PROVIDENCE – John F. McJennett III will replace Robert G. Flanders Jr. as Central Falls receiver, Gov. Lincoln D. Chafee announced Friday.
McJennett took over for Flanders, who had been Central Falls receiver for more than a year, on Friday. There will be a period of overlap before Flanders fully transitions out, according to Chafee.
McJennett was chosen to lead Central Falls into its post-bankruptcy stage and on Monday, the Office of the Receiver will file the city’s preliminary five-year plan of debt adjustment, which will position the city to emerge from bankruptcy by late summer or early fall.
“As Receiver, [Flanders] has guided the city through a very challenging time, and Central Falls is now stronger and more viable than before,” said Chafee in a release announcing the transition.
“It is for that reason – that the city’s recovery is entering a new phase – that John McJennett will be taking on the role,” said Chafee. “The efforts of the receiver will be more focused on economic development and fiscal operations, and John is well-suited to this endeavor.”
The Governor added that McJennett will be tasked with examining the possible reduction of state oversight in Central Falls.
Since 2003, McJennett has served as president of Providence-based Adams Hill Consulting Inc., which he founded in 1994.
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.