NYC’s Economic Development Corporation Deputy Assumes Presidency


Kim Vaccari.
Kim Vaccari.

Kyle Kimball, the two-year president of the New York City Economic Development Corporation, has officially left his post, and the entity is being run on an interim basis by one of his deputies, Commercial Observer has learned.

SEE ALSO: City Offers $20M to Help Nonprofit or Developer Buy Any Garment District Building

It’s not clear when a permanent president will be announced.

The veteran EDC executive’s last day was Monday after he announced in March he planned to leave the agency after leading it for a couple of years. He joined EDC in 2008 after working in the private sector for Goldman Sachs and J.P. Morgan. Mr. Kimball has declined to comment on where he plans to work next other than saying he would like to get back into the private sector.

“I’ve learned that it’s important to build a career based on authenticity which, to me, means making a difference in the world, being an effective manager, while also making time to be a good father, husband, son and neighbor,” Mr. Kimball told CO in an email. “Thankfully, there are several opportunities in the real estate and infrastructure worlds that agree.”

In the meantime, Kim Vaccari, the chief financial officer of EDC, is serving as the interim president by default, as per EDC bylaws, according to an EDC spokeswoman. Ms. Vaccari was the CFO and treasurer of the New Jersey Transit Corporation before joining the EDC, according to her biography on the agency’s website.

Mayor Bill de Blasio has not yet announced a replacement for Mr. Kimball. He was appointed by then-Mayor Michael Bloomberg in 2013, following the departure of Seth Pinsky, who took an executive position at RXR Realty. The mayor’s office said it has not set a date to announce a new president.