The Philadelphia Regional Port Authority named a replacement for its recently departed longtime executive director.
The PRPA's Board of Directors announced Wednesday that veteran transportation leader Jeff Theobald will replace James T. McDermott, Jr., who retired in April after 22 years leading the agency. Theobald, who is slated to arrive at the PRPA next month, was president and CEO the last two years for Ports America Outer Harbor, where he oversaw a 200-acre container terminal facility in Oakland, Calif.
Ports America Outer Harbor shuttered the Oakland container terminal this year and the Oakland operation later
PRPA is a state agency that owns six terminals on the Pennsylvania side of the Delaware River leased to private operators. The authority with support from Pennsylvania Gov. Tom Wolf is planning to develop the 196-acre Southport Marine Terminal Complex as part of a public-private partnership.
"Jeff Theobald is a seasoned maritime industry executive with a proven track record," said PRPA Chairman Gerard H. Sweeney in a statement. "He has extensive expertise in terminal operations, international supply chains, strategic planning, contract negotiations and financial control and will prove invaluable in overseeing port growth plans."
Prior to his time at Ports America, Theobald held several senior level maritime industry positions including as a senior executive for ocean carrier APL, LTD. He has also worked as a maritime and transportation consultant where he advised the Port of Seattle.
"I am delighted that the PRPA Board asked me to join the team at this very exciting time for the Port of Philadelphia, said Theobald. "I look forward to doing everything I can to assure that the Port meets the challenges of the future and fulfills its great potential."
Moody's Investors Service assigned PRPA an Aa3 rating in August 2008 for $43 million in commonwealth lease revenue bonds.
