Derek Hansel will become the new executive director of the New Jersey Educational Facilities Authority on Tuesday.

Hansel will join the authority after recently serving as assistant chief financial officer of the Pennsylvania Turnpike Commission, where he managed its $7.5 billion tax-exempt and taxable debt portfolio with varied credits.

Authority chairman Roger Jacobs said he is pleased to welcome someone with public finance experience as an issuer, a financial advisor and an investment banker.

“Having such a diverse perspective will serve our clients well and we look forward to working with him to continue to bring the highest level of service to New Jersey’s colleges and universities,” Jacobs said.

Hansel will take over the position from acting executive director Sheryl Stitt, who was appointed interim head in August.

Since 1966, the Educational Facilities Authority has been New Jersey’s largest financing entity for development of campus facilities at public and private colleges and universities.

The authority has completed 461 transactions with a total value over $13 billion and a record of zero defaults.

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