Jack Martin named Detroit CFO

Jack Martin has has been appointed chief financial officer in Detroit. That's one of two key positions in the effort to turnaround the city's troubled finances.

Martin served as CFO of the U.S. Department of Education several years ago, and in January he was picked to be the state-appointed emergency manager of Highland Park schools.

The Detroit native says he also helped turn around Washington D.C.'s municipal finances.　

"That effort was successful," Martin says." I'm confident that this initiative will be successful. But I know it won't be easy. It will be a very, very tough struggle."

Martin will work alongside a still-unnamed program management director, and a financial advisory board. He starts the job on Monday with a yearly salary of $220,000.