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05/09/12 - port authority of new york and new jersey begins searchfor new cfo - Personalized Paper by airbru airbru





Article Author Biography
05/09/12 - port authority of new york and new jersey begins searchfor new cfo - Personalized Paper by
Article Posted: 08/21/2013
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05/09/12 - port authority of new york and new jersey begins searchfor new cfo - Personalized Paper


 
Business,Business News,Business Opportunities
The Port Authority on May 1 launched a nationwide search for a newChief Financial Officer (CFO) to replace the outgoing CFO who hasdecided to retire effective the end of this year. The positionoversees the agency's multi-billion annual capital and operatingbudget and other critical financial matters that are facing theagency in this challenging economic climate. The new Chief Financial Officer will replace Michael Fabiano, whohas announced he will retire after serving the agency for more than36 years, including the last two as the agency's top financialexecutive. Fabiano will work closely with the Port Authority'sHuman Resources Department and with Krauthamer & Associates,Inc., a leading executive search firm that specializes in industrysectors including aviation and transportation.

"It's clear that we must improve the historical financial practicesof this agency and begin a new era of smart, controlled spendingthat will allow the Port Authority to make critical infrastructureinvestments that fit within its financial ability and enable us tomeet our responsibilities," said Port Authority Chairman DavidSamson. "Mike is a consummate professional who has helped us tobegin to focus on transportation infrastructure projects andeconomic growth. We must now find the right person to continue hiswork." "The Navigant report established new ways for the agency to do thepublic's business, which require us to establish new priorities forhow we spend our money and finance our operations," commented PortAuthority Vice Chairman Scott Rechler. "Mike dedicated his careerto this agency and the people of this region and he has been atremendous asset as we begin to implement this historic level ofreforms.

With his planned retirement, it is critical that werecruit a professional who also understands our public mandate andwho will give sound guidance to ensure the Authority makes informedfinancial decisions." "Mike has been an exemplary, dedicated public servant who rosethrough the Port Authority's ranks to one of the agency's mostimportant positions," added Port Authority Executive Director PatFoye. "Now that Mike is leaving us, we are committed to looking farand wide to find an equally outstanding professional with thetop-shelf financial expertise to run our business better, smarterand more cost efficiently." "Our agency has faced unprecedented financial challenges in recentyears, and we were extremely fortunate to have Mike guiding ourship to maintain the agency's strong financial position," saidDeputy Executive Director Bill Baroni. "Now we need to set a coursefor the future--one that will require us to deal with new reformsset by the Board, as well as the equally challenging task ofbuilding new infrastructure and maintaining existing facilities,all with limited resources." The new CFO position will serve as a key business partner to theExecutive Director and the Deputy Executive Director. Theindividual will provide direction and management for all agencyfinancial and accounting functions, and will perform long-termstrategic financial planning to ensure the continued financialstrength and stability of the agency.

Fabiano joined the Port Authority in 1976 as a Principal AccountingClerk in the Comptroller's Department and advanced through theranks, assuming the position of Assistant Comptroller in 1996 andComptroller in 2003. As Comptroller, he helped ensure the continuedfinancial integrity of the agency in the aftermath of 9/11. In 2006, Fabiano served as Deputy Chief FinancialOfficer/Comptroller. In that position, he implemented theorganization's Enterprise Risk Management Program. He was namedChief Financial Officer in 2010.

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