Press Release Article


PORT AUTHORITY BOARD OF COMMISSIONERS STATEMENT ON CHIEF EXECUTIVE OFFICER SEARCH

Date: Nov 19, 2015
Press Release Number: 182-2015

The Port Authority's Board of Commissioners has been conducting a search for the agency's first CEO since Governors Christie and Cuomo endorsed the December 2014 recommendation of the Special Panel on the Future of the Port Authority that the bi-state agency appoint a single chief executive officer selected by and accountable to the Board of Commissioners. The Board appointed a CEO Search Committee to work with a leading executive search firm, Spencer Stuart, to develop a slate of candidates for consideration by the full Board; the Search Committee had initially hoped to make its recommendations to the full Board this month. In light of recent progress made on the Gateway program to construct new cross-Hudson rail tunnels, and other major construction projects such as the Port Authority Bus Terminal replacement, however, the Search Committee has recommended that the CEO search be extended and broadened to ensure that the skill sets represented in the candidate group reflect all of the bistate agency's future needs.

"The recent agreement among Governors Christie and Cuomo and the Obama Administration to fund the Gateway project is welcome news for the entire region," said Port Authority Chairman John Degnan. "Given the leadership role assigned to the Port Authority in this effort, we owe it to the Board to make certain we have taken this substantial new responsibility into account in selecting our first CEO."

"We have spoken with a number of impressive candidates," said Port Authority Vice Chairman Scott Rechler, "But in the past year, the Port Authority has committed itself to a number of projects, such as a modernized LaGuardia Airport, a new Bus Terminal, and most recently the new responsibility of leading the Gateway program, all of which are some of the largest transportation projects in the country. Therefore, it makes sense for us to pause to ensure that we have factored that into our selection process and candidate selection."

The Port Authority also announced that Executive Director Pat Foye, who has served the agency in that capacity since November 2011, has asked that his name be withdrawn from the CEO selection process and plans to leave the agency within 120 days. The Board will work with Mr. Foye during that time to put an interim leadership team in place to manage the authority until the search for a permanent CEO is completed.

Contact:
The Port Authority of New York and New Jersey
212-435-7777

Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency's network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where the 1,776-foot-tall One World Trade Center is now the tallest skyscraper in the Western Hemisphere. The Port Authority receives no tax revenue from either the State of New York or New Jersey or from the City of New York. The agency raises the necessary funds for the improvement, construction or acquisition of its facilities primarily on its own credit. For more information, please visit http://www.panynj.gov.


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