April 7, 2004

ROMNEY TAPS KIMBALL AS ECONOMIC DEVELOPMENT SECRETARY

Governor Mitt Romney today introduced Ranch C. Kimball, an expert in business strategy and development, as his new Secretary of Economic Development.

Kimball, 46, has had a distinguished career working in business development and private equity. He most recently led the creation of a private equity unit at Kissinger McLarty Associates in Washington D.C., which is headed by Dr. Henry Kissinger and former White House Chief of Staff Thomas “Mack” McLarty.

Prior to that, Kimball was partner at the Boston Consulting Group, where he joined after graduating from college and spent a career working extensively with technology, telecommunications, manufacturing, media and health care companies in the United States, Europe, Latin America and Asia.

“Ranch is a proven leader with tremendous energy and a deep understanding of economic development issues. He will make a strong addition to the team,” said Romney. “Job creation is his first priority, but I also look forward to his leadership and advice in a number of areas, including auto insurance reform, workforce development and cutting red tape.”

Kimball replaces Robert Pozen, a former Fidelity executive who served as Romney’s first economic development secretary.

“Massachusetts and Governor Romney have a winner on board and I have no doubt workers, families and business and academic communities are about to get an adrenaline rush of bright ideas and bold ambitions for the state,” said McLarty, a former Fortune 500 CEO and Chief of Staff to President Clinton.

A 1980 graduate of Princeton University, Kimball said he looks forward to forming strong relationships with business, labor, the Legislature and all other parties with an interest in creating jobs in Massachusetts.

Kimball praised the Governor’s Regional Competitiveness Councils, said he wants to build on their recommendations with action-oriented steps that will bring jobs and economic growth to every region of the state and that he has a “very activist view” of being secretary of economic development.

“Despite the difficult economic climate, I'm impressed with the breadth of economic development initiatives already launched. I look forward to working alongside the strong team the Governor has put in place as we drive to produce job creation and economic growth,” said Kimball.

“I also expect to work closely with both the Massachusetts and the national business community in putting these programs into practice in our Commonwealth. Expect to see extensive outreach, near-term job creation, and a focus on the long-term competitiveness of the state’s economy,” Kimball added.

Kimball has a home in Boston, where he plans to reside with his wife, Alexa, and their two-year-old son.

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