Port Authority of New York & New Jersey treasurer Bruce D. Bohlen is retiring later thismonth after 37 years at the bi-state transportation agency, chairman Anthony Cosciaannounced yesterday at authority's monthly board meeting.
Bohlen's retirement represents the Port Authority's second significant loss of a seniorfinance official this year. In June, chief financial officer Charles McClaffertyresigned after 33 years at the agency to work for the Kushner Companies, a New Jersey-based real estate development company run by former Port Authority board member CharlesKushner.
In addition, general counsel Jeffrey Green has told agency officials that he plans toretire though he has not yet set a date. Earlier this year, the Port Authority boarddesignated Darrell Buchbinder as Green's replacement.
Bohlen said yesterday that he has not yet decided on his next career move though heexpects to work in consulting in municipal finance or insurance. In his 37 years at theauthority, Bohlen, 62, said he has worked in several financial areas, including auditingand budget as well as real estate. He was also intimately involved in the insurancesettlements following the 1993 World Trade Center bombing and 2001 terrorist attacks.
"I've had the good fortune to do a lot of interesting things working at the PortAuthority," he said in a telephone interview yesterday afternoon.
Bohlen said that he planned to retire before this year but remained longer in order tohelp the Port Authority recover from the destruction of the World Trade Center nearlythree years ago. "I feel we've achieved that. We've made tremendous strides," he said.
The authority has named deputy treasurer Anne Marie Mulligan as Bohlen's permanentreplacement while it searches nationally for a new CFO to replace McClafferty. PortAuthority veteran Paul Blanco has been serving as interim CFO.
Municipal market analysts said that while the strengths of the two finance veterans willbe missed, they have left behind a well-groomed team.
"The agency will miss them but it will move on," Moody's Investors Service analystRobert Kurtter said.
The Port Authority has approximately $6.5 billion of outstanding debt and a capital planfor this year that calls for selling $1.26 billion of bonds and notes to finance 70% ofits capital expenditures.
Yesterday the Port Authority board also authorized an agreement with New York-basedJetBlue Airways to construct an $875 million passenger terminal at John F. KennedyInternational Airport that will be integrated with the historic TWA Flight Center, alsoknown as the Terminal 5 building.
