ESDC Chair Resigns as Reorganization Continues

The chairman of the Empire State Development Corp. resigned Thursday, in a further reorganization of the issuer that had its president and chief executive officer step down on Saturday, New York Gov. David Paterson announced. Chairman Robert Wilmers resigned after serving a year in the position and will be replaced by Dennis M. Mullen who will serve as chairman and CEO.

On Saturday, Paterson announced that Mullen, who was the ESDC’s upstate president, would replace Marisa Lago as president and CEO. Lago served in the position for just eight months. Combining the chairman and CEO positions will require legislative approval and Mullen’s appointment is subject to Senate approval.

The ESDC is the state’s financing agency for economic development.

Paterson reorganized the ESDC last year following the resignation of former Gov. Eliot Spitzer, who had also reorganized the corporation. Under Spitzer, the chairmanship was divided in two, one for upstate and one for downstate.

Paterson also created a new structure under which Wilmers, who is the head of M&T Bank Corp., would oversee the larger strategy issues while Lago, a former banker at Citi, would oversee day-to-day operations. Presidents for upstate and downstate were to serve under Wilmers and Lago but a downstate president was never chosen.

Before becoming ESDC upstate president, Mullen was the president and CEO of Greater Rochester Enterprise Inc., a nonprofit organization that promotes business and economic development in the Rochester area. He also served as president and CEO of Birds Eye Foods from 1995 to 2005.

“I believe I am leaving ESDC, with its new management structure in place, in a good position to lead essential economic development projects across New York State,” Wilmers said in a press release. “Moving forward under the leadership of Dennis Mullen, I know that New York will continue to remain a leader in attracting new investment and creating new jobs while developing revitalizing every part of New York State.”

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER