Upper Darby Product in Line to Become CEO of Long Island Power Authority

By

Tom Falcone

Tom Falcone, the Long Island Power Authority’s finance chief who was raised in Upper Darby, is the recommendation of the utility’s personnel committee to become its next chief executive officer.

The 37-year-old Falcone joined LIPA in January 2014 after being an investment banker at Morgan Stanley in Los Angeles. Last August, he was named chief of staff after the departure of former CEO John McMahon.

According to a report in Newsday, the full LIPA board will vote on Falcone’s appointment at a meeting on March 21.

The newspaper stated that “Tom McAteer, chair of the personnel committee, credited Falcone with leading LIPA through a complex rate-case proceeding before the state last year and several large bond offerings, while running day-to-day operations and boosting the authority’s standing with Wall Street.”

Trustees had recently expressed concern that Falcone would leave LIPA, as the CEO post went unfilled and the potential of a political appointment loomed.

“There’s no way we wanted to take the chance that he would leave us,” McAteer said of Falcone, who possesses a bachelor’s degree in economics from the Wharton School of the University of Pennsylvania.

“I’m very, very pleased, and very, very supportive” of Falcone, said trustee Suzette Smookler. Trustee Jeff Greenfield said he also would vote to approve Falcone’s appointment.

McMahon made $275,000 as CEO, but when LIPA was advertising to fill the post, it listed the salary as up to $350,000. Last year, Falcone was paid a base salary of $250,000.

Click here to read more about Falcone.

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