Ducey tops Cherny in free-spending treasurer’s race

Treasurer candidates Andrei Cherny, Democrat, and Doug Ducey, Republican.

Republican Doug Ducey capped the most expensive treasurer’s race in Arizona history with a win over Democrat Andrei Cherny.

Ducey, the former CEO of Cold Stone Creamery, defeated Cherny by 52 percent to 41 percent. The two candidates spent more than $1 million combined in the normally low-profile, down-ballot race.

With all 2,239 precincts reporting, Ducey led Cherny 685,872 votes to 537,819. When Ducey’s lead swelled to more than 100,000 votes, he was still hesitant to declare victory. But once the two spoke and Cherny conceded, the Republican was ready to talk about his plans for the Treasurer’s Office. By then, his lead was nearly 150,000 votes.

“I’m looking forward to being the next state treasurer and getting in there and being part of the solution in state government,” Ducey said. “I’m going to bring a fresh approach and I’m going to go down there and I’m going to work with anybody that wants to find solutions and bring good ideas.”

Both candidates espoused plans to expand the role of the Treasurer’s Office. Ducey, a political newcomer who touted his business experience said he wants the office to take a more active role in economic development issues.

Ducey replaces outgoing Treasurer Dean Martin, who raised the profile of the Treasurer’s Office during the ongoing economic crisis. Martin decided to enter the GOP gubernatorial primary instead of seeking reelection.

The big-money race featured aggressive television advertising on both sides. Ducey raised more than $800,000 for his campaign, including $283,000 of his own money.

Cherny, a former prosecutor with the Arizona Attorney General’s Office, campaigned on a platform of diversifying the state’s investments and investing more of the state’s money in local companies instead of Wall Street stocks.

The Democrat raised more than $600,000 and campaigned for a year and a half, giving some Democrats hope that he could offset expected Republican wins. Allegations that dishonest business practices bankrupted some former Cold Stone franchisees and late tax payments by Ducey gave Cherny ample ammunition against his well-funded opponent.

Even in victory, Ducey was upset with Cherny’s attacks against him.

Doug Ducey declares victory