Gov. Phil Murphy announced this morning that New Jersey Economic Development Authority (EDA) chairman Kevin Quinn is departing for a job in the Biden administration, and that investment firm manager Terry O’Toole will be appointed to succeed him.
“Kevin Quinn’s thoughtful guidance has helped reposition the EDA to maximize opportunities in high-growth sectors and invest in our communities while upholding transparency, equity, and inclusiveness,” Murphy said in a statement. “I congratulate Kevin on his successful tenure as board chair and wish him success in his next endeavor.”
Quinn has been board chairman of the EDA, which is tasked with fostering investment and economic development across the state, since 2019. He’s now set to take a “senior role” in the U.S. Department of Commerce’s CHIPS Program Office, Murphy said.
As for O’Toole, he currently leads Macanta Investments, a private investment entity, and has held board seats on the National 9/11 Memorial and Museum and the New Jersey Pandemic Relief Fund.
Perhaps most importantly from Murphy’s standpoint, he previously worked at Goldman Sachs for 21 years – likely overlapping with the governor, himself a former Goldman Sachs executive. (Quinn also worked at Goldman Sachs prior to becoming EDA chairman.)
“I look forward to working with Terry O’Toole, who, alongside Chief Executive Officer Tim Sullivan, will continue to prioritize the creation of strategies and resources that will help New Jersey’s entrepreneurs, small businesses, and hardworking families thrive,” Murphy said.
The governor also reiterated his reappointment of two incumbent members of the board, Virginia Bauer and Aisha Glover, as well as the appointment of alternate member Jewell Antoine-Johnson; all three were announced last month. No EDA appointment, including O’Toole’s, requires Senate confirmation.
During his first term, Murphy made a point to clean house at the EDA, which had come under criticism for its tax incentive programs under Gov. Chris Christie. Quinn, Glover, and Bauer were all among Murphy’s initial picks to remake the EDA board back in 2019.