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Kevin Lavin, the former corporate finance attorney appointed last year by Gov. Chris Christie to lead Atlantic City’s emergency management team, has left his post to become the co-president of the Texas-based Ankura Consulting Group.“I am delighted that Kevin is joining Ankura as a key member of our management team,” said Ankura CEO Roger Carlile. “His leadership skills in building and leading advisory businesses and his extensive experience assisting underperforming companies and their stakeholders will be invaluable to Ankura and its clients. His most recent role as the emergency manager of Atlantic City, New Jersey, demonstrates the broad range of his strategic, operational and restructuring capabilities.”
Lavin, who earlier this month issued his final report indicating that Atlantic City was set to run out of money by April, was appointed by Christie in January 2015 to serve as the city’s emergency manager alongside Kevyn Orr, the former emergency manager for the city of Detroit, who acted in an advisory role.
Orr left Atlantic City in April to rejoin the law firm of Jones Day in Washington, D.C.
Lavin will also serve on Ankura’s board of directors.
“After considering the possible opportunities for me, I concluded that Ankura’s collaborative culture, core values and spirit of entrepreneurialism offered me the best platform for serving clients as well as attracting and developing world-class professionals and leaders,” Lavin said.
Tag: South Jersey
NJBIZ stories taking place in and involving South Jersey businesses, companies and business news.
How-to guide An industry expert’s take on executive coaching
Strategist, psychologist, confidant, corporate spy? The definition of an executive coach can be elusive. So, NJBIZ reached out to Bob Polster of the Bernardsville-based executive coaching firm Morris and Polster to find out why executives hire coaches.
Do you need an advanced degree to succeed?
John Mackey, Michael Dell, Richard Branson and countless other entrepreneurial all-stars achieved great success without advanced degrees. In fact, these three did it without so much as a bachelor’s degree.
Experts Pausing to focus on the present can boost productivity, reduce stress
While investment bankers, accountants and tech experts are trained to forecast, reconcile and innovate, Corinne Zupko’s job is to retrain them to live in the moment.
Spotlight on Executive Education Should you go #8230 back to school?
Making a change at work: Who doesn’t think about that from time to time? And especially now, when New Year’s resolutions tend to spark a lot of ideas — many of which do not involve exercise. Leaving the corporate world is tough. Leaving the corporate paycheck is tougher.
Christie announces Atlantic City takeover plan ‘Time to act is now’
Gov. Chris Christie held a news conference Tuesday to call for a state takeover of Atlantic City, claiming the city has, over time, been unable to prove its ability to manage its own finances.Christie called the city’s financial woes the “greatest threat” to its long-term well-being.
“The time to act is now,” Christie said.
Though Senate President Steve Sweeney (D-West Deptford) and Atlantic City Mayor Don Guardian have been at odds with one another in recent weeks over the next course of action for the struggling city, both stood united in support of Christie’s plan at the State House news conference.
Sweeney has previously introduced legislation calling for a state takeover, while Guardian has instead considered municipal bankruptcy to be the next move.
Under Christie’s plan, the existing takeover bill will be amended to reflect the addition of a provision allowing Atlantic City’s casinos to make payments in lieu of taxes in order to help pay down the city’s debt.
That provision was a key component to a package of Atlantic City recovery legislation that Christie recently vetoed despite initially supporting.
The amended bill would also call for the takeover to last for five years as opposed to the 15 years initially proposed.
In return, the state will assume greater power and responsibility in the restructuring of Atlantic City’s finances.
Christie, Sweeney and Guardian each played down the depiction of the move as a takeover, referring to it as more of a “partnership.”
Tuesday’s news follows a report issued Monday by Moody’s Investors Service warning that Atlantic City was growing increasingly closer to defaulting on its debt service payments and declaring bankruptcy. The city is on schedule to run out of money by April, according to Moody’s.
Last week, Standard & Poor’s dropped the city’s already junk-bond status rating of B by four notches to CCC, citing similar concerns.
Assembly Speaker Vincent Prieto (D-Secaucus) added that, while he is encouraged by the plan, “no one speaks for the Assembly except for the Assembly.”
“I’m pleased the governor and Senate president followed my lead and started a dialogue with the Atlantic City mayor,” Prieto said. “That dialogue was sorely lacking until my meeting with the mayor last week, but a new bill also changes this discussion. I will review any proposal to help Atlantic City, but I will be especially concerned about any effort to unilaterally alter collective bargaining agreements. We didn’t hear many specifics today from Gov. Christie or Senate President Sweeney about such things as altering collective bargaining, but that’s something that would certainly raise questions on my end.”
