(Updated, 1:30 p.m.)
PROVIDENCE – Prominent businessman Alfred J. Verrecchia has resigned as vice chairman of the R.I. Economic Development Corporation’s board of directors, a move that was set into motion after Gov. Lincoln D. Chafee’s win in the gubernatorial election last November.
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Verrecchia told Providence Business News Friday that he was “more than willing to continue to serve” on the board and told Chafee he had “a lot of time and energy invested in EDC.”
But he offered to step down in a letter to Chafee because he thought it was important that the governor have the “opportunity to have his own team,” said Verrecchia, who was a campaign contributor of one of Chafee’s gubernatorial opponents, Frank T. Caprio.
“It was in that spirit that I offered my resignation, and the governor exercised his prerogative and accepted it.’
Verrecchia, chairman at Pawtucket toymaker Hasbro Inc., acknowledged that he was disappointed by the decision, which he learned about two weeks ago shortly after a conversation he had with Chafee.
“Listen, I told him I was more than happy to continue to serve, but I also told him that if he wanted to make a change he should feel free to do so and there would be no ill will or hard feelings on my part,” he added.
Verrecchia was the leader of an independent panel that issued a scathing review of the EDC in 2009. His characterization of the agency as a “basket of frogs” garnered widespread attention.
He was eventually appointed as vice chairman of the EDC board by former Gov. Donald L. Carcieri.
The EDC became a focal point in the gubernatorial campaign when the board approved a $75 million loan guarantee for Curt Schilling’s video game company 38 Studios in order to woo the firm – and several hundred jobs – to Rhode Island.
Chafee, as well as other candidates, opposed the move and at one point hinted that, if elected, he might take legal action.
Verrecchia told Providence Business News after the election that he wondered if he’d be asked to step down or whether it would be prudent to stay on after the change of administration.
“You do this voluntarily and you work hard. You don’t want to work with someone if they don’t want you,” Verrecchia said.
The Chafee administration announced the resignation shortly before noon Friday in a brief statement. “Governor Chafee is grateful for Verrecchia’s service to Rhode Island,” the statement said.
A Chafee spokesman said the governor would not appoint a replacement immediately. Chafee is due to attend his first EDC meeting Monday; as governor, he serves as chairman of the board.
Verrecchia’s resignation allows Chafee to make more of a mark on the EDC. The terms of three other board members are set to expire in February – FM Global CEO Shivan Subramaniam, Gilbane Inc. Vice Chairman Paul Choquette Jr. and Verizon Communications’ New England President Donna Cupelo.
At least one of those seats must go to a small-business representative.
