Murphy appoints O’Toole to be next chair of EDA

Founder of Macanta Investments to succeed Quinn, who is headed for job in Biden administration

Gov. Phil Murphy announced Wednesday that he intends to appoint Terry O’Toole, the founder and managing member at Macanta Investments and a former longtime executive at Goldman Sachs, as next chairman of the New Jersey Economic Development Authority.

O’Toole would succeed Kevin Quinn, who will resign from the job to take a position in President Joe Biden’s administration in a senior role in the CHIPS Program Office within the Department of Commerce. Quinn has served as EDA chair since May 2019.

In addition to starting Macanta Investments, a private investment entity, O’Toole also the co-chair and trustee of the O’Toole Family Foundation — which he and his wife, Polly O’Toole, 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.

Quinn on EDA

Outgoing New Jersey Economic Development Chair Kevin Quinn reflected on his nearly four years in the role:

“It has been a privilege to serve as chairman of the EDA during these pivotal four years,” he said. “Gov. (Phil) 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.”

“I welcome the opportunity to take on this new challenge and I thank Gov. Murphy for entrusting me with this great responsibility,” O’Toole said. “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 Gov. Murphy’s vision for a stronger and fairer economy.”

Murphy thanked Quinn for his efforts in the role.

“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,” he said. “I congratulate Kevin on his successful tenure as board chair and wish him success in his next endeavor.

“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.”

O’Toole was appointed by Murphy to serve as the New Jersey representative on the board of the National 9/11 Memorial and Museum, a position he held from 2018-22. He also served on the board of directors of the New Jersey Pandemic Relief Fund.

O’Toole 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.

Murphy also announced Wednesday that, in February, he had reappointed Jewell Antoine-Johnson as an alternate member and reappointed Virginia Bauer and Aisha Glover as board members.