Philadelphia 76ers provide update on Camden training facility’s progress
The Philadelphia 76ers released an update Tuesday on their future 125,000-square-foot training facility currently under construction in Camden.When completed, the complex, which aims to be the largest of its kind in the National Basketball Association, will include features such as two regulation-size basketball courts, spacious locker rooms, hydrotherapy rooms, player restaurant, media production studio and roughly 10,000 square feet of mixed-use commercial space.
“In designing the basketball operations facility, we pulled inspiration from the most cutting-edge sports medicine, wellness and recovery practices from leagues, teams and sport disciplines across the world,” said Sam Hinkie, team general manager and president of basketball operations. “We challenged ourselves to create a 24/7 destination for our players’ physical and mental needs.”
According to the 76ers, the facility’s steel structure is nearly all in place, and roof, window and exterior wall work should be completed sometime in May. Then, contractors will begin to focus on the interior components of the project.
The decision to locate the complex in Camden was aided by a 2014 decision by the state Economic Development Authority to approve a 10-year, $82 million Grow New Jersey tax incentive for the project.
“Whether on the court or in the community, we continue to spend time and invest resources where we see big upside,” said team CEO Scott O’Neil. “It should come as no surprise then, that in our commitment to build the biggest and best training complex in the NBA, we chose a community on the rise, with dynamic, socially aware corporate partners. We are confident that Camden is the right place at the right time to build our new home.”
“I am extremely pleased with the progress of the new Sixers headquarters and practice facility,” added Mayor Dana Redd. “Even more gratifying is the commitment the Sixers have already demonstrated and will continue to do so through various community engagement activities like volunteering to beautify our neighborhoods, holding basketball and cheering clinics or simply connecting with our residents.
“As we move closer and closer to the completion of their new facility, I look forward to a promising long-term partnership with the Sixers.”
South Jersey’s nonmanufacturing industry is losing some faith, Fed finds
Growth in nonmanufacturing industries has slowed in the region that includes South Jersey, according to the Federal Reserve Bank of Philadelphia.Firms responding to the Fed’s monthly Nonmanufacturing Business Outlook Survey said growth remained positive, but its pace is down, the Fed said Tuesday in a news release. The index of current general activity fell to below its historical average, while at the firm level, sales, new orders and employment also weakened.
Other results were also mixed, the Fed said. Prices paid fell, while prices received rose, the Fed reported, while spending on physical plants rose and spending on equipment and software fell.
Meanwhile, indexes for future general activity slipped, but remained in positive territory.
The NJBIZ Power 100 The state’s most influential people in business
The people on this list impact business in New Jersey in many ways, whether it’s through the companies or agencies they run, the legislation they enact, the dollars they spend (or loan), the facilities they build or the employees and products they control. Here is our exclusive ranking from 1 to 100.
What’s the definition of power? It’s the question we get most often at NJBIZ, when it comes time for the Power 100.
Unfortunately, there’s not an easy explanation.
The one we often give is this: “If you called the governor, how quickly would he call you back? If at all.”
Others offered different opinions.
“There are those who have power because of their title. And those who have power without a title. Those are the most powerful.”
Sounds good to us.
It’s just a matter of applying that to the incredible number of suggestions and nominations we get each January.
It’s the most important thing we do all year — and we take great pride in it. We feel our Power 100 list reflects the most important, influential, successful and — of course — powerful people in the state.
It can be because of their title. Or not.
It can be if they use it. Or not.
This much is clear: The people on this list impact business in New Jersey in many ways, whether it’s through the companies or agencies they run, the legislation they enact, the dollars they spend (or loan), the facilities they build or the employees and products they control.
After meeting formally and informally with many of the state’s top insiders and power players, we ranked them from 1 to 100.
It’s never perfect. But we feel it represents a snapshot of the state, both looking back at 2015 and looking ahead to 2016.
Don’t agree?
More power to you.
For more on the NJBIZ Power 100
Best of the rest: Others who were suggested
Grapevine: A special Power 100 edition
Off the list: Those who didn’t stick around
Letter from the Editor: Jersey first — Some CEOs don’t see it that way
Past Power 100 lists
Atlantic City moving closer to bankruptcy, Moody’s says
In a new report issued Monday, Moody’s Investors Service says Atlantic City is moving closer to defaulting on its debt service payments and declaring bankruptcy as a result of Gov. Chris Christie’s decision last week to veto a package of bills aimed at helping the city in its economic recovery efforts.Without some sort of aid from the state, the city could go bankrupt as early as April, said Moody’s. That sentiment was largely echoed by Christie-appointed emergency manager Kevin Lavin in a report earlier this month.
