Long-time PIDC leader to transition to a private sector role in late-January

PHILADELPHIA – (November 20, 2019) Mayor Jim Kenney and the Chamber of Commerce for Greater Philadelphia President and CEO Rob Wonderling announced today that John Grady, long-time senior leader and President of PIDC, will be stepping down in January after more than 21 years of leadership and more than 8 years as PIDC’s President. PIDC is the non-profit, economic development partnership founded by the City and Chamber of Commerce more than 60 years ago with the mission to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive inclusive growth to every corner of Philadelphia.

“It has been a privilege and an honor to serve Philadelphia and the City-Chamber partnership committed to driving long-term, sustainable and inclusive growth to every corner of Philadelphia for more than two decades,” said John Grady. “I am thankful to the PIDC Board and the entire team of colleagues, partners, investors, clients, stakeholders and supporters committed to the shared work of economic growth for the opportunity to be part of such an historic and productive partnership. PIDC has strong Board leadership and a deep, diverse and talented staff committed to city-wide inclusive economic growth that will flourish under its next generation of leadership”

Grady will be joining Wexford Science and Technology, LLC (Wexford) as Senior Vice President and Northeast Region Executive. Wexford is a Baltimore-based, private developer that partners nationally with major universities, academic medical centers and research institutions to create vibrant, mixed-use communities, including in Philadelphia with the University of Pennsylvania, Penn Medicine, Drexel University, Children’s Hospital of Philadelphia, and the University City Science Center in the development of uCity Square in University City.

“John Grady has served PIDC and our city with passion, skill, and integrity for more than two decades as a forceful advocate for growth throughout all neighborhoods of Philadelphia. He was particularly adept at connecting that growth to the people and places in the most need,” said Mayor Jim Kenney. “We will miss his commitment and dedication but look forward to working with him in the next phase of his career with Wexford in Philadelphia’s growing innovation sector.”

Daniel J. Hilferty, CEO of Independence Health Group and Chairman of the Chamber of Commerce for Greater Philadelphia noted that “John Grady’s long tenure at PIDC has been distinguished by a well-earned reputation as a trusted partner with a track record of building successful public-private partnerships that have driven investment, jobs and long-term growth for Philadelphia. We at the Chamber look forward to our continued partnership with the Mayor, building on our 60 years of history working through PIDC and its skilled and professional management team to promote long-term job growth and development that is inclusive and diverse across the entire city.”

Having joined PIDC in 1998 to lead its acquisition and development of a series of closed military bases located throughout South Philadelphia, Grady has taken on a series of increasing leadership roles in the organization, including overseeing all commercial and industrial real estate development and managing complex public-private financing and development projects throughout the city.

Grady became President of PIDC in 2011, continuing to lead the transformation of the Navy Yard from a closed military shipyard to a nationally-recognized model for urban redevelopment and employment; repositioning and growing PIDC’s business lending activity with new investors, products and support services that have resulted in more than 500 loans for more than $150M in 97% of the city’s zip codes over the last 7 years, with 55% of those loans supporting minority and woman-owned businesses that most often lack access to traditional resources and networks for growth; and building a portfolio of more than 60 high-impact community development projects totaling more than $600M of investment in Philadelphia’s most underserved communities, including health centers, schools, neighborhood retail, and mixed-use developments anchoring commercial corridors.

“John Grady has been a transformational leader for PIDC over his career and as President,” said M. Walter D’Alessio, PIDC Board Chairman. “His achievements can be seen throughout Philadelphia, from the revitalization of the Navy Yard, to major job-creating developments in our employment centers, and in the growing small businesses and neighborhood commercial corridors where PIDC has been an active investor. John has also guided the growth of PIDC over nearly a decade as President, building a sophisticated and capable organization that is a national model for attracting new investors, deploying new tools and products, developing productive partnerships, and building a diverse, and talented staff that has taken PIDC’s work to a new level of accomplishment, ensuring the future success and growth of the organization for years to come.”

Rob Wonderling, President and CEO of the Chamber of Commerce for Greater Philadelphia, added that “Over his tenure at PIDC, John Grady has been a passionate partner with the Chamber community, doing the hard work of attracting the resources, structuring the transactions, and advocating for the policies necessary to support good jobs and inclusive growth consistent with the principles of our Roadmap for Growth. We thank John for his dedicated and successful service, wish him great success in his new role at Wexford driving innovation and growth in Philadelphia, and look forward to the continued effectiveness of the Chamber-City partnership through PIDC.”

