Article: Budget, Staff Overhaul Under Way at Art Institute of Chicago.

By Barbara Rose, Chicago Tribune Knight Ridder/Tribune Business News

Dec. 22--Two years after a multimillion-dollar investment loss rocked the Art Institute of Chicago, a sea change is under way at one of the city's most prized cultural institutions.

Scores of employees have exited in a far-reaching revamp to eliminate budget deficits and pare debt that has weakened the institute financially.

The overhaul at the world-famous museum and its affiliated school coincides with a slow changing of the guard. The institute has been guided for more than two decades by a team led by President and Director James Wood, who will retire next year when ...

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