Nakahata takes the helm at California's IBank

California IBank

Andrew Nakahata was named to the top spot at the California Infrastructure and Economic Development Bank just seven months after joining the organization.

Nakahata left a position as director and western region head of public finance at TD Securities to join IBank in March as chief deputy executive director and chief operating officer.

Nakahata, who is expected to be sworn in Oct. 1 as IBank's executive director and chief executive officer, replaces Scott Wu, who has led IBank since 2019.

"Scott Wu's visionary leadership has been instrumental in shaping IBank into a powerful engine for economic growth and innovation across California," Nakahata said in a statement. "His unwavering commitment to public service has set a high standard. As I step into this role, I do so with respect and gratitude for the high bar Scott has set, and I look forward to carrying that legacy forward."

Prior to working at TD, Nakahata was head of UBS' western public finance region beginning in 2017. During his three decades in public finance, he has held senior positions at National Public Finance Guarantee Corp., Citi, JPMorgan and Goldman Sachs.

"Andy's vision, financial acumen, and deep understanding of California's infrastructure needs, make him uniquely qualified to build on IBank's success," Wu said in a statement.

"I am proud of the IBank team and thoroughly enjoyed my time as executive director/CEO," Wu said. "I was committed to leaving IBank in the best possible position for success and with Andy Nakahata at the helm, I believe that time has come."

Under Wu's leadership, IBank expanded its role in financing critical infrastructure, small business recovery, and climate resiliency across California, according to IBank's release.

Wu secured $2.1 billion in federal funds for small businesses, launching climate and venture capital programs, and led IBank to consecutive record-breaking years, according to IBank.

He "championed initiatives that made IBank more accessible and responsive to all California communities, guided the organization through the economic turbulence of the COVID-19 pandemic, and helped secure historic levels of investment in green infrastructure and economic development," according to the release.

"Scott led with dedication, innovation, and purpose — leaving IBank stronger and better prepared to meet the challenges ahead," said Dee Dee Myers, senior advisor to Gov. Gavin Newsom and director of the governor's office of business and economic development. "I'm deeply grateful for Scott's service, and I look forward to working with Andy as he leads the IBank team into the future."