For Immediate Release - February 17, 2011

Treasurer Grossman's Deputies Sworn Into Office

BOSTON, MA - Today, Treasurer Steven Grossman and Marilyn Lyng O'Connell, Executive Director of the Judicial Nominating Commission and Deputy Legal Counsel, sworn into office as Deputy Treasurers: Katherine Craven, First Deputy Treasurer; Eileen Glovsky, Deputy Treasurer for Administrative Operations; Nick Favorito, Deputy Treasurer for Retirement Services; Jim MacDonald, Deputy Treasurer for Investment Operations and Kim Gainsboro, Deputy Treasurer for Community & Veterans Services. "I am proud to announce these outstanding appointments and I am looking forward to working with my colleagues for the next four years." said Treasurer Grossman.


Katherine Craven of Chestnut Hill
First Deputy Treasurer

Katherine has served as Executive Director of the Massachusetts School Building Authority since its incorporation in November 2004. Previously, Katherine served as Director of Policy for the Massachusetts House of Representatives and Deputy Budget Director for the House Committee on Ways and Means. Katherine has lectured on the intricacies of the state budget at the Kennedy School of Government at Harvard University and the Donahue Institute of the University of Massachusetts. Katherine serves on the board of directors of MassDevelopment, the Governor's Commission on Mental Retardation, the board of directors of the Massachusetts Association for Mental Health, as an advisory board member for the Emerging Technology Fund, and is a member of the Board of Incorporators for Partners Healthcare, Inc.

Katherine is a graduate of Harvard College and Boston Latin School. She lives in Chestnut Hill with her husband, Dr. Jim Kryzanski, and their four children.

Eileen Glovsky, formerly of Sudbury, now living in Cambridge
Deputy Treasurer for Administrative Operations

Eileen joined the Treasurer's administration in 2003, and has served as Director of Human Resources and Director of Financial Education. Prior to joining the public sector, Eileen spent more than 20 years in private industry, primarily in accounting and information technology.

Eileen has a Bachelors Degree from San Francisco State University and a Masters Degree from MIT's Sloan School of Management. Eileen's children are grown and live on the west coast and she recently moved from Sudbury.

Jim MacDonald of Dedham
Deputy Treasurer for Investment Operations

Jim MacDonald is a thirty-five career employee in the Office of State Treasurer. As Deputy Treasurer for Cash Management, Jim is responsible for overseeing the daily clearing of the Commonwealth's bank accounts, short-term investing in MMDT, reconciliation of bank accounts and fund activity. Additional responsibilities include supervising the daily, monthly and quarterly cash flow, replacement of rejected electronic payments, certificate of deposits and investment accounts for various programs and banking relationships.

Jim is designee on the Board of Bank Incorporation, the Catastrophic Illness in Children Relief Fund, and the MMDT Advisory Board. He also represents the Treasurer at the Massachusetts Collectors and Treasurers Association.

Jim attended Boston State College and now lives in Dedham with his wife, Paula. They have two sons, James and Stephen. Stephen is in his senior year at Assumption College in Worcester. Jim is active in St. Susanna Church in Dedham and also is involved in many athletic programs for children and young adults with special needs. Jim is the Vice-Chairman of the Dedham Board of Selectmen.

Nick Favorito
Deputy Treasurer for Retirement Services

Nick has served as Executive Director of the Massachusetts State Board of Retirement since February 2003. He is also the Treasurer's designee to the Massachusetts Teachers' Retirement Board and serves as the Commonwealth's Social Security Administrator.

Previously, Nick specialized in public employee retirement law, education & special education law, and municipal law while in private practice for ten years with the firm of Murphy, Hesse, Toomey & Lehane, LLP.

Nick is a member of the National Association of State Retirement Administrators and the National Conference of State Social Security Administrators. He is a graduate of Harvard University and Suffolk University Law School. Nick and his wife Diane have four children.

Kim Gainsboro
Deputy Treasurer for Community & Veterans' Services

Kim first joined the Treasury as Deputy General Counsel in March 2003. Prior to joining the Treasury, Kim worked for a private law firm that specialized in complex litigation. Prior to that, she was an Assistant District Attorney in Suffolk Superior Court, and an Assistant District Attorney in Norfolk Superior Court. She was admitted to the Massachusetts Bar in 1994. Kim's areas of practice include administrative law, contracts, criminal law, medical malpractice, and employment law.

Kim is a graduate of the University of Massachusetts at Amherst and Suffolk University Law School. She lives in Brookline with her husband and three children.