CORZINE NOMINATES BRADLEY ABELOW AS STATE TREASURER

Governor-elect Also Announces Members of Budget Reform Advisory Committee

1/13/2006

TRENTON – Governor-elect Jon S. Corzine today nominated former Goldman Sachs executive Bradley I. Abelow to serve as state treasurer. He also announced the four members of his Budget Reform Advisory Committee.

“In order to get to build a better, brighter New Jersey, we must end hand-to-mouth, year-to-year decision making and replace it with long-term thinking and planning,” Corzine said. “Bradley Abelow knows how to do this. He will bring exceptional experience, a keen intellect and 21st century management practices to state government. I am pleased that he has agreed to join my new Administration.”

Abelow retired from Goldman Sachs in 2004 as head of the Operations Division after a 15-year career with the firm. In that capacity, he oversaw the Global Operations, Corporate Real Estate and Corporate Services departments. Prior to that role, he was responsible for the Operations, Technology and Finance Division in Asia, based in Hong Kong.

Abelow earned an M.B.A from Yale University School of Management and a B.A. from Northwestern University. He and his family are relocating from New York to New Jersey.

“I plan to work closely with Governor-elect Corzine to bring to fruition his vision to move New Jersey from a pattern of tax, borrow and spend to a new paradigm of invest, grow and prosper,” Abelow said. “With a steady eye on long-term growth, I will never lose track of the bottom line. I could not be more thrilled to join Governor-elect Corzine as he implements sound fiscal policies that return this state to the path of economic growth.”

Also, Corzine today announced members of his Budget Reform Advisory Committee to give him recommendations on how best to implement the detailed agenda he outlined during the campaign. The members of the advisory committee include:

  • Carol O’Cleireacain, Former Budget Director and Finance Commissioner for New York City
  • Barry Zubrow, Former Goldman Sachs Chief Administrative Officer
  • Richard Keevey, Visiting Professor at Princeton University, Academy of Public Administration (Director of Performance Consortium); former director of the Office of Management and Budget for New Jersey CliffGoldman- Former New Jersey State Treasurer; government financial advisor, Goldman Beale Associates

Over the last two weeks, Governor-elect Corzine has nominated the following individuals to serve in his cabinet: Zulima Farber, Attorney General; Kevin Ryan, Human Services Commissioner; Ronald Chen, Public Advocate; Lisa Jackson, Environmental Protection Commissioner; and Nina Wells, Secretary of State. Additionally, Corzine has renamed Major General Glenn Rieth as the Adjutant General of New Jersey and Fred Jacobs as Commissioner of Health and Senior Services.

Earlier this week, Corzine also announced a state and nationwide search to fill the top posts in the Department of Corrections and the Department of Education. In the interim, Corzine has asked Assistant Corrections Commissioner George Hayman, and Acting Education Commissioner Lucille Davy, to serve as acting commissioners.

All Department heads are appointed by the Governor with the advice and consent of the Senate. The only exception is the Secretary of Agriculture who is appointed by the Board of Agriculture with the Governor’s approval. Cabinet officers who are retained by a new administration are not required to be renominated and reconfirmed by the Senate.

With oversight of 12 divisions and 3,500 employees, the state treasurer is responsible for the generation and collection of revenues as well as the distribution of appropriations that fund the operations of state government.