Governor Phil Murphy has picked Tim Sullivan to lead the Economic Development Authority, an organization the governor has said needs a “new culture” under his administration. Murphy has ordered an audit of the authority’s use of tax incentives. Under Chris Christie, the authority controversially used bonds to fund the renovation of the state capital building and a proposed project to relocate state office buildings in downtown Trenton.
Before joining the EDA, Sullivan was deputy commissioner of the Connecticut Department of Economic and Community Development.
“As a highly regarded professional with an established record of achievement in economic development, Tim Sullivan’s depth of experience and knowledge will help ensure we are able to strengthen and grow New Jersey’s economy to benefit all residents and businesses,” Murphy said. “Tim will be a tremendous asset to the state and I applaud the EDA Board’s decision to appoint him as the Authority’s new Chief Executive Officer.”
Murphy said that under Sullivan’s leadership, the EDA would focus less on tax breaks as incentives.
In his previous job, Sullivan oversaw state tourism and branding, brownfield redevelopment, transit-oriented development, and waterfront initiatives. Sullivan joined the Connecticut economic development agency in January 2014 and became deputy commissioner in 2015.
Sullivan previously served as chief of staff to the New York City deputy mayor for economic development, focusing on transportation and transit-oriented development, brownfield redevelopment, waterfront and maritime/port redevelopment, public and affordable housing policy, small business support, infrastructure finance, and public/private partnerships.
Born and raised in Bergen County, Sullivan is a graduate of Georgetown University. He began his career in investment banking at Lehman Brothers in 2003 as a healthcare banker, focusing on mergers and acquisitions and capital markets transactions for leading companies in the managed care, biotechnology, and healthcare services sectors. Prior to joining city government in 2010, Sullivan worked at Barclays Capital as chief of staff to the head of global investment banking.
“Returning to my home state of New Jersey to join the Murphy Administration and lead the EDA is an honor,” Sullivan said. “With Governor Murphy’s clear vision of building a stronger and fairer economy, and an experienced team of professionals in place, I am excited to join the EDA at this pivotal time and strengthen our focus on supporting the growth of small, innovative businesses and thriving communities.”
The previous CEO, Melissa Orsen, left in November.
New Jersey Economic Development Authority, 36 West State Street, Box 990, Trenton 08625. 609-858-6700. Tim Sullivan, CEO. www.njeda.com.