Chafee names 4 to EDC board, CVS exec Foulkes replaces Verrecchia as vice chair

HELENA BUONANNO FOULKES, an executive vice president at CVS Caremark Corp., will be the first woman to be vice chair of the R.I. Economic Development Corporation if she is confirmed by the R.I. Senate. /
HELENA BUONANNO FOULKES, an executive vice president at CVS Caremark Corp., will be the first woman to be vice chair of the R.I. Economic Development Corporation if she is confirmed by the R.I. Senate. /

PROVIDENCE – Gov. Lincoln D. Chafee on Thursday named a high-ranking CVS Caremark Corp. executive, a prominent information technology expert and two real estate developers to the R.I. Economic Development Corporation board of directors, replacing recently resigned Alfred J. Verrecchia and three members whose terms expire Feb. 1.

Chafee appointed Helena Buonanno Foulkes, an executive vice president at CVS Caremark, as vice chairwoman of the EDC board.

Also named to the board were information technology expert Jack Templin, co-founder of the Providence Geeks and RI Nexus; Providence developer Stanley Weiss, best known for founding the Hotel Providence; and Central Falls real estate developer and manager Jerauld Adams.

The appointments are subject to the review and consent of the Senate.

- Advertisement -

Verrecchia, chairman of Pawtucket-based Hasbro Inc., offered his resignation earlier this month to give Chafee an opportunity to make his own appointments even though Verrecchia “more than willing to continue to serve.”

With the new appointments, Chafee also replaces FM Global CEO Shivan Subramaniam, Gilbane Inc. Vice Chairman Paul Choquette Jr. and Verizon Communications’ New England President Donna Cupelo, whose terms ended Feb. 1.

Buonanno Foulkes, who one Chafee official described as the No. 3 executive at the Woonsocket-based drug store chain CVS Caremark, previously had been named to Chafee’s transition committee.

CVS’ chief marketing officer, she also sat on a panel at Chafee’s budget summit at Rhode Island College in December, where she told the audience that business people are concerned that the state put resources into training and educating Rhode Island’s work force for the future.

“Helena Foulkes will bring a wealth of business experience and a fresh perspective to the RIEDC Board,” Chafee said in a statement. “I look forward to leveraging her proven leadership ability in my efforts to reshape RIEDC and its activities in the months and years ahead.”

Templin is one of the most prominent figures in Rhode Island tech circles. He is a partner in Betaspring, a startup incubator, and a principal of ThoughtCap LLC, an Internet consulting firm.

Both Weiss and Adams were Chafee campaign contributors, according to R.I. Board of Election records.

Weiss’ company, Stanley Weiss Associates LLC, is a significant property owner in downtown Providence. He is credited with several restoration projects, including the Tilden-Thurber Building, where he houses his collection of antiques,

Adams, who lives in Providence, owns North American Industries Inc., in Central Falls. Chafee’s statement on the appointments said Adams has purchased “distressed or underperforming properties” in Pawtucket and Central Falls, “filling them with small companies and an art studio.”

The statement said Adams controls more than 200,000 square feet of space with more than 50 tenants. He is also on the board of trustees of the Adams Library in Central Falls and of the Old Slater Mill Association in Pawtucket.

“Jerauld, Jack and Stan share my conviction that the fastest, surest road to job growth is to ensure that our small business sector – which drives 80 percent of our state’s economy – gets the support needed to stimulate growth in businesses that are already here,” Chafee said. “I look forward to their active participation in the deliberations of the RIEDC Board.”

No posts to display


  1. Chafee and other liberals will never be good for business because their approach is fundamentally wrong. They think government should “help” business with all kinds of programs. To the contrary, what businesses need is for government to leave them alone: get rid of the pointless overregulation and crushing taxes.

  2. C william, you’re so thin I could have written your response for you. One way…the WRONG way. Government’s job is doing exactly what is being done. Notice how it’s so bad for you…just because. You really don’t have a clue to back up your always negative and incorrect views. Yet there are plenty of businesses working with the government. That must crawl up you sideways. Liberal this, liberal that, I hate you, you are stupid, blah, blah, blah. It’s all you ever contribute. It’s your views and those of people like you are why RI is such a mess. Never look forward, just keep looking back and rewrite history so you can pretent to be superior. It’s getting old, dude. Very, very old.

  3. I can’t believe that Governor Chafee has gone back on his promise to not hire cronies. This Buonanno Foulkes is one prime example of that, indeed. She for one is and was not ever a Chafee supporter. I. Worked for his both election campaigns back this past year 2010 and in 2006. And I do remember distinctly calling her and asking for her vote, she said she was voting for Whitehouse and last time she didn’t know or Robitaille. Luckily the Senate will make the final say on this one, but however that’s not the point I wish to make here in that Chafee wants to appoint a turncoat in which to serve on this board doesn’t make any sense in the least. This woman is not qualified or knows ANYTHING about how to jump start the economy. Not to mention she is a crony. The senate’s approval for ant nominees is a long tough process they really grill them they can not have any past issues such as a criminal record for instance. I thought Chafee knew better than that. Please write to Senator President Paiva Weed and tell her to disapprove this confirmation! Also you can write to as many and all the Senators even can look up your own district representative, too, in the RI General Assembly and ask them to disapprove Al Verrecchia’s replacement on the RIEDC!

  4. As far as other 3 the senate hearing questions them as well. Charlie Fogarty was grilled real hard and not really sure if he is going to get his appointment, either. He has had a lot of issues with owing substantial amounts of money to creditors. And he too, is another crony and turncoat. So you see, it’s not so easy to get a board commission appointment. They can grill them to the point of embarrassment. But that is why we have the right to pick and choose who we as citizens and voters want to govern our beautiful state.