Longtime Philadelphia Regional Port Authority Executive Director James T. McDermott Jr. will be leaving his post early next year.
McDermott announced on Sept. 23 his plans to retire on April 15, 2016 in a letter to Pennsylvania Gov. Tom Wolf. He has held the executive director position since 1994.
"I have enjoyed my time at the Port Authority and I am very proud of the collective work we were able to accomplish on behalf of the Port, the City and the Commonwealth of Pennsylvania," said McDermott in his letter to Wolf. "I want to thank you for the opportunity to serve in your administration and, upon my retirement, I will have worked in the public sector since September 2, 1980 and enjoyed every minute of it."
PRPA is a state agency that owns six terminals on the Pennsylvania side of the Delaware River leased to private operators. Moody's Investors Service assigned PRPA an Aa3 rating in August 2008 for $43 million in commonwealth lease revenue bonds.
