Contact: Sunny Mindel/Curt Ritter (212) 788-2958
Mayor Rudolph W. Giuliani announced today that Charles Millard, who has served as President of the City's Economic Development Corporation (EDC) for the past three-and-a-half years, will leave the Administration to accept a position as a Managing Director with Prudential Securities. In his new position, Mr. Millard, will be the Head of the New York-based practice of Prudential Securities newly created Internet Economy Group.
"New York City is a better place to do business today than it was five years ago," said Mayor Giuliani. "And much of the City's success has been due to the efforts of the City's Economic Development Corporation and the hard work of Charlie and his staff. Today, the City has experienced its strongest job growth in over 40 years, regaining the 320,000 jobs lost during the last recession; Times Square now serves as a symbol of the City's revitalization instead of its decay; and our agreements with the New York Stock Exchange, NASDAQ, The Coffee, Sugar, Cocoa Exchange and the Cotton Exchange have secured the City's status as the Financial Capital of the World well into the next millennium. Charlie has been part of this Administration's success, and I want to thank him for his work and wish him the best of luck at Prudential Securities."
Mr. Millard said, "It has been the greatest privilege of my career to have served the City of New York, Mayor Giuliani, and the Economic Development Corporation for the past three-and-a-half years and to have played some role in the City's rebirth. The Mayor and his Administration have done an incredible job of turning this City around. New York City's reputation as being The Capital of the World is secure because of this Mayor's successful efforts. It has been an honor to be part of his team. This new opportunity will allow me to continue to promote New York City's growth in Silicon Alley -- an area that has been helped so much by EDC and the entire Giuliani Administration."
Mr. Millard has been President of the Economic Development Corporation since December 1995 and has been the primary contact for the Giuliani Administration with Silicon Alley companies. While at EDC, Mr. Millard spearheaded numerous projects designed to assist New York City's growing Internet industry, including the launch of two venture capital conferences and the successful marketing of the Plug 'n' Go program for small entrepreneurs in Downtown Manhattan. Mr. Millard also serves as a Board Member of the Prospect Street NYC Discovery Fund -- the Giuliani Administration's highly successful New York City-based venture fund.
Mr. Millard also served on the Administration's team that: negotiated tax incentive packages for three buildings currently under construction in Midtown Manhattan -- Conde Nast, Reuters and Bear Stearns; was responsible for negotiating the package to induce NASDAQ to come to New York City; and retained the New York Stock Exchange, the Coffee, Sugar, Cocoa Exchange and the Cotton Exchange in the City. Most recently, the agency's efforts helped conclude a deal to build a multi-million dollar movie studio at the Brooklyn Navy Yard.
During Mr. Millard's tenure, EDC negotiated retention packages with over 20 major corporations, including Merrill Lynch, Reuters, Ziff Davis, Bear Stearns and AIG. These packages retained over 30,000 jobs and included incentives for the creation of over 30,000 additional new jobs. Mr. Millard negotiated incentive packages that were approximately 30% less expensive than those EDC previously offered and, during his tenure, the percentage of these retention packages tied to the creation of new jobs more than doubled. At the same time, Mr. Millard directed a 400% increase in Industrial Development Agency (IDA) transactions for small businesses.
One of the key players in the Mayor's privatization efforts, Mr. Millard helped spearhead the successful sale of the United Nations Plaza Hotel for $102 million -- nearly double the anticipated price. Under his tenure, EDC's real estate group increased its transactions closed, at sites such as 42nd Street, Metrotech and 125th Street in Harlem, and tripled the value of these transactions.
Prior to his appointment to the Economic Development Corporation, Mr. Millard was twice elected to the New York City Council, representing the Upper East Side of Manhattan from 1991 to 1995. He also served as Managing Director for Cambridge Partners, L.L.P., an investment-banking firm, and as an attorney with Davis Polk & Wardwell.
Mr. Millard's resignation is effective June 1, 1999. Michael Carey, currently First Executive Vice President and General Counsel at EDC, will serve as Acting President.