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Adam Cloud Named City Treasurer

By JENNA CARLESSO

January 25, 2011

HARTFORD — —

Adam M. Cloud has been named the new city treasurer, replacing Kathleen Palm Devine, who will retire on Feb. 1.

Palm Devine, 63, was one of 30 city employees who opted to participate in a voluntary retirement incentive program. She leaves office after 16 years with the city — 12 as treasurer.

Cloud, 41, was appointed assistant city treasurer on Jan. 7. The city council voted to appoint him treasurer on Monday. He will serve the remainder of Palm Devine's elective term, which runs through January 2012, and be paid an annual salary of $140,000, officials said.

"Adam has a long background in municipal finance," Palm Devine said. "He has a lot of backbone and integrity and I think he'll do very well."

Cloud has worked as a financial adviser and as a bond underwriter for companies such as Advest Inc. and Loop Capital. He also has served on several boards and commissions, including the Hartford Redevelopment Agency, the Hartford Economic Development Commission and the Metropolitan District Commission.

Cloud is the fifth person to serve as city treasurer since it became an elective position in 1947. Aside from Cloud and Palm Devine, the position was held by John "Bud" Mahon, George "Pete" Kinsella and Denise Nappier.