Andrew Alper, AB �80, MBA �81, Steps Down as Head of NYC Economic Development Corporation

In the wake of September 11 th, New York City Mayor Michael Bloomberg turned to Andrew Alper, AB ‘80, MBA ’81, to head the city’s Economic Development Corporation. The non-profit is responsible for revitalizing New York's economy in the aftermath of the terrorist attacks. The EDC has a three-part strategy that guides its work:

• improve the quality of life so that residents, workers and business owners want to be in New York
• create an environment that gives businesses the tools to be competitive and create jobs
• diversify the New York City economy

Alper left Goldman Sachs where he was Managing Director and a Partner to take the EDC post for a salary of $1 a year. He had worked at the investment banking firm for 21 years where he had also served as Chief Operating Officer of the Investment Banking Division and Co-Head of the Financial Institutions Group.

The mayor announced Alper’s resignation effective June 2. Looking back at Alper’s contributions to the EDC, Mayor Bloomberg noted “Andy restructured and professionalized EDC, staffing it with dedicated professionals of the highest caliber and improving the City’s relationship with the private sector. He brought a return-on-investment mentality to the agency’s activities, and adopted several policy changes that made EDC’s activities more transparent …”

When asked about his plans, Alper commented that he was looking forward to continuing his philanthropic work. Among those activities are his service as Vice Chairman of the University of Chicago Board of Trustees, Chairman of the University's Capital Campaign and a member of the Council of the Graduate School of Business.

In April, the Capital Campaign passed the $1.5 billion mark toward its goal of raising $2 billion. The campaign provides funds for faculty support, community programs, graduate fellowships.