For Immediate Release - October 03, 2011

Grossman Appoints James MacDonald as First Deputy Treasurer

Senior Treasury Official Promoted to Succeed Katherine Craven

Treasurer Steven Grossman today named James MacDonald as First Deputy Treasurer effective December 1st, installing a 36-year veteran of the Treasury as his second-in-charge.  MacDonald will succeed Katherine Craven on that date when she leaves to become Executive Director of the UMass Building Authority.

“Over the past nine months, Jim’s hands-on management style, deep understanding of public policy matters, and wise counsel have been critical components on a number of key Treasury accomplishments, such as the Small Business Banking Partnership and the recent decision by Standard and Poor’s to upgrade the Commonwealth’s credit rating,” said Grossman.  “Jim has an intimate familiarity with every facet of Treasury business, and his enhanced role will be indispensible to our efforts to make the Treasury more transparent, entrepreneurial, and responsible to taxpayers."

MacDonald presently serves as Deputy Treasurer for Investment Operations, where he manages the daily clearing of the Commonwealth’s bank accounts, short-term investing in the Massachusetts Municipal Depositary Trust, the Small Business Banking Partnership, and the reconciliation of bank accounts and fund activity.  As Deputy Treasurer, he oversaw the effort to competitively bid the Treasury’s core banking services, saving the Commonwealth approximately $915,000 a year.  He will continue to perform these duties as First Deputy Treasurer.

“I’m honored to have the opportunity to play an even broader role in the many initiatives at the Treasury,” said MacDonald.  “Our significant achievements during the past nine months are a clear indication of the exciting plans and initiatives we will accomplish in the future, and I look forward to being an integral part of this team.”

MacDonald replaces Katherine Craven, who worked concurrently as the Executive Director of the Massachusetts School Building Authority (MSBA).  MSBA Deputy Director Jack McCarthy will serve as interim Executive Director and will work closely with Craven to ensure an orderly transition between now and her December 1st departure.

“I’m pleased that the UMass Building Authority recognized the unrivaled leadership skills of Katherine Craven.  During her tenure as First Deputy, she played an indispensible role in our transition into office and our early successes such as the creation of the Financial Literacy Trust Fund, the newly professionalized hiring process, and other important reforms,” said Grossman.  “While we will miss her leadership, we are fortunate that Katherine has developed an outstanding team at the MSBA, one that is extraordinarily well-equipped to continue the record of success that has been the organization’s hallmark over the last seven years.”

MacDonald, who attended Boston State College, lives in Dedham with his wife Paula. They have two sons, James and Stephen.  Active in St. Susanna Church in Dedham, MacDonald is also involved in athletic programs for children and young adults with special needs.  He is the Chairman of the Dedham Board of Selectmen.