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The Chief Operating Officer of the Erie County Industrial Development Agency Will Retire at the End of 2013
by Brian Krygier
Alfred D. "Al" Culliton has led the area's largest agency since 2006, overseeing more than $3.4 billion in business investment across Erie County
Buffalo, NY - Alfred
D. "Al" Culliton, the Erie County Industrial Development Agency's Chief
Operating Officer and Acting Chief Executive Officer, announced today he will
retire as of December 31st.
Mr.
Culliton, who oversees all aspects of the economic development
activities of the ECIDA and its affiliated corporations, was honored as the
2011 Economic Developer of the Year by the New York State Economic Development
Council.
ECIDA Board Chairman John Lafalce noted Mr. Culliton has done an
outstanding job as Chief Operating Officer and acting CEO of ECIDA and its
affiliates. "The loss of his finance and
economic development knowledge will be very hard to replace. I am very pleased that he has agreed to stay
on during the transition to new leadership."
Mr. Culliton said "I feel it's the right time. I've had a very rewarding
21-year ECIDA career and I'm proud of our accomplishments particularly in the
venture capital arena and in enhancing our small business and micro lending
capacity especially for minority businesses."
Erie County
Executive Mark County Executive Poloncarz praised Mr. Culliton's
contributions to the ECIDA.
"In the past year of working with Mr. Culliton on ECIDA
issues, I've been impressed with his knowledge of economic development issues
and his ability to get things done. Throughout his time at the ECIDA, Al has
been a tireless advocate for economic improvement in Erie County, and I wish
him well," the county executive said.
Mr. Culliton said he would like to keep a hand in the venture capital
sector after his retirement including being active with Launch NY, the WNY
Venture Association and the Buffalo Angels.
The ECIDA is expected to make decisions regarding the search Mr.
Culliton's successor over the next few months.
Mr.
Culliton joined the ECIDA and its affiliates in 1992 as Chief Lending Officer
and added the title of President, Niagara Region Certified Development
Corporation in 2001. He was promoted to
Chief Financial Officer/Treasurer of the ECIDA in 2003, a title he retained
through 2009, and for the last 6 years he has worn both COO and acting CEO
hats.
Since Mr. Culliton became its COO, the ECIDA has
assisted projects with total investment exceeding $3.4 billion. He oversaw
creation of and manages an innovative public sector venture investment fund
targeting early stage entrepreneurial companies in Erie County. This fund has
invested over $8 Million in 34 local companies. Cash return to ECIDA exceeds
$11 Million to date.
He has been involved in fostering the entrepreneurial
ecosystem across 26 counties of Upstate New York through the Launch New York
venture development organization. During his tenure, ECIDA's affiliate lending
company made some 396 loans for over $61 Million, established an innovative
loan program which allowed for structured participation loans with local
commercial lenders, initiated the ECIDA's participation in the SBA Micro
Lending program, and launched a minority entrepreneur loan/scholarship program
aimed at creating entrepreneurial opportunity in the minority community.
Before joining ECIDA, Mr. Culliton worked for 14 years as a bank
commercial lender and manager, including at JPMorganChase and M&T. He also
served six years as Chief Financial Officer for several distribution companies,
and several years in secondary education.
He holds a BA and MA in Mathematics from Fordham University and an MBA
from Canisius College.
He serves on the Board of Directors of the New York State Economic
Development Council and recently was elected Vice Chair. He also serves on the
Board of Directors of the Empire State Certified Development Corporation, the
Buffalo and Erie County Workforce Investment Board, First Wave Technologies,
and the Western Region Corporation.