Treasurer: Ducey wins GOP nomination - East Valley Tribune: Politics

Treasurer: Ducey wins GOP nomination

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Posted: Tuesday, August 24, 2010 10:09 pm | Updated: 1:42 pm, Wed Aug 25, 2010.

Phoenix businessman Doug Ducey has won the Republican nomination for state treasurer.

The political newcomer beat three current or former state lawmakers Tuesday to advance to the Nov. 2 general election against Andrei Cherny, the only Democrat running for the job of Arizona's chief financial officer.

Cherny is a former assistant attorney general and adviser to former President Bill Clinton.

Other GOP candidates in the primary were state Sens. Thayer Verschoor and Barbara Leff and former state Rep. Ted Carpenter.

Ducey was endorsed by current state Treasurer Dean Martin, who has held the office since 2006. Martin ran for the GOP gubernatorial nomination this year, but dropped out of the race in July.

The treasurer is responsible for holding, investing and disbursing state money — overseeing Arizona's revenues and expenses and managing the state's nearly $10 billion investment portfolio. The portfolio includes the state's permanent endowment fund, which generates revenue for public schools, the universities and other beneficiaries.

Ducey, who is chief investor and chairman of a company that digitizes home movies, said he can generate jobs for the state with his insight into business.

Cherny describes the treasurer as Arizona's chief economic officer and has elaborate economic development plans if elected.

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