PANYNJ to create new CEO position, adopt other reforms

The Port Authority of New York and New Jersey's (PANYNJ) board yesterday endorsed a special panel's reform and improvement recommendations, including a measure to hire a single chief executive officer for the organization.

The CEO would replace the current leadership model of an executive director and deputy executive director. The CEO would be selected by the board and report directly to it. In addition, the board authorized the hiring of an executive search firm to assist the agency in identifying candidates for the new chief executive post.

Other recommendations adopted by the board include:

• replacing the chair and vice chair with rotating chairs from each state;
• issuing a new code of conduct for employees, commissioners and vendors;
• adopting a new mission statement;
• redeploying $600 million in unallocated regional development funding to address the region's transportation needs; and
• employing innovative financing measures, such as updating the authority's consolidated bond resolution, and public-private partnerships, exploring financing tools and retaining a global investment advisory firm.

The board also acted to dissolve its temporary Special Oversight Committee, which was established in February 2014 to focus on governance and operational reforms at the agency.