NEW VEDP BOARD OF DIRECTORS NAMED
-Vincent J. Mastracco elected Chairman of Virginia’s economic development authority-
RICHMOND - The Virginia Economic Development Partnership (VEDP) today announced the appointment of its new, 17-member board of directors.
In the 2017 session the Virginia General Assembly mandated a restructuring of VEDP’s Board of Directors to include six ex-officio, voting members; seven citizen members appointed by the Governor; and four appointed by the General Assembly Joint Rules Committee. Each citizen appointee possesses expertise in at least one of: marketing, international commerce, finance or grant administration; state, regional, or local economic development; measuring the effectiveness of incentive programs; and law, IT, transportation, workforce development, or manufacturing. Each of the GO Virginia regions will be represented by at least one member of the board.
Ex-officio members include Virginia Secretary of Commerce and Trade Todd Haymore, Virginia Secretary of Finance Ric Brown, GO Virginia Board Chairman John “Dubby” Wynne, Director of Virginia House Appropriations Committee Robert Vaughn, Director of Virginia Senate Finance Committee Betsey Daley, and CEO and Executive Director of The Port of Virginia John Reinhart.
The General Assembly appointed C. Daniel Clemente of McLean, Chairman and Chief Executive Officer of Clemente Development Company, Inc., and CDC Consulting Group, Inc. in Tysons; William Hayter of Lebanon, President & CEO of The First Bank & Trust Company; Chris Lumsden of South Boston, Administrator and President of Sentara Halifax Regional Hospital; and Ned Massee of Richmond, retired Vice President of Corporate Affairs at WestRock Foundation.
Governor McAuliffe appointed Carrie Hileman Chenery of Staunton, Executive Director, Shenandoah Valley Partnership; Heather Engel of Newport News, Chief Strategy Officer and Partner, Sera-Bryn; Greg Fairchild of Charlottesville, Isidore Horween Research Associate Professor of Business Administration; Academic Director, Public Policy and Entrepreneurship, University of Virginia, Darden School of Business; Vincent J. Mastracco of Virginia Beach, Partner, Kaufman & Canoles PC; Dan M. Pleasant of Danville, Chief Operating Officer, Dewberry Companies; Xavier R. Richardson of Spotsylvania, Executive Vice President, Corporate Development & Community Affairs, Mary Washington Healthcare; President, Mary Washington Hospital Foundation and Stafford Hospital Foundation; and Carlos Tapias of Radford, USA CEO, Grupo Phoenix.
Elected at Thursday’s board of directors meeting, Vince Mastracco will serve as Chairman.
VEDP restructuring legislation adopted by the General Assembly in 2017 also calls for VEDP to create a Division of Incentives charged with vetting, tracking, and coordinating economic development incentives; an internal auditor position to periodically audit operations, accounts, and transactions of the organization; a Committee on International Trade and a Committee on Business Development and Marketing to advise the board; and a comprehensive strategic plan with ample stakeholder input that will articulate how VEDP will meet its statutory obligations.
“I congratulate the new VEDP Board of Directors and thank them for stepping forward to advance the Partnership’s mission of expanding opportunity and economic activity in every corner of the Commonwealth,” said Governor Terry McAuliffe. “This group of leaders will be charged with strengthening VEDP and ensuring that every taxpayer dollar the Partnership spends benefits Virginia families, businesses and communities. I look forward to continuing to work with VEDP as we continue our efforts to build a new Virginia economy.”
“VEDP’s new Board of Directors represents a diverse array of professionals who offer tremendous insight into best practices to support the Partnership’s critical mission of job creation and investment in Virginia,” said Virginia Secretary of Commerce and Trade Todd Haymore, Vice Chair of the VEDP Board of Directors. “With a strong board in place and Stephen Moret leading the agency as President and CEO, I have no doubt that VEDP will again regain its status as the best economic development organization in the nation.”
“I am honored to serve as Chairman of VEDP’s new board of directors as we work with our stakeholders, members of the General Assembly, and the administration to reestablish the Partnership as America’s premier economic development organization,” said Mastracco. “We remain committed to addressing the recommendations of the Joint Legislative Audit & Review Commission, and I’m confident that close collaboration and the implementation of the comprehensive strategic plan will ensure that VEDP achieves its aspirational goals.”
“Following up on the critical report issued last fall by the Joint Legislative Audit and Review Commission (JLARC), I was pleased to have worked with the Governor and Senator Ruff to create a new Virginia Economic Development Partnership Board of Directors to ensure the accountability of businesses that receive taxpayer funded incentives, to meet all of the performance agreements in terms of capital investment and jobs created,” said Delegate Chris Jones.
“I am confident that the Partnership's Board will move forward for the good of the Commonwealth,” said Senator Frank Ruff. “The reorganization will make the organization more focused on the mission of growing and attracting employers to provide opportunities for our citizens. While I am disappointed that we could not negotiate keeping all board members, we appreciate the commitments each has made during the term of their service.”
The Virginia Economic Development Partnership was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP has offices in Virginia, China, Japan, India and the United Kingdom.