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SCHULTERBRANDT NAMED EDA CHIEF EXECUTIVE

Nov. 15, 2001 – Frank Schulterbrandt, former legal counsel for the Port Authority, has been named chief executive officer for the Economic Development Authority.
Schulterbrandt, an attorney with a master's degree in business administration, becomes the first permanent CEO of the EDA, a recently created entity that includes the former Industrial Development Commission.
The EDA also oversees the Government Development Bank, the Small Business Development Agency and the territory's industrial parks, all entities designed to further economic development in the territory, he said.
A past president of the V.I. Bar Association and a professor at the University of the Virgin Islands, Schulterbrandt replaces Nadine Marchena, who had served as acting CEO. Marchena will remain with the organization as assistant to the CEO, he said Thursday.
Schulterbrandt said his main goal will be to work on diversifying the territory's economy, in part by shifting more resources toward helping small and medium-sized businesses. "I want to help create a small entrepreneurial spirit," he said. "The whole idea is to create new jobs, and to retain jobs."
He took over the job last week after appointment by the EDA Board of Directors, which is chaired by Planning and Natural Resources Commissioner Dean Plaskett. The appointment was subject to approval by Gov. Charles W. Turnbull.

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Nov. 15, 2001 - Frank Schulterbrandt, former legal counsel for the Port Authority, has been named chief executive officer for the Economic Development Authority.
Schulterbrandt, an attorney with a master's degree in business administration, becomes the first permanent CEO of the EDA, a recently created entity that includes the former Industrial Development Commission.
The EDA also oversees the Government Development Bank, the Small Business Development Agency and the territory's industrial parks, all entities designed to further economic development in the territory, he said.
A past president of the V.I. Bar Association and a professor at the University of the Virgin Islands, Schulterbrandt replaces Nadine Marchena, who had served as acting CEO. Marchena will remain with the organization as assistant to the CEO, he said Thursday.
Schulterbrandt said his main goal will be to work on diversifying the territory's economy, in part by shifting more resources toward helping small and medium-sized businesses. "I want to help create a small entrepreneurial spirit," he said. "The whole idea is to create new jobs, and to retain jobs."
He took over the job last week after appointment by the EDA Board of Directors, which is chaired by Planning and Natural Resources Commissioner Dean Plaskett. The appointment was subject to approval by Gov. Charles W. Turnbull.