Governor Will Appoint Terence O’Toole as Chairman after Appointing Jewell Antoine-Johnson as an Alternate Member, Reappointing Virginia S. Bauer and Aisha Glover as Board Members
Current Chairman Kevin Quinn will depart to take Biden Administration post
TRENTON – Governor Phil Murphy today announced he will appoint Terence “Terry” O’Toole as Chairman of the New Jersey Economic Development Authority (NJEDA). Current Chairman Kevin Quinn, who has served since 2019, has informed the Governor that he is resigning to take a position in the Biden Administration in a senior role in the CHIPS Program Office within the Department of Commerce.
“Kevin Quinn’s thoughtful guidance has helped reposition the EDA to maximize opportunities in high-growth sectors and invest in our communities while upholding transparency, equity, and inclusiveness. I congratulate Kevin on his successful tenure as Board Chair and wish him success in his next endeavor,” said Governor Murphy. “I look forward to working with Terry O’Toole, who, alongside Chief Executive Officer Tim Sullivan, will continue to prioritize the creation of strategies and resources that will help New Jersey’s entrepreneurs, small businesses, and hardworking families thrive.”
“It has been a privilege to serve as Chairman of the EDA during these pivotal four years,” said New Jersey Economic Development Authority outgoing Chairman Kevin Quinn. “Governor Murphy appointed me at a time when the EDA needed reform, and I am so proud of the work we accomplished throughout the pandemic and beyond to restore faith, make New Jersey more competitive, and unlock economic power in communities across the state. I thank Tim Sullivan, the EDA Board, and the entire EDA staff for their hard work and commitment to the people of New Jersey. With Terry O’Toole as Chair, I am confident the EDA will continue to make a deep impact on the lives of New Jersey residents.”
“It has been an honor working with Kevin to deliver on Governor Murphy’s vision for a stronger, fairer New Jersey economy. While I will miss getting to benefit from Kevin’s wisdom and judgment every day, I am sure Kevin’s expertise will surely similarly enhance national economic development efforts,” said New Jersey Economic Development Authority CEO Tim Sullivan. “I am thrilled that the Governor has appointed Terry as Chairman, and I look forward to working with him and our extraordinary Board to continue to advance Governor Murphy’s bold economic development agenda and ensure New Jersey remains the number one state to live, work, and raise a family.”
O’Toole is the founder and managing member at Macanta Investments LLC, a private investment entity. He is also the co-chair and trustee of The O’Toole Family Foundation – which he and his wife Polly founded in 1993 – as well as a member of the Board of Trustees at the Hospital for Special Surgery. Previously, O’Toole had a 21-year career at Goldman Sachs, where he served as a partner, a member of its investment committee, and eventually the Chief Operating Officer of the Principal Investment Area.
“I welcome the opportunity to take on this new challenge and I thank Governor Murphy for entrusting me with this great responsibility,” said incoming New Jersey Economic Development Authority Chairman Terry O’Toole. “Kevin Quinn has been an exceptional chairman, leading the organization through an era of phenomenal transformation and growth, and I will build upon his admirable work. I look forward to working with CEO Tim Sullivan, the Board, and staff as we continue to push forward Governor Murphy’s vision for a stronger and fairer economy.”
O’Toole was appointed by Governor Murphy to serve as the New Jersey representative on the Board of the National 9/11 Memorial and Museum, a position he held from 2018 to 2022. He also served on the Board of Directors of the New Jersey Pandemic Relief Fund. He received a B.S. in Economics from Villanova University and an MBA from the Stanford University Graduate School of Business. O’Toole served as the Chairman of the Board of Trustees at Villanova and was the co-chair of its most recent capital campaign. He currently resides in Essex County with his wife.
In February Governor Murphy also appointed Jewell Antoine-Johnson as an alternate member on the EDA Board. Antoine-Johnson heads her own architectural planning and design and construction management firm based in Camden County.
“It’s an honor to be appointed to the EDA Board and sit amongst so many accomplished New Jerseyans dedicated to serving their state,” said New Jersey Economic Development Authority Alternate Board Member Jewell Antoine-Johnson. “For over two decades, I’ve been in the architectural and construction industry, leading with a commitment to sustainability, innovation, and integrity. I look forward to applying that experience to help build a thriving, more resilient New Jersey economy.”
In February Governor Murphy also reappointed Virginia S. Bauer and Aisha Glover to the EDA Board, both of whom have served on the Board since 2019.
“I am honored to be reappointed to my post on the EDA Board and look forward to advancing our work in offshore wind, film and television, life sciences and other sectors growing in the state,” said New Jersey Economic Development Authority Board Member Virginia S. Bauer. “The work the NJEDA does is vital to creating a solid economic foundation that will benefit New Jerseyans for generations to come and I am proud to be a part of it.”
“I’m excited to continue in my role on the EDA Board,” said New Jersey Economic Development Authority Board Member Aisha Glover. “During my time as a Board member, the EDA has made critical investments in communities like Paterson, Newark, and Camden, which have empowered business owners and residents and has provided them the tools they need to succeed.”
Bauer previously served as executive director of the New Jersey Lottery and Secretary for Commerce, Economic Growth and Tourism under several administrations. She also served as a commissioner of the Port Authority of New York and New Jersey.
Glover previously served as CEO of Newark Alliance and president of Newark Community Economic Development Corporation. She currently serves as Vice President of Urban Innovation of Audible.
Governor Phil Murphy delivered his sixth annual budget address on Tuesday, outlining a spending proposal for Fiscal Year 2024 (FY2024) that builds on the historic progress made over the last five years with new investments centered around expanding affordability, promoting fiscal responsibility, and creating world-class opportunities for everyone to succeed in the Next New Jersey. The Governor’s proposed budget continues to increase direct property tax relief to new heights; once again provides the highest level of school funding in history; delivers a third consecutive full pension payment; and supports significant investments in the economy, workforce development, and public safety.
