Marcus Randolph, the executive director for community development real estate in New Jersey and New York for JPMorgan Chase Bank, has been named the new CEO of Invest Newark, the organization announced Thursday.
He is known a consensus builder with a record of success in working for change, and Newark officials are hoping he can expand the reach of Invest Newark and manage its important equitable economic growth initiatives.
Allison Ladd, the board chair of Invest Newark and the city’s deputy mayor/director for economic and housing development, said she was thrilled to make the announcement.
“The city’s population continues to grow, the real estate development activity is accelerating and we must achieve Mayor (Ras) Baraka’s goal that residents that live in Newark will be able to remain in Newark,” she said. “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.”
About Invest Newark
Invest Newark, the city’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.
Randolph has closed nearly $1 billion in affordable housing and community development loans in the Northeast in the past 15 years.
He said he is eager to bring the lessons learned to the city.
“After years of intentional disinvestment, I want to drive capital and opportunity into the hands of those that need it most in Newark,” he 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.”
Randolph 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.
