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March 4, 2005




To better coordinate economic development efforts in Massachusetts, Governor Mitt Romney today named Secretary of Economic Development Ranch C. Kimball as Chairman of the MassDevelopment Board of Directors. Romney also announced five board appointments to the finance and business development agency.


Kimball replaces Robert Beal, President of the Beal Companies, a real estate investment and management firm, who resigned from the board.


“Secretary Kimball has his finger on the pulse of the Massachusetts business community,” said Romney. “He is the right person to continue the momentum we have established with our aggressive job creation and economic development initiatives.”


Romney thanked Beal for his nearly three decades of service and called him “instrumental in our efforts to create jobs and attract business investment to Massachusetts,” as evidenced by steady economic growth resulting in the addition of more than 26,000 jobs over the last year.


Under Beal’s leadership, MassDevelopment has made more than $18 billion in loans to Massachusetts businesses.


“As we continue to try to consolidate and coordinate all of our economic development efforts, I look forward to working with MassDevelopment to achieve its ongoing goals for 2005 and beyond,” said Kimball, who has served as a member of the MassDevelopment board since 2004.


Romney also appointed four new board members, including:


· Christopher Collins, Co-Founder and CEO of Collins Nickas & Company;


· Katherine Craven, Executive Director of the Massachusetts School Building



· Steven Rosenthal, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;



· Judy Pagliuca, former Fidelity Investments executive and wife of Boston

Celtics co-owner and Bain Capital partner Stephen Pagliuca.


Romney also reappointed Robert Fox, President of Bradford Development Corporation and the Fox Development Group.


Robert L. Culver, MassDevelopment President & CEO, added, “We look forward to working with Secretary Kimball and the new members to enhance the Commonwealth’s economic development efforts. MassDevelopment will benefit greatly from the Secretary’s unique perspective and the skill set he brings to this position.”


“The outgoing MassDevelopment board members have played an important role in establishing business and economic development programs for Massachusetts. We are grateful for their dedication and expertise in creating new jobs and redevelopment projects,” said Romney.


MassDevelopment, the state’s finance and development authority, partners with businesses and local officials to stimulate growth across the Commonwealth.





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