Dormitory Authority
State of New YorkPage 1
FOR RELEASE: Immediate, Wednesday, April 25, 2007
David D. Brown, IV appointed DASNY Executive Director
Today the Board of the Dormitory Authority appointed David D. Brown, IV to become the new Executive Director of the Dormitory Authority.
“Strong leadership at the Dormitory Authority is necessary to ensure that public-purpose buildings are funded, built and maintained,” said Governor Eliot Spitzer in endorsing the appointment. “David’s investment expertise, knowledge of financial matters, and extensive managerial experience in both the public and private sectors make him uniquely qualified for this important role.”
“We are pleased to welcome David Brown to the Dormitory Authority,” said Dormitory Authority Chair Gail H. Gordon, Esq., who offered the resolution to the Board for their approval. “David has an excellent reputation, a keen intellect and strong sense of integrity. These are traits that will enable the Dormitory Authority to continue to be a leading public authority in New York State. I believe David will be a superb Executive Director.”
“I am honored to be appointed by the Dormitory Authority Board and endorsed by Governor Spitzer to be the new Executive Director of the Authority. My goal is to maintain and expand the Dormitory Authority’s long-standing record of financing and constructing the finest health-care, educational, and public-purpose facilities that serve New Yorkers. To help New Yorkers face the challenges of climate change, the Dormitory Authority will also become a leader in green construction – a job we look forward to tackling,” said David Brown.
Mr. Brown previously served as Chief of the Investment Protection Bureau in the Office of the New York State Attorney General, where he supervised investigations of the mutual fund and insurance industries. From 2000 to 2003, he served as Vice President & Associate General Counsel at Goldman, Sachs & Co. Prior to that, Mr. Brown was a Managing Director at Deutsche Bank and Bankers Trust, and an attorney in private practice. Mr. Brown graduated from Harvard College in 1981 and from Harvard Law School in 1984.
As Executive Director of the Dormitory Authority, Mr. Brown will be the chief administrative and operating officer of a public authority that is consistently one of the top tax-exempt bond issuers in the nation. The Dormitory Authority sold $5.01 billion in bonds in fiscal year 2006-07 and has an outstanding bond portfolio of more than $34.2 billion. The Authority also provides project management services for its construction customers, and expends more than $822 million annually on capital construction projects. The Authority serves public and private colleges and universities, hospitals, nursing homes, mental health facilities, court facilities, and other non-profit organizations as authorized by the State Legislature.
Mr. Brown will replace Maryanne Gridley, who is retiring after more than 30 years of public service, and who served the last five years as the Executive Director of the Authority.
Mr. Brown’s appointment is effective April 26, 2007. His salary in his new position will be $195,000.
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