The PIDC Board of Directors has appointed a Transition Committee that will manage the transition to new leadership. A position description for the PIDC President can be found below. The Board expects to announce a new President in January 2020. Grady will remain in his current role until his successor is named.

Position Description

Position:

President, PIDC and PIDC Community Capital

Reports to:

Board of Directors, Philadelphia Industrial Development Corporation

Background: 

The Philadelphia Industrial Development Corporation (PIDC) is Philadelphia’s city-wide economic development corporation. Founded in 1958 as a private, non-profit, public-private partnership between the City of Philadelphia and the Chamber of Commerce for Greater Philadelphia. PIDC’s mission is to spur investment, support business growth, and foster development that creates jobs, revitalizes neighborhoods, and drives growth to every corner of Philadelphia.

To achieve this mission, PIDC attracts, manages, and invests public and private resources in the clients, communities, and markets that energize Philadelphia’s economy. PIDC offers flexible financing tools, a targeted portfolio of industrial and commercial real estate, and decades of Philadelphia-based knowledge to help its clients invest, develop, and grow. PIDC also structures and invests in public-private partnerships for key City policy areas and development priorities.

PIDC manages a family of organizations to further its mission that includes the Philadelphia Authority for Industrial Development (PAID) and PIDC Community Capital (PIDC-CC). PAID is a public authority through which PIDC: manages a portfolio of industrial and commercial real estate, including industrial parks and our Navy Yard development; issues taxable and tax-exempt bonds on behalf of government, non-profits and manufacturers; facilitates conduit financing and real estate transactions on behalf of the City; and delivers governmental grant funding for projects throughout Philadelphia. PIDC manages all PAID’s business activity through a management contract between the entities.

PIDC-CC is a 501(c)(3) non-profit subsidiary of PIDC, certified as a Community Development Financing Institution (CDFI) and Community Development Entity (CDE) by the United States Treasury, which attracts resources specifically to expand PIDC’s mission of investing in growing small businesses, developing and delivering business support services and investing in high-impact community and economic development projects in Philadelphia’s most underserved, low-income communities. The President of PIDC serves simultaneously as President of PIDC Community Capital and PIDC also manages PIDC-CC’s business affairs via a management contract.

PIDC is governed by a thirty-member Board of Directors, appointed by the Mayor of Philadelphia and the President of the Chamber of Commerce for Greater Philadelphia. The staff includes approximately 60 full-time employees and the annual budget of approximately $12M, funded largely from service fees generated by PIDC’s business activities.

Since its inception, PIDC has settled over 7,300 transactions, including $16.6 billion of financing and more than 3,200 acres of land sales, which have leveraged over $29 billion in total investment and assisted in retaining and creating hundreds of thousands of jobs throughout Philadelphia. PIDC’s active direct loan and managed third-party portfolio exceeds $625 million, representing more than 500 loans.

For more information, please visit: www.PIDCphila.com

Position Overview:

The President is elected by the Board of Directors as its Chief Executive Officer and has general charge and supervision authority over all the business and affairs of PIDC, subject to control and direction of the Board. The President leads PIDC’s strategies, resources, products, transactions and partnerships, promoting investment and development that drives inclusive economic and job growth to every part of Philadelphia.

The President develops and manages relationships with business, governmental, civic and philanthropic leaders and organizations throughout the city and region to advance job growth and development throughout the city; and is responsible for management of all strategic and operational activities of the organization and its related and affiliated entities.

Responsibilities:

The President shall accomplish the following responsibilities directly, or through oversight of an Executive Management Team, as appropriate.

Mission and Strategic Direction

  • Develop and communicate PIDC’s mission, vision, values and strategy, in collaboration with the Board of Directors, staff, and stakeholders, and translate into strategic plans with pragmatic tactics and activities, including measurable annual goals and objectives.
  • Identify key gaps in the marketplace and develop products and services required to achieve PIDC’s mission and strategic direction.
  • Ensure ongoing commitment to excellence through regular evaluation of the impact and effectiveness of products, services, and programs.

Financial Performance and Capitalization

  • Oversee the financial management and fiscal integrity of PIDC.
  • Submit a proposed budget for approval annually and provide regular periodic performance statements to the Board of Directors to ensure that PIDC operates within the approved budget, maximizes resource utilization, and maintains a positive financial position.
  • Ensure completion of annual audits, tax filings and compliance required by regulatory agencies and investors.
  • Oversee capitalization and play a leading external role in fundraising activities necessary to support PIDC’s operations and mission, including capitalization of real estate and financing products and services.
  • Drive revenue growth and financial sustainability of the organization through the development of new client relationships, products and services, and partnerships.

