The Dormitory Authority of the State of New York, one of the nation's largest municipal bond issuers, will soon have new leader.
New York Gov. Andrew Cuomo has appointed Gerrard P. Bushell from BNY Mellon as the authority's new president and CEO to replace Paul Williams. Bushell is a senior relationship advisor in BNY Mellon's alternative and traditional investment management businesses. He previously held senior advisory roles at Kohlberg Kravis Roberts & Co., Arden Asset Management and Legg Mason affiliate ClearBridge Advisors.
Bushell's experience in New York state government includes serving as a senior officer to former Comptroller H. Carl McCall. His nomination still needs to be confirmed by the state Senate and Williams is remaining in his post during the transition period, according to a DASNY spokesman.
Williams was first appointed to head DASNY in June 2008 by Gov. David Patterson. Prior to joining DASNY, Williams served as a corporate attorney and investment banker.
DASNY, which was founded in 1944, had financed more than $106 billion in projects for hospitals, colleges, libraries, court houses, social service agencies and school districts through the 2014 fiscal year. The agency was the third largest issuer in 2014 with $4.2 billion of debt offered in 22 separate issues, according to Thomson Reuters data.
