Foye, a Spitzer Administration Juggernaut

Posted by Alfonse D'Amato

Out of all the appointments, announcements and press releases coming from the office of Gov. Eliot Spitzer, the one with the most potential to galvanize the business world is word that Pat Foye will lead the state's Empire State Development Corp., New York's powerful economic development agency. On any given day, that one agency and its CEO has the means to either advance or hobble New York's economic future for years to come. In other words, there is a lot riding on Pat Foye.

A longtime Sands Point resident, he comes to the job as the former head of United Way of Long Island, prompting the neophyte to ask, How can the head of a not-for-profit agency do the job of economic development in one of the toughest markets in the world? That uninitiated student of the New York business world will have to stay after class for some difficult remedial tutoring.

Foye is one of the most sophisticated players on either side of the political aisle. He is unique in his deep commitment to others. Not only was he an astute and superior businessman and lawyer, Foye demonstrated to Long Island the importance of giving back. He took a substantial seven-figure pay-cut to take a leadership role at United Way. Prior to his taking on the not-for-profit world, he was executive vice president of the S&P 500 component, Apartment Investment & Management Co., a multi-family real estate investment trust. Before joining AIMCO, Foye was a mergers and acquisitions partner at Skadden, Arps, Slate, Meagher & Flom, where he worked professionally with Spitzer. Appointed by Pataki in 1995, Foye still serves as deputy chairman of the Long Island Power Authority. He took on the job at United Way as a personal moral imperative.

With his speech a staccato delivery offered at the speed of sound, he is legendary for getting down to the nub of the issue within the first 30 seconds of conversation. Woe to the individual who goes to a meeting with Foye unprepared or unable to answer his questions that outflank the Powerpoint presentation. While he has a reputation for being tenacious in pursuing a strategy, he is also known to quickly discard his established position when it can be proven that there is a better way. He welcomes the give and take and is more than willing to be told he's wrong.

His credentials will be put to the test rather quickly.

The economic aftershocks of 9/11 still roil New York's downtown and there is much to be done to solidify the marketplace that surrounds Ground Zero. The high cost of doing business in New York still bleeds jobs and investment while 21st century information technology is changing why, how and where we do business. No city's economic fabric is immune from those types of profound changes. Further, how can state sponsored economic incentives coordinate with crucial transportation improvements to build business growth in areas long ignored by downstate's robust economy?

Tourism remains a multi-billion dollar industry crucial to the state and the I Love New York campaign falls within Foye's new job. What new innovations can his team propose to make the state an even more compelling destination to those with foreign currency to spend? The punch list for this new job would go on for three more pages.

November 17, 2007
King to address University of Chicago MORE

December 13, 2007
Malaysia Business Conference MORE

October 18, 2008
King to address University of Chicago en route to Asia MORE