Gov. Phil Murphy 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.
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 Gov. Murphy for entrusting me with this great responsibility,” said 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 Gov. 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.
Commenting on Quinn’s years of service, Murphy states, “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.”
He added, “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 Quinn. “Gov. 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.”
In February Gov. 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.
The governor also reappointed Virginia S. Bauer and Aisha Glover to the EDA Board, both of whom have served on the Board since 2019.
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