Enterprise Community Investment Announces Retirement of
President and CEO Jeffrey H. Donahue
Columbia, Md. – (January 21, 2009) –Enterprise Community Investment, Inc. (Enterprise), a national leader in affordable housing finance and community development, today announced the planned retirement of President and CEO Jeffrey H. Donahue, effective
April 15, 2009. The company’s board of directors has appointed
Charles R. Werhane, current vice chairman and chief operating officer, as Mr. Donahue’s successor.
Mr. Donahue, 62, was recruited for the CEO position by F. Barton Harvey III, previous chairman of Enterprise Community Investment and its parent organization Enterprise Community Partners.
Prior to becoming CEO on January 1, 2003, Mr. Donahue served on Enterprise's board for eight years while serving as vice president and chief financial officer at The Rouse Company.
The company has grown substantially under Mr. Donahue's leadership. "Enterprise is in excellent financial shape and is a national leader in many of its products, including Low-Income Housing Tax Credit syndication, in what has been a time of unprecedented turmoil in the financial markets," said Donahue.
"I am extremely confident in the current management team's ability to ensure that Enterprise continues and expands the tremendous work conceived and started by Jim and Patty Rouse more than 25 years ago."
Today, Enterprise manages one of the largest Low-Income Housing Tax Credit (LIHTC) portfolios in the nation, which represents $7 billion in equity, 1,600 projects and more than 94,000 housing units. Jaime Yordán, chairman of Enterprise Community Investment, commented that, "During
Mr. Donahue's tenure as CEO, Enterprise Community Investment's organizational strength has expanded substantially and, in financial terms, its revenues, net worth and assets under management have all increased by 75 percent or more. We are delighted with the way the organization has progressed under his leadership and he has all our very best wishes for his upcoming retirement."
Mr. Werhane, 54, is credited with starting Enterprise's New Markets Tax Credits (NMTC) program, one of the leading NMTC programs in the nation, having generated over $515 million in investments to date. Werhane came to Enterprise six years ago following a successful tenure as head of national real estate at USF&G. Mr. Werhane has had oversight of all debt and equity production lines at Enterprise since 2006.
"Charlie's upcoming promotion results from the strong, well-deserved support that he has received from both Enterprise boards, including board chairs Jaime Yordán and Norman Rice," said Donahue. "It has been a pleasure to work with a business leader of Charlie's caliber, who has such a strong commitment to the Enterprise mission. Looking ahead, our company will be in excellent hands."
Mr. Yordán voiced the boards' enthusiastic support for Mr. Werhane's promotion and noted that
"It is a pleasure to have the often difficult issue of CEO succession unfolding so smoothly and positively here at Enterprise Community Investment. We all look forward to working with Charlie to accomplish this organization's laudable goals."
Mr. Donahue said, "It has been an honor to work for Enterprise, its investors, developers and other partners to help underserved people across the country gain access to affordable housing." He further commented, "I want to extend a special thanks to my wonderful colleagues all across Enterprise. To Jaime Yordán, Norman Rice and both boards, I owe a particular debt of gratitude for their help and support during my tenure. My plans for the future include expanding my corporate and charitable board service, but also preserving some discretionary time for outside interests plus spending more time with our grown children, who live on the West Coast."
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has pioneered neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested over $9 billion in equity, grants and loans to help build or preserve more than 240,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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