NYC Deputy Mayor Goldsmith to step down

Former Indianapolis Mayor Stephen Goldsmith joined the administration of New York City Mayor Michael Bloomberg a little over a year ago. Goldsmith said he has received "important overtures" to pursue a position in infrastructure finance.

Stephen Goldsmith has resigned from his office in order to pursue “private-sector opportunities in infrastructure finance”, according to a statement from the office of New York City Mayor Michael Bloomberg.

Goldsmith, a former two-term mayor of Indianapolis who also previously served as a senior strategic advisor for the global infrastructure and public-private partnerships (PPPs) practice of Washington, DC-based law firm McKenna, Long & Aldridge, said in a statement that he had received “important overtures in an area with which I have long been associated – infrastructure finance”.

A spokesperson for the Mayor 's office declined to comment on what position Goldsmith would take next.

Bloomberg has appointed Caswell Holloway, who since 2010 has served as the commissioner of the city’s Department of Environmental Protection, to replace Goldsmith as Deputy Mayor for Operations.

Goldsmith joined Bloomberg’s administration in 2010. A statement from the Mayor’s office at the time described Goldsmith as “the nation’s premier expert on innovation in government”, and praised the former Indianapolis mayor for spearheading a “major expansion in [PPPs]” and a “transformation in downtown Indianapolis” during his tenure.

In New York City, Goldsmith was involved in the recent search for a PPP advisor, a role which elicited interest from 12 respondents. New York selected investment bank Greenhill & Co. to advise the city on PPPs, particularly in parking and real estate.

Julie Wood, a spokesperson for the Mayor, emphasised that Goldsmith’s departure would not affect plans to develop PPPs in New York City.

“There is a sizable team working with Greenhill on the exploration of PPPs, and that team will continue working uninterrupted,” Wood wrote in an email.

Goldsmith has also had an academic career, including a post at Harvard’s Kennedy School of Government. In a statement, Goldsmith said he also intends to continue his academic work in the upcoming year.