VICTOR GANZI NAMED NYCEDC CHAIR

VICTOR GANZI TO SERVE AS CHAIRMAN OF THE BOARD OF

NYC ECONOMIC DEVELOPMENT CORPORATION

New York City, June 17, 2009 - The Executive Committee of the New York City Economic Development Corporation (NYCEDC) today elected Victor F. Ganzi as Chairman, succeeding John Chalsty who resigned in March after 15 years of service. Ganzi has been a member of the Board since 1994, and Vice-Chairman since 2007. He has also served on NYCEDC's Executive Committee, the Audit Committee and Legal Affairs Committee.

"With his vast and varied business and public service experience, Victor Ganzi has been a true asset to the Board of NYCEDC for the past 15 years," said NYCEDC President Seth W. Pinsky. "We are thrilled that he will now bring his world-renowned leadership abilities to head our Board of Directors."

"Over the last 15 years it has been a pleasure to have been a part of this innovative organization. I have always been especially impressed by the caliber and dedication of the NYCEDC team," said NYCEDC Chairman Victor Ganzi. "And now it is both an honor and a privilege to replace John Chalsty as Chairman, and I'm looking forward to continuing the excellent work that he and EDC have accomplished in making New York City an even better place to live and work."  

From 2002 to 2008, Ganzi was President and CEO of Hearst Corporation, building the company into an $8 billion corporation consisting of more than 100 separate businesses. He began his career at Hearst in 1990 as General Counsel and was appointed Chief Financial and Legal Officer in 1992. He was elected Executive Vice President in 1997 and was named Chief Operating Officer in 1998. Prior to joining Hearst, Ganzi was the Managing Partner at Rogers & Wells (now Clifford Chance), one of the world's largest international law firms.

Currently, Victor Ganzi is Chairman of the Board of Directors of the PGA TOUR, Inc., operator of the men's professional golf tour in the United States. His board memberships also include Wyeth, Gentiva Health Services, Inc. and Palm Management Corporation. He is non-executive Chairman of Foster & Partners, one of the world's largest architectural firms.  In addition, Ganzi serves on the Board of Directors of the American Museum of Natural History, the Whitney Museum of American Art, Madison Square Boys & Girls Club and The National Center on Addiction and Substance Abuse at Columbia University.

He has also served as Co-Chair of the Partnership for New York City and as Chairman of Hearst-Argyle Television, Inc.  He has been a Director of ESPN, Inc. and the Associated Press, as well as trustee of Fordham University.

A native of New York, Victor Ganzi graduated summa cum laude from Fordham University and received a J.D. degree from Harvard Law School and an L.L.M. in taxation from New York University.

About NYCEDC

New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities.

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