Diehl out as CEO of R.I. Infrastructure Bank 

PROVIDENCE – William Fazioli was tapped as the new executive director of the Rhode Island Infrastructure Bank, the quasi-public lending authority that controls more than $2 billion in assets. 

Fazioli is succeeding Jeffrey Diehl, who led RIIB since 2016. Fazioli most recently served as the bank’s managing director of program and business development, according to the press release.

“On behalf of the board, I want to thank Jeff for his valued service in leading Rhode Island Infrastructure Bank,” said Board Chairman Vahid Ownjazayeri in a statement Thursday.  “Under Jeff’s leadership, the Bank invested hundreds of millions of dollars to assist Rhode Island municipalities, businesses, and not-for-profit organizations to facilitate and to help bring down the costs of highly significant infrastructure projects.”

The Aug. 21 meeting agenda for the bank’s board of directors listed an executive session discussion of Diehl’s job performance and potential litigation. 

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RIIB spokesperson Christopher Hunter of Advocacy Solutions LLC declined to comment prior to Thursday’s meeting.

Former Chief Financial Officer Eileen Rose left the bank in April, according to meeting minutes. The board approved a $75,000 contract with Boyden Executive Search firm to find a replacement for that and an unnamed vacant position. 

According to meeting minutes, the bank received a “material weakness letter” from its third-party auditor for recording a $20 million transfer from the state for the 2023 fiscal year rather than 2022. 

The board reported during the May 22 meeting there is approximately $1.14 billion in outstanding loans. 

Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.