Marcus Randolph
New Hire/Promotion

Marcus Randolph Named Next President and CEO of Invest Newark

Randolph is presently Executive Director at one of America’s leading affordable housing and community development lenders, JPMorgan Chase Bank

Invest Newark, the city of Newark’s economic development corporation, has announced that Marcus Randolph will be the next president and CEO of the organization. Randolph, who will begin his new role in May, is currently an executive director within community development real estate for JPMorgan Chase Bank where he covers New Jersey and New York. A consensus builder with a record of success in working for change, Randolph has the proven leadership to expand the reach of Invest Newark and manage its important equitable economic growth initiatives.

Allison Ladd, Invest Newark board chairperson and Deputy Mayor/director for Economic and Housing Development said, “The city’s population continues to grow, the real estate development activity is accelerating, and we must achieve Mayor Baraka’s goal that residents that live in Newark will be able to remain in Newark. Marcus will bring together the federal, state, private and city resources to create inclusive solutions to assist our small businesses and residents. This is a priority of Invest Newark’s mission. The board of directors thanks Roy Southerland for serving as the interim president and CEO of Invest Newark.”

For the past 15 years, Randolph has closed nearly $1B in affordable housing and community development loans in the Northeast. He holds a Bachelor of Science in Marketing from Hampton University, an MBA from Northeastern University, and a Master of Divinity from Virginia Union University with a focus on community and economic development. Randolph’s volunteer activities include serving on the Leviticus Fund Loan Committee, the Housing and Community Development Network of New Jersey Finance Round Table, the LISC Newark Advisory Board and the Monarch Housing Board of Trustees. He is also a member of Alpha Phi Alpha Fraternity, Inc.

“After years of intentional disinvestment, I want to drive capital and opportunity into the hands of those that need it most in Newark,” Randolph said. “The opportunity to lead Invest Newark at a time when the call for racial and social justice is being heeded by institutions large and small is a privilege. Invest Newark’s work aligns with what I believe in passionately; strategically placed investments make a difference. They can break the cycle of poverty and enable people to lead fulfilling lives.”

“Marcus is the exact leader we need at this time in Newark,” said Dr. Kevin Lyons, associate professor pp, supply chain management department and director, public private community partnerships, Rutgers Business School. “His breadth of experience and knowledge of community development and affordable housing finance will catapult the Newark Land Bank to the next level and our ability to assist more Newarkers to build wealth and own their own homes.”

Randolph comes to Invest Newark following a national search performed by PRM Consulting, Inc. (PRM), led by Jim Moss and Laura Viehmyer. The Invest Newark board of directors selected PRM in September 2021 based upon their 20-year history of successful executive search engagements and their focus on working with mission-driven clients. The Invest Newark board of directors along with PRM performed an extensive and expedient search to find the candidate that embodied leadership, economic development and real estate finance expertise, was skilled in raising capital and understands community engagement and our Newark landscape.

Invest Newark, the City of Newark’s Economic Development Corporation, propels the City’s strong and diverse economy, builds vibrant communities, and creates opportunities for all Newarkers. Invest Newark supports small, women and minority-owned businesses, invests in world-class internet service, spurs real estate development and executes economic development activities to produce and sustain equitable economic growth, generate jobs and create wealth for the citizens of Newark.

To access more business news, visit NJB News Now.

Related Articles: