Projo Biz Blog

By Benjamin N. Gedan
Journal staff writer

Hasbro chairman Alfred J. Verrecchia, who led a review panel that was highly critical of the state Economic Development Corporation, is defending the board that leads the agency.

The review panel that studied the state's economic development efforts was not flattering in its appraisal of the EDC, citing a range of shortcomings including the failure to attract out-of-state businesses. The panel's final report recommended that Governor Carcieri ask his appointees on the board to resign "immediately." Rhode Island's unemployment rate is 10.5 percent, the highest in New England.

But in an interview Wednesday with The Providence Journal, Verrecchia defended the EDC's eight board members. "I have a great deal of respect for all members of the board. That was not meant at all to disrespect their skills or service," he said of the report's recommendation.

The resignation recommendation, Verrecchia said, was designed to speed the transition to a expanded board, a move that requires legislative approval. In the report, the review panel noted that the new board may include current board members and members of the Economic Policy Council, condemned to dissolution by the 17-page report. "We asked for their resignation," he said, "as a way for being able to reconstitute the board in a timely fashion."

 Tags  Alfred J. Verrecchia Amgen Economic Development Corporation economy Governor Carcieri Hasbro jobs Pawtucket RI politics Providence RI

---