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From the Governor’s Office...
JobsOhio
Overview
JobsOhio in Brief
July 14, 2011
Ohio
has no greater priority than
creating jobs and revitalizing its economy. JobsOhio, a not-for-profit
corporation, will lead Ohio’s job-creation efforts by singularly
focusing on
attracting and retaining jobs, with an emphasis on strategic industry
sectors
in areas of statewide and regional strength. Using a private-sector
approach,
JobsOhio will work at the speed of business, enabling Ohio to be more
nimble and
flexible and thus more competitive in its economic development efforts.
Governance
JobsOhio
will be run by a Board of
Directors selected by the governor. Directors named to date include:
•
James C. Boland, Retired Vice
Chairman, Ernst & Young, and Former President, CEO &
Vice Chairman,
Cavaliers Operating Company
•
Steven A. Davis, Chairman of the
Board and Chief Executive Officer, Bob Evans Farms, Inc.
•
E. Gordon Gee, President, The Ohio
State University
•
C. Martin Harris, M.D., Chief
Information Officer, and Chairman, Information Technology Division,
Cleveland
Clinic
•
Gary R. Heminger, President and
Chief Executive Officer, Marathon Petroleum Corporation
•
Mark D. Kvamme, Special Limited
Partner, Sequoia Capital
•
Bob McDonald, Chairman of the Board,
President and Chief Executive Officer, Procter & Gamble
Board
members serve without financial
compensation. Their terms of service range from one to three years and
are
staggered.
Leadership
JobsOhio
will be led by a Chief
Investment Officer (CIO) nominated by the board and approved by the
governor.
The CIO will execute contracts, spend corporate funds and hire
employees on
behalf of JobsOhio.
Funding
The
Ohio General Assembly has
appropriated $1 million for the start-up of JobsOhio. Long-term funding
for
JobsOhio and its economic development activities comes from Ohio’s
wholesale
liquor enterprise, which will be transferred to JobsOhio for 25 years.
JobsOhio
also can receive additional public and private funds.
Accountability
JobsOhio
will be overseen by its Board
of Directors, the Department of Development, the Governor and the
General
Assembly. The board will engage an independent certified public
accountant to
perform an annual financial audit. JobsOhio also will issue an annual
report on
its activities.
JobsOhio
Regional Network
JobsOhio
will manage a balanced
economic development toolbox that incentivizes success and emphasizes
return-on-investment. JobsOhio will streamline operations by working
through a
network of local partners that will coordinate regional economic
development
efforts with state-level activities.
Status
The
framework for JobsOhio was created by
House Bill 1 in February 2011. Upon completion of a review of the Ohio
Department of Development’s current functions and relevant statutes by
August
16, the Director will submit a report and recommendations for changes
to the
Ohio General Assembly. The Department will contract with JobsOhio on
behalf of
the state for the specific job-creation responsibilities the Department
currently
fulfills. Functions not focused on economic development could be
transferred to
other state agencies or eliminated. The long-term disposition of the
Department
of Development will be decided in future legislation.
JobsOhio Board of
Directors
JobsOhio Funding
JobsOhio Overview
JobsOhio Press Release
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