Operations and Management

  • Provide executive leadership for the entire operation of PIDC including strategy, communications, public affairs and government relations, business development, capitalization and fundraising, business operations, hiring and personnel decisions, and the delivery of real estate and financial products and services.
  • Identify key operating risks and develop and execute strategies to appropriately mitigate those risks.
  • Engage with staff, clients, and stakeholders to identify new business opportunities, structure and facilitate transactions, products, services, strategies and policies that promote inclusive growth and development, especially to people, businesses and areas that need it most.
  • Retain and attract top talent in the organization.
  • Develop, establish, and utilize organizational performance measurement standards and reports results to the Board of Directors and staff.

Business Development and Public Engagement

  • Demonstrate knowledge and mastery of PIDC’s history, current activities and strategies, and future objectives.
  • Represent PIDC to external audiences, foster strong positive relationships and image, and communicate PIDC’s mission, strategic initiatives, and operational activities among the organization’s clients, investors, and public and private sector stakeholders and constituents.
  • Initiate and build strong relationships with clients, investors, stakeholders and all constituencies around job growth and development throughout Philadelphia and the region.
  • Identify and pursue new business and revenue opportunities with clients and partners.
  • Participate and drive government relations and public policy initiatives directly on behalf of PIDC and in partnership with key City and Chamber of Commerce economic growth priorities, including outreach and engagement with City, State, and Federal legislators.
  • Act as chief spokesperson for the organization.

Board Governance

  • Work with the Board of Directors to fulfill PIDC’s mission.
  • Serve as the principal liaison to the Board of Directors and key committees.
  • Implement the policies established by the Board of Directors through the administration of PIDC and its activities.
  • Support the Chairman in preparation and execution of Board agendas and meetings, providing input, information, and feedback between PIDC and the Board of Directors.
  • Communicate effectively with the Board of Directors and provide, in a timely and accurate manner, all information necessary for the Board to function properly and to make informed decisions.
  • Develop, maintain, and support a strong Board of Directors and related Committees.

Minimum Qualifications:

  • Advanced degree in finance, economics, business, real estate, law, public administration, planning, or a field directly related to PIDC’s work.
  • At least fifteen years of work experience in economic and community development, real estate development, financial services, non-profit management, public-private partnerships, philanthropy, community investment, or a field related directly to PIDC’s work, demonstrating progressive management and leadership responsibilities.
  • Strong technical skills and experience in real estate and finance.
  • Demonstrated track record of success in initiating and managing business relationships and driving new business and revenue opportunities.
  • Demonstrated previous experience in developing and implementing innovative strategies, products, transactions and public-private partnerships to advance economic development or community investment goals.
  • Clearly demonstrated experience and ability to convey a vision of PIDC’s impact and strategic future to staff, board, investors, stakeholders and public-private partners.
  • Strong leadership skills, with experience developing and managing staff; developing and advancing organizational priorities; and being visible both internally and externally as a senior leader.
  • Strong relationships in the Philadelphia market or the demonstrated ability to quickly establish and develop them to support PIDC’s staff, clients, partners and work, particularly in the business community, government, philanthropy and the civic sector.
  • Demonstrated experience working with diverse staff, clients, and stakeholders, and a strong commitment to diversity, equity, and inclusion.
  • Strong written and verbal communication skills; a persuasive and passionate communicator with excellent interpersonal and multidisciplinary project skills.
  • Appropriate computer skills, including Outlook, Word, Excel, and PowerPoint.
  • Passion for the city of Philadelphia and enthusiasm for PIDC’s mission.
  • Commitment to, and enthusiasm for, PIDC’s public policy mission to attract investment, jobs, and tax ratables to help improve the quality of life in Philadelphia.
  • Ability to travel throughout the entire city of Philadelphia, as well as occasional travel for meetings and conferences.
  • Philadelphia resident at the time of hire.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the key functions of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform the key functions of the job.

  • Ability to sit, stand, walk, reach with hands and arms, and use hands along with fingers, to handle or feel.
  • Ability to lift and/or move up to 30 pounds. Reasonable accommodations will be made for any job-related lifting and/or moving requirements.
  • Specific vision abilities required by this job include clarity of vision both near and far with or without corrective lenses.

Application Process

Qualified candidates should submit a cover letter, resume and the names/contact info of at least three professional references to upload with the application. Applications that fail to fulfill this requirement will not be considered.

PIDC promotes a culture of inclusion and does not discriminate on the basis of race, color, sex, sexual orientation, religion, national or ethnic origin, age, disability, veteran status or any other legally protected factor. We strongly encourage applications from candidates of all backgrounds.