“This is a budget focused on the pocketbooks of our families. For the third year in a row, it has no new taxes and more middle-class tax relief. It will help hardworking families by expanding free pre-K. It will lower prescription-drug costs for seniors. And, with this budget, we will have cut taxes for our working and middle-class families, and our seniors, a total of 18 times since we began working together in 2018,” said Governor Murphy. “This budget is purpose-built to help our residents find their place in the Next New Jersey by securing their place in the New Jersey of right now. This budget is also designed to build even greater confidence in our financial direction and in our ability to honestly meet our obligations.”
“This budget is built on a strong financial foundation that proves we can meet our obligations while preparing for the future,” continued Governor Murphy. “It will make the third consecutive full payment into our State pension funds. It will set aside more than $2.3 billion to either pay down existing debt or keep us from taking on new debt entirely. “And, it will better prepare New Jersey for any national or global economic uncertainty for the next year with a surplus of more than $10 billion.”
Governor Phil Murphy and Acting Education Commissioner Angelica Allen-McMillan visited Montgomery Upper Middle School to highlight the $20.5 billion in the Governor’s Fiscal Year 2024 budget proposal to support New Jersey schools. This funding will help grow New Jersey’s education workforce, support academic recovery, increase the availability of college-level courses in high schools, and advance the Governor’s goal of reaching universal pre-K.
The proposed budget will provide historic levels of School Aid, with an increase in $1 billion over the prior year for a total of $20.5 billion in school funding. This amount includes pre-K funding, pension and benefits funding for school staff, and an increase in $832 million in total K-12 formula aid. District allocations of state aid are available on the DOE’s School Finance webpage.
“My Administration remains committed to providing students throughout our state with the world-class education they deserve,” said Governor Phil Murphy. “Ensuring equitable access to high-quality education not only prepares our children for successful futures – it benefits us in the here and now. Investments in education represent investments in working families, school communities, and so much more. This year’s budget proposal demonstrates our ongoing commitment to working towards fully funding our schools, expanding pre-K throughout the state, growing our educator workforce, and promoting the success of our students.”
Governor Phil Murphy and Treasurer Elizabeth Maher Muoio announced that approximately 1.7 million New Jersey homeowners and renters applied for the first year of the State’s historic ANCHOR property tax relief program. Of the applications, more than 1.1 million were filed by homeowners and more than 480,000 were filed by renters, who were eligible for property tax relief for the first time in a generation.
“My Administration has once again responded to the concerns of hard-working families not by offering empty words and promises, but by delivering on the promise of affordability and real property tax relief,” said Governor Murphy. “Thanks to the historic and unprecedented ANCHOR program, almost 1.7 million more New Jerseyans are now better positioned to pursue their own American Dream, a pursuit that has been too often hindered by high costs of living and affordability constraints. As I indicated during my Budget Address yesterday, that number is merely the beginning and only motivates us to re-double our efforts to support hard-working families throughout the next fiscal year.”
“Since ANCHOR's launch in September we have prioritized ensuring every New Jersey taxpayer is aware of this program through print, television and billboard advertising, in-person outreach, and social media," said State Treasurer Maher Muoio. “The success of those efforts is evident in the huge number of eligible taxpayers who have applied. This is an enormous step in our continuing efforts to ensure New Jersey remains affordable for those who call our state home.”
Governor Phil Murphy applauded the Senate confirmations of Mayor Christian Bollwage, George Helmy, and Joseph Kelley to the Board of Commissioners of the Port Authority of New York and New Jersey. Their nominations were confirmed on Monday with unanimous support.
“Building on our world-class transportation infrastructure is critical to our economic growth and resilience as we shape the future of our region,” said Governor Murphy. “It is essential that these efforts are led by officials who will stand up for the interests of our state and our residents. These individuals have dedicated their professional lives to public service and bring decades of experience in urban policy, economic development, and large-scale infrastructure projects. I am confident that they will be assets to the board and the millions of people it serves."
The Port Authority Board of Commissioners establishes the policies of the Port Authority and is responsible for adopting strategic plans, capital plans, and budgets of the agency. The Port Authority of New York and New Jersey was the nation’s first bistate agency. The Governor of each state appoints six members of the agency’s Board of Commissioners, subject to approval by each state's Senate. Commissioners serve as public officials without compensation for six-year terms.
The New Jersey Department of Education (NJDOE) announced the launch of three critical initiatives designed to promote academic recovery and accelerate learning. The initiatives will focus on evidence-based strategies that can help schools close achievement gaps caused or exacerbated by COVID-19-related disruptions to the learning environment and the shift to remote instruction. These programs will prioritize elementary age students, consistent with evidence-based research demonstrating that elementary-age students experienced more significant developmental setbacks during the pandemic.
“As a state that prides itself on delivering the high-quality education our children deserve, addressing the effects of learning loss on our students’ progress remains a top priority,” said Governor Phil Murphy. “These programs are another component of our ongoing efforts to comprehensively address the mental, emotional, and educational needs of young people throughout our state. We will continue to take a holistic approach to supporting the academic success and overall well-being of New Jersey’s students.”
“The academic challenges facing New Jersey students reflect those faced by students throughout the nation as a result of the challenges posed by the COVID-19 pandemic,” said Dr. Angelica Allen-McMillan, Acting Commissioner of Education. “These High Impact Tutoring and RAPID educator training programs are strategies that will accelerate our students’ learning and help them achieve greater educational success as we move forward.”