Monday, March 29, 2010

New York MTA taps urban finance guru as its new CFO

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The deficit-plagued New York Metropolitan Transportation Authority has announced the appointment of Robert E. Foran, a municipal finance expert with 30 years of experience in the industry. as its new chief financial officer.

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A former senior managing director at Bear Stearns, Foran is currently a managing director ands advisor at Samuel A. Ramirez & Co. He has been an advisor and banker to major infrastructure issuers , including the MTA.

“Bob's expertise in municipal finance is unparalleled and hisexperience with the MTA means that he will hit the ground running,” said MTAChairman and CEO Jay H. Walder. “His arrival will be critical in helping guidethe MTA through one of the most difficult financial periods in itshistory.”

Foran succeeds Gary J. Dellaverson, who retired in December. David Moretti has filled the position on an acting basis and will return to his full-time position as executive vice president at MTA Bridges and Tunnels.