Darin Early stepping down as Commerce prez

PROVIDENCE, R.I. (WPRI) – Darin Early will step down next month as the R.I. Commerce Corporation’s president and chief operating officer, the quasi-public agency announced Monday.

Commerce Secretary Stefan Pryor has selected Jesse Saglio, who is currently the agency’s managing director and head of investments, to succeed Early.

“Darin has made many valuable contributions to the Commerce team’s efforts – and to the progress our state’s economy is making under Governor Raimondo,” Pryor said in a statement. “Thanks to Darin’s hard and innovative work, real estate projects are taking shape and are helping to rebuild our state’s economic momentum.”

Early’s departure had been rumored for months but was not announced until Monday. Pryor has asked him to stay on as a senior adviser to help with the transition, and then he expects to return to the private sector, Commerce spokesman Matt Sheaff said.

“The end of the year is a natural time for a transition to new leadership,” Sheaff said.

Before joining Commerce, Saglio worked for the U.S. Treasury as director of its AIG Investment Program, tasked with managing the federal government’s $182 million investment to stabilize the company during the financial crisis. He previously worked for Morgan Stanley, Lazard and Evercore Partners.

Ted Nesi (tnesi@wpri.com) covers politics and the economy for WPRI.com. He writes Nesi’s Notes on Saturdays and hosts Executive Suite. Follow him on Twitter and Facebook