ALBANY, NY-Indicating his commitment to bring in people from the private sector for the Start-Up NY program—rather than politicians—Governor Andrew Cuomo has hired former Morgan Stanley CEO and board chairman John Mack to spearhead the effort. The move comes just a day after another Morgan executive, Leslie Whatley, was hired as Start-Up's EVP.
Mack, who will serve as senior advisor for the economic development initiative, will also carry the titles of economic development advisor to the state of New York and special advisor to the board of Empire State Development, which includes the Department of Economic Development and the Urban Development Corp. In his new roles, Mack will advise the governor and ESD on various economic development programs and issues to help grow New York's economy and make the state a more appealing place for businesses.
The hire was announced Tuesday in tandem with the launch of Start-Up NY, an initiative designed to create tax-free zones to attract and grow new businesses across the state. Says Mack, “Governor Cuomo has demonstrated a steadfast commitment to encouraging and pursuing opportunities for economic development in New York. With programs like Start-Up NY, which offers businesses the unparalleled opportunity of a tax-free environment with New York's world-class resources for research and development, the Governor is pursuing a truly innovative approach to growing the state's economy."
The State University of New York campus system, along with other college communities, will serve as the framework of the START-UP NY program to attract high-tech and other start-ups, venture capital, new business and investments from across the world. Under the program, businesses have the opportunity to operate completely tax-free for 10 years on eligible campuses and spaces. Businesses will partner with the higher education institutions in the SUNY system, as well as other universities, and be able to access industry experts and advanced research laboratories.
Says SUNY Chancellor Nancy Zimpher, “Enthusiasm at SUNY campuses across New York is high as we anticipate a windfall of innovation-driven public-private partnerships that, because of the START-UP NY program, will create jobs and amazing new opportunities for students and researchers.”
Adds Whatley, “Thanks to Governor Cuomo's vision and focus on job creation, we are leveraging the assets New York State has in our colleges and universities to drive economic growth across the state, particularly upstate.” Most recently Global head of corporate real estate at Morgan Stanley, Whatley previously held the same title at JP Morgan Chase and has served in the real estate group at General Motors. She is a former chairman of the CoreNet Global.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
