Monday, February 26, 2024

GoLocalProv Business Team

Top executives at Commerce Rhode Island, the State of Rhode Island’s economic development agency, have resigned at an alarming rate in the past two years.

In just the past 24 months, multiple top-tier executives have resigned, and in some top positions, the job has been turned over multiple times.

The turnover correlates with the last two years of Dan McKee’s governorship. And, much of the exodus has occurred since Liz Tanner took over as Secretary of Commerce beginning in June of 2022.

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Revolving Door in the President’s Position

The President’s position at Commerce was held by Jesse Saglio for seven years, and then he resigned in February of 2022. Hilary Fagan took over as President, and then she resigned in December of 2022. Since then, Bill Ash has served as “acting” president.

Now, Ash has announced his departure. The President’s position will be vacant again.

Ash, before his tenure at Commerce, had more than 25 years of experience working with businesses as a lender, consultant, and investor. Previously, he held positions as managing director of M & A at Oppenheimer & Co. and was a senior managing director of The Tron Group — a Boston-based turnaround and business advisory firm.

Now, under McKee, Commerce will be looking for its fourth President in two years.

In an interview with Tanner, she said the departures do not reflect on the agency. “We are 100% stable,” said Tanner.

Chief Financial Officer Resigns

Last week, Justin Medeiros, the Chief Financial Officer/Senior Controller for Commerce, announced his resignation. 

The top business recruitment position — the executive Vice President of Business Development position, has been vacant since Fagan was promoted to President in 2022.

Tanner said she has changed the approach to business recruitment. “We now have a clustered approach to attracting business,” said Tanner.

Communications

The top communications position has also been a revolving door. In 2022, Matt Sheaff held the position of director of communication. Then, he was on loan to McKee’s office and recently resigned and took employment outside of Rhode Island.

Then, Brian Hodge was promoted to that position, and he then left the agency, a series of contract employees were engaged and then Commerce hired Matthew Touchette.

Five of the Top Eight Have Left in Just Two Years

According to an archived version of Commerce’s website, of the top eight professionals leading the organization, five have left. Only one, the former Secretary Stefan Pryor, is still in government service. Today, Pryor serves as Secretary of Housing.

Commerce Under Scrutiny

Presently, Commerce is facing scrutiny for its management of the bond deal for the Pawtucket minor league soccer stadium called Tidewater Landing. GoLocal uncovered concerns voiced by Pawtucket’s fiscal advisor in the summer of 2023. Commerce ignored those concerns.

After a series of exclusive articles by GoLocal, a feature published in Bloomberg — the global business publication — writes, “Taxpayers are paying dearly to bring a pro-sports team back to the faded industrial city of Pawtucket, Rhode Island.”

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