Early this morning, the MTA officially announced the hiring of a new Chief Financial Officer to replace Gary Dellaverson who retired in December. Here is a brief press release sent out by the MTA:
The Metropolitan Transportation Authority (MTA) today announced the appointment of Robert E. Foran as Chief Financial Officer. Foran is one of the nation’s leading municipal finance experts, with 30 years of experience in the industry. He is currently a Managing Director and Senior Advisor at Samuel A. Ramirez & Co. and previously served as Senior Managing Director at Bear Stearns, where he worked for almost two decades. Foran has been an advisor and banker to major infrastructure issuers nationwide, including the MTA. Early in his career he worked as a CPA for Arthur Andersen. Foran holds an MBA from Harvard Business School.
“Bob’s expertise in municipal finance is unparalleled and his experience with the MTA means that he will hit the ground running,” said MTA Chairman and CEO Jay H. Walder. “His arrival will be critical in helping guide the MTA through one of the most difficult financial periods in its history.”
Foran succeeds Gary J. Dellaverson, who retired in December. David Moretti has filled the position on an acting basis and will return to his full-time position as Executive Vice President at MTA Bridges and Tunnels.
“Dave stepped into a difficult position at a difficult time and did an outstanding job,” Walder said.
I must say this is a very interesting hire considering Mr. Foran’s past experience with handling financial matters involving the MTA. This is the same person who was in charge of a critically panned debt restructuring plan which led the agency to continue funding projects without raising revenue via fares & other means.
Considering the amount of debt currently on the MTA’s plate & higher amounts waiting in the not so distant future, Mr. Foran has a huge task ahead of him. Hopefully he will be up to the task as the decisions he helps make will determine the long term future of the MTA & that is no joke.
xoxo Transit Blogger