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Cuomo appoints Kaiman to head NIFA
In a surprise switch, Gov. Andrew M. Cuomo appointed North Hempstead Town Supervisor Jon Kaiman to replace Ron Stack as the chairman of the Nassau County Interim Finance Authority on Wednesday.
Less than two weeks ago, Kaiman said he would resign as supervisor to take a state post helping oversee recovery from superstorm Sandy. A Cuomo aide said Kaiman still will take the full-time Sandy job. The NIFA board position is non-paying.
Cuomo, who made the announcement in a news release Wednesday morning, also announced the appointments of Paul D. Annunziato and Lester Petracca, both of whom work in the private sector, to vacancies on the seven-member NIFA board.
"Each of these individuals bring a wealth of knowledge and expertise that will benefit both state government and Nassau County," Cuomo said in a statement. "I am confident that their contributions will help to ensure responsible fiscal planning for the region and ultimately protect taxpayer dollars."
Stack's replacement drew a rebuke from NIFA board member George Marlin.
"Ronald Stack, a municipal finance expert, has been a brilliant and fair-minded NIFA chairman," Marlin said in a statement. "Although Stack's NIFA term expired nine months ago, for Governor Cuomo to replace him during Nassau's critical budgetary process is sheer folly. This is a sad day for taxpayers."
Cuomo said Stack "worked closely with state, county and local partners to stabilize the long-term financial matters of the county under numerous fiscal challenges and large budget gaps."
Kaiman, 51, said previously that he planned to resign as town supervisor next week to become Cuomo's special adviser for Long Island storm recovery.
Annunziato works as a first vice president and financial adviser for Morgan Stanley, where he provides investment services to individuals and corporations, as well as asset allocation, retirement and tax planning and survivor protection.
Petracca is president of Triangle Equities, which specializes in developing real estate across New York State through public-private partnerships. Among their projects was the Triangle Junction project, a 300,000 square foot Target center in Brooklyn.
[With Robert Brodsky]
Below is the governor's news release:
GOVERNOR CUOMO ANNOUNCES ADMINISTRATION APPOINTMENTS
Governor Andrew M. Cuomo today appointed Jon Kaiman, Paul D. Annunziato and Lester Petracca to the Nassau County Interim Finance Authority (NIFA). Created in 2000, the mission of NIFA is to ensure that Nassau County implements necessary steps to close future financial budget gaps. The seven member Board is appointed by the Governor with two members recommended by the Legislature and one member recommended by the State Comptroller.
“I am pleased to announce the appointments of Jon Kaiman, Paul Annunziato, and Lester Petracca to the Nassau County Interim Finance Authority," Governor Cuomo said. “Each of these individuals bring a wealth of knowledge and expertise that will benefit both state government and Nassau County. I am confident that their contributions will help to ensure responsible fiscal planning for the region and ultimately protect taxpayer dollars."
Jon Kaiman, chair
Mr. Kaiman has had a distinguished career in public service. Most recently, he was appointed by Governor Cuomo as a special adviser for Long Island Storm Recovery, which involves coordinating state support for the New York Rising Communities on Long Island. Mr. Kaiman has also served as the Supervisor of the Town North Hempstead, where he managed all daily operations and budgets totaling $150 million. Under his leadership the Town of North Hempstead was awarded the International City/County Management Association Performance Award in 2011 and 2012.
Prior to becoming North Hempstead Town supervisor, Mr. Kaiman served as a Nassau County District Court judge and Town of Hempstead public safety commissioner from 1998-2002. He was also a partner at Crowe, Deegan, Dickson, along with Kaiman and Finkel, both general practice law firms. Mr. Kaiman graduated from Hofstra University School of Law and Hofstra University.
Paul D. Annunziato
Mr. Annunziato currently serves as first vice president and financial adviser for Morgan Stanley. His responsibilities include, but are not limited to, providing investment services to individuals and corporations, asset allocation, retirement and tax planning, and survivor protection. Prior to his work at Morgan Stanley, Mr. Annunziato served as a wealth management adviser for Merrill Lynch, as an account executive for Thomas James Associates in Rochester, New York, and as a reorganization administrator for Bankers Trust Corporation in the Reorganization Department of New York.
Mr. Annunziato is a graduate of the Rochester Institute of Technology, where he received his B.S. in Business Administration. He has also successfully completed a number of academic and professional development programs with Merrill Lynch, in Princeton, N.J., Sheffield Polytechnic Institute in Sheffield, England, and the College for Financial Planning in Denver, Colo.
Mr. Petracca currently serves as the president of Triangle Equities. Triangle Equities specializes in developing real estate across New York State through public-private partnerships and has had a number of successful projects. Notable is the Triangle Junction project, a 300,000-square-foot Target center, which has led to the revitalization of the Flatbush Avenue area of Brooklyn. Working with city and local community groups, the business has also received acclaim for several projects in College Point, New York.
Governor Cuomo also thanked Ronald A. Stack for his service and dedication as chairman of the Nassau County Interim Finance Authority. At NIFA, chairman Stack worked closely with state, county and local partners to stabilize the long-term financial matters of the county under numerous fiscal challenges and large budget gaps.