PROVIDENCE – A construction materials company president, bank executive and union business manager are Gov. Lincoln D. Chafee’s latest nominees to the R.I. Economic Development Corporation board of directors, replacing members purged in the aftermath of the collapse of the 38 Studios LLC deal.
With the EDC in transition, Chafee also assigned Department of Business Regulation Director Paul McGreevy to serve as a special adviser to the quasi-state agency responsible for guaranteeing a $75 million loan to 38 Studios.
The new board nominees are Roland Fiore, president of South County Sand & Gravel Co.; Stephen Hardy, senior vice president and team leader of Bristol County Savings Bank; and William Holmes, business manager for Rhode Island Carpenters Local 94.
All three nominees need to be confirmed by the General Assembly, a step Chafee admitted is no formality considering the approaching end of the legislative season and controversy surrounding the EDC.
The three new nominees join three others named by Chafee last week after he asked all board members who voted for the 38 Studios loan to step down.
Fiore is slated to replace Dr. Timothy J. Babineau, president and CEO of Rhode Island Hospital and The Miriam Hospital. Hardy would replace Daniel J. Sullivan Jr., president and CEO of Collette Vacations. Holmes would replace George Nee, president of the AFL-CIO of Rhode Island.
Chafee said McGreevy “will work to stabilize the EDC, ensure that it performs all its functions properly and examine its overall management and mission.”
A new permanent executive director of the EDC will not be named until the conclusion of a study by the Rhode Island Public Expenditure Council on reforming the quasi-state agency, which is expected to be completed by Sept. 1, Chafee said.
lincoln d. chafee,
r.i. economic development corporation,
rhode island public expenditure council,
timothy j. babineau,
rhode island hospital,
daniel j. sullivan,
department of business regulation