The package, which included a measure that would allow for casinos to make payments in lieu of taxes in order to help pay down the city’s debt, was pocket-vetoed by Christie last Tuesday despite his initial support for the idea.
Moody’s warning comes just days after another Wall Street ratings agency, Standard & Poor’s, issued a severe downgrade to Atlantic City on Friday, dropping its already junk-bond status rating of B by four notches, to CCC.
Like Moody’s, S&P cited the growing likelihood of municipal bankruptcy as the main factor for its action.
Though Mayor Don Guardian has publicly said that bankruptcy is an option the city must consider, Senate President Steve Sweeney (D-West Deptford) has opposed the idea, calling for a state takeover plan instead.
Parking management company leases space in Collingswood
Parking management company Imperial Parking Corporation has leased an office suite in Collingswood, Wolf Commercial Real Estate announced Friday.WCRE said in a news release that Imperial Parking, also known as Impark, has leased 8,300 square feet at The Station Office Building, 900 Haddon Ave.
WCRE exclusively represented the landlord, 900 Haddon LLC, an affiliate of PCF Management, in the transaction.
Update Kennedy signs letter of intent to combine with Jefferson Health
Kennedy Health System, which runs three hospitals in South Jersey, signed a letter of intent Friday to integrate with Philadelphia’s Thomas Jefferson University health system.(Editor’s note: This report was updated at 2:35 p.m. with additional comments and information.)
Kennedy Health , which runs three hospitals in South Jersey, signed a letter of intent Friday to integrate with Philadelphia’s Jefferson Health system.
The integration is a partnership in which Kennedy will become the South Jersey hub for the expanded health system, according to a joint statement Friday. “Central to the plan is the development of a shared governance model, whereby Kennedy will have equal representation as the other system members on a combined board, along with a few independent trustees.”
The boards of both Kennedy and Jefferson said strategic planning for the partnership has been going on for about two years, and unanimously voted to authorize the letter of intent that was signed Friday.
“Kennedy and Jefferson share a common vision of what we can accomplish together,” said Kennedy Health CEO and President Joseph Devine. “Having worked successfully with Jefferson on various initiatives since 2011, this proposed partnership will enhance our ability to develop innovative patient care services for our communities.”
“Integrating with Kennedy Health is another bold step forward for reimagining health care for patients and their families in our communities,” said Stephen Klasko, CEO and president of Thomas Jefferson University and Jefferson Health. “Kennedy brings critical capabilities as a high-quality, cost-efficient community health system.”
When the deal is complete, it would be Jefferson’s fourth acquisition in two years.
It also will be the second recent takeover of a New Jersey hospital system by a Pennsylvania one, following AtlantiCare’s merger with Geisinger Health System.
Klasko said the recent acquisitions, including Kennedy, are based on Jefferson’s bet that health care is going to be reimagined in the next 10 years.
The consumer, in this case patients, is driving changes in the industry the way Netflix has changed home entertainment from the brick-and-mortar Blockbuster model, Klasko said.
Similarly, since Jefferson already had a number of New Jersey patients driving over the river for specialty care, it only makes sense to bring care to the patients in their own community.
Devine said the move was not a financial one at all, since Kennedy is strong both on that and a clinical front.
“In order for us to serve communities better we needed that innovation arm. People nowadays have different expectations,” Devine said.
Klasko explained that it was more of an ideas merger.
“This is not a hospital merger or even a health systems merger. We are four equal pillars,” Klasko said.
The hub-and-spoke business model is not at play here, but rather a hub-and-hub model.
Why Kennedy chose a system outside of New Jersey’s borders has a lot to do with the regional connectivity already in place, both Devine and Klasko said.
At least a quarter of Jefferson employees live in New Jersey, Klasko said.
Jefferson will increase to a $4 billion organization in total, with all recent acquisitions considered, if the deal is finalized with Kennedy.
But it won’t stop there, Klasko said.
“In the future, when you say Jefferson, people will ask ‘which Jefferson?’ ” he said, hinting at more expansions to come.
Jefferson currently has relationships with some of Kennedy’s South Jersey competitors, including Cooper University Health, Rowan University and Inspira Health.
“I’m saying to (all three), please jump on board,” Klasko said.
Jefferson is also affiliated with University of Pennsylvania medical college.
Both Devine and Klasko agreed that nearby hospital competition is a thing of the past, and defragmenting the region’s health care, along with reduced inpatient beds, are the keys to the future.
“Hospitals will not be next to each other competing with each other. If you’re thinking that, that’s thinking in the ’90s,” Klasko said.