He will have to run in a special election next year if he hopes to keep the job for the remainder of Damschen’s unfinished term.
Kirt Slaugh, the state’s former chief deputy treasurer, had been serving as the acting state treasurer.