SOURCE: San Diego Regional EDC

San Diego Regional EDC

July 06, 2011 15:53 ET

San Diego Regional EDC Announces Barry Broome as President and CEO

SAN DIEGO, CA--(Marketwire - Jul 6, 2011) - San Diego Regional Economic Development Corporation today announced that Barry Broome will become the organization's new President and CEO.

EDC selected Broome, who has been at the helm of the Greater Phoenix Economic Council (GPEC) for more than six years, following a national search conducted by the San Diego-based executive search firm, R. J. Watkins & Company. Broome will officially join EDC in early August.

"I'm excited to embrace this new opportunity that affords me the privilege of working on an economy that is at the nation's cornerstone of innovation," said Broome. "San Diego is a world-class market, recognized for science and technology and is backed by a robust talent and investment infrastructure. In this new opportunity, I'll have a unique chance to leverage my expertise in cultivating the bioscience industry, deepen my experience in clean technology and pursue pioneering trade and foreign direct investment."

"Barry's proven ability to develop new industries, structure economic development programs, and secure complex relocation and expansion projects is going to fuel our region," said Debra Reed, EDC Chairman and CEO of Sempra Energy. "Barry is the right individual to fulfill EDC's new jobs-development strategy to make for a more dynamic, competitive San Diego. EDC is fortunate to acquire his leadership."

Broome's tenure at GPEC led to the attraction of more than 160 companies creating more than 30,980 jobs and over $6.5 billion in capital investment in Greater Phoenix. He orchestrated the passage of a $350 million tax credit to stimulate renewable energy investment in Arizona (Senate Bill 1403) -- one of the largest incentive offerings in the U.S. This program helped propel Arizona to first in the country for renewable energy ranked by Business Facilities magazine. Broome also designed the Arizona Global Network, a collaborative model that united the urban and rural markets of Greater Phoenix, Tucson, Flagstaff and Yuma in attracting foreign direct investment to the state. Leveraging the framework of a renewable energy program and FDI strategy, GPEC attracted China-based Suntech, securing the company's first-ever U.S. manufacturing investment. GPEC also landed one of the nation's largest solar manufacturing projects from First Solar -- the world's most dominant industry leader. Broome also played an instrumental role in crafting a statewide competitiveness package (House Bill 2001) that included corporate income tax reduction, sales factor, a closing fund and the formation of Arizona's new economic development agency.

A graduate of John Carroll University, Broome's economic development career spans more than 20 years. Named top economic developer of the year in both Arizona and Michigan, he is an accomplished, recognized leader in his field.

At EDC, Broome will lead a regional jobs-development strategy focused on growing high-wage jobs in partnership with industry associations representing life sciences, clean tech, communications, software, electronics and defense. In addition, Broome will develop marketing initiatives to raise San Diego's profile as an important market for investment, and focus on policy issues that will enhance the region's competitiveness.

"We are delighted to have Barry lead our team," said Stath Karras, who led the executive search committee for EDC. "His experience with several top-tier economic development programs will be a tremendous asset as we continue to implement a new regional jobs-development strategy adopted earlier this year."

"We are looking to Barry to build real momentum around the economic opportunities for San Diego that will come as the nation recovers from recession," said Reed. "We intend to lead the region's jobs-development strategy, which sets a goal of growing 220,000 jobs by 2020."

San Diego Regional Economic Development Corporation is supported by more than 150 of San Diego's largest companies and most influential business leaders. EDC's mission is to promote the region for investment; attract, retain and help expand companies in the region; ensure the region's competitiveness for investment through a private sector-driven agenda that supports growth and expansion of high-wage, high-growth industries in the region.

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