December 7, 2022
Categories: Press Release,
FOR IMMEDIATE RELEASE
25+ year PIDC senior executive Sam Rhoads to serve as interim president of PIDC and PIDC Community Capital until the appointment of a new permanent president in early 2023.
PHILADELPHIA (December 7, 2022) – Today, PIDC announced that current Executive Vice President Sam Rhoads has been named interim president of PIDC, effective December 15, 2022. Anne Bovaird Nevins, long-time senior leader, and outgoing president of PIDC, will be transitioning this December after nearly 16 years with the organization.
“I’m very pleased to have Sam serve as our interim president while the PIDC selection committee finalizes the process to identify and onboard a new permanent president,” said Sal Patti, senior vice president at WSFS Bank, chair of the PIDC Board of Directors, and head of the Board’s selection committee. “As a longtime PIDC senior executive who has broad experience across all aspects of the organization, he will continue PIDC’s important work in growing a global economy in Philadelphia through inclusive economic development during this transitional period.”
Sam joined PIDC in 1995 and currently oversees delivery of PIDC’s financial, real estate, and business support services as executive vice president. During his time at PIDC, Sam launched PIDC’s Community Development Financial Institution (CDFI) that has resulted in expanding capital access for under-served communities and small businesses throughout the city. Through his efforts, he initiated public-private funding partnerships to combine innovative use of federal funds with tax increment financing, attracting hundreds of millions of dollars into Philadelphia’s business community. Sam also developed the EB-5 Program which became a national model for investing foreign capital into infrastructure and job-creating development projects. He assisted in the stadium transactions to create a model urban complex while generating net positive revenues for the City and School District. Sam also structured the disposition of the former convention center to support expansion of Philadelphia’s world-class medical care and life-science research complex.
Prior to joining PIDC, Sam worked at the New Jersey Economic Development Authority to provide low-cost financing for development of public school and local municipal facilities throughout New Jersey, and at the Shared Housing Resource Center in Philadelphia where he supported community groups in the delivery of affordable shared housing alternatives to low-income elderly in Philadelphia.
Sam volunteers on several boards and committees, including The Wyck House and The Wistar Institute. His past affiliations include the Germantown Friends School Committee, the Thomas Scattergood Behavioral Health Foundation, the Philadelphia Urban Finance Corporation, Awbury Arboretum, and Philadelphia Yearly Meeting’s personnel committee.
“I’m thrilled to have the opportunity to lead PIDC as interim president,” said Sam. “I look forward to continuing the amazing work of the PIDC team throughout the leadership transition period and ensuring that the organization is well-positioned to seamlessly onboard a new president in the new year. It has been the greatest opportunity of my career to advance the work and mission of PIDC in driving growth to every corner of Philadelphia, and I welcome the opportunity to serve in this interim capacity.”
In September, PIDC announced Korn Ferry as its executive search firm given Korn Ferry’s extensive experience placing diverse candidates in leadership roles at public-private economic development agencies similar to PIDC. The search and selection process are well underway and is expected to successfully conclude in the first quarter of 2023.
PIDC is Philadelphia’s city-wide, public-private economic development corporation. A nonprofit founded in 1958 as a partnership of the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC’s mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. Over the past 64 years, PIDC has settled over 13,000 transactions with a diverse range of clients – including more than $18.5 billion of financing and 3,350 acres of land sales – which have leveraged tens of billions of dollars in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.