The Port Authority on May 1 launched a nationwide search for a new Chief Financial Officer (CFO) to replace the outgoing CFO who has decided to retire effective the end of this year. The position oversees the agency’s multi-billion annual capital and operating budget and other critical financial matters that are facing the agency in this challenging economic climate.
The new Chief Financial Officer will replace Michael Fabiano, who has announced he will retire after serving the agency for more than 36 years, including the last two as the agency’s top financial executive. Fabiano will work closely with the Port Authority’s Human Resources Department and with Krauthamer & Associates, Inc., a leading executive search firm that specializes in industry sectors including aviation and transportation.
“It’s clear that we must improve the historical financial practices of this agency and begin a new era of smart, controlled spending that will allow the Port Authority to make critical infrastructure investments that fit within its financial ability and enable us to meet our responsibilities,” said Port Authority Chairman David Samson. “Mike is a consummate professional who has helped us to begin to focus on transportation infrastructure projects and economic growth. We must now find the right person to continue his work.”
“The Navigant report established new ways for the agency to do the public’s business, which require us to establish new priorities for how we spend our money and finance our operations,” commented Port Authority Vice Chairman Scott Rechler. “Mike dedicated his career to this agency and the people of this region and he has been a tremendous asset as we begin to implement this historic level of reforms. With his planned retirement, it is critical that we recruit a professional who also understands our public mandate and who will give sound guidance to ensure the Authority makes informed financial decisions.”
“Mike has been an exemplary, dedicated public servant who rose through the Port Authority’s ranks to one of the agency’s most important positions,” added Port Authority Executive Director Pat Foye. “Now that Mike is leaving us, we are committed to looking far and wide to find an equally outstanding professional with the top-shelf financial expertise to run our business better, smarter and more cost efficiently.”
“Our agency has faced unprecedented financial challenges in recent years, and we were extremely fortunate to have Mike guiding our ship to maintain the agency’s strong financial position,” said Deputy Executive Director Bill Baroni. “Now we need to set a course for the future–one that will require us to deal with new reforms set by the Board, as well as the equally challenging task of building new infrastructure and maintaining existing facilities, all with limited resources.”
The new CFO position will serve as a key business partner to the Executive Director and the Deputy Executive Director. The individual will provide direction and management for all agency financial and accounting functions, and will perform long-term strategic financial planning to ensure the continued financial strength and stability of the agency.
Fabiano joined the Port Authority in 1976 as a Principal Accounting Clerk in the Comptroller’s Department and advanced through the ranks, assuming the position of Assistant Comptroller in 1996 and Comptroller in 2003. As Comptroller, he helped ensure the continued financial integrity of the agency in the aftermath of 9/11.
In 2006, Fabiano served as Deputy Chief Financial Officer/Comptroller. In that position, he implemented the organization’s Enterprise Risk Management Program. He was named Chief Financial Officer in 2010.