Transitioning leadership in Massachusetts economic development as Yvonne Hao steps down.
Yvonne Hao, the first female and person of color to serve as Massachusetts’ economic development chief, has announced her departure from the Healey administration to focus on family. Her successor, Ashley Stolba, will take over on April 22, 2023. During her short tenure, Hao made significant contributions to the state’s economic recovery efforts post-pandemic and championed key initiatives, including a bold economic development bill. Governor Healey praised her instrumental role and commitment to the state’s progress as Hao prepares for this new chapter in her life.
In a heartfelt announcement, Yvonne Hao, Massachusetts’ first female and person of color to take on the role of economic development chief, shared her plans to leave the Healey administration come early May 2023. After joining Governor Maura Healey’s team in January, Hao has made a significant impact in just a few short months, but familial ties have taken precedence. She expressed a desire to spend more quality time with her two teenage daughters and her mother, who resides in California.
As the world spins in quite a hectic manner these days, the demands of the position have prompted this decision. The economic development secretary role requires a certain *dedication*, and Hao felt that someone else could better fulfill that need at this juncture.
Starting April 22, 2023, Ashley Stolba, currently an aide to Hao and undersecretary of economic foundations, will step in as the interim economic development secretary. The transition will be smooth as Hao has vowed to assist Stolba until her final day on May 2, 2023. The administration appears committed to ensuring a seamless handover, as the stakes are high to maintain momentum in a post-pandemic economy.
During her tenure, Yvonne Hao navigated the rocky waters of Massachusetts’ economic recovery post-Covid-19. Under her leadership, the “Team Massachusetts” initiative was established, uniting local business leaders and advocating for support and collaboration. Hao also championed a bold $4 billion economic development bill, with goals focused on life sciences, clean energy, and artificial intelligence—a crucial move in positioning Massachusetts as a tech leader.
In her role, Hao didn’t shy away from challenging circumstances. She actively defended the Massachusetts economy against the blows of President Trump’s trade policies and funding cuts, working tirelessly to shield local businesses from tariff-related hardships. Her presence at press conferences highlighted her commitment to standing up for the state’s interests, ensuring that local entrepreneurs had a voice.
While serving as economic development secretary, Hao played a pivotal part in securing Massachusetts’ selection as the hub for the Advanced Research Projects Agency for Health (ARPA-H). This positioning not only bolstered the state’s reputation but also signaled a booming future for health research and innovation.
Moreover, her efforts helped to relocate Hasbro Inc.’s headquarters from Rhode Island to Boston, marking a win for the state’s corporate landscape. Her rich background in the private sector, which includes time at Cove Hill Partners, Bain Capital, and PillPack, brought invaluable perspectives and strategies to the table.
Governor Healey has wholeheartedly praised Hao for her instrumental contributions, specifically pointing out how she facilitated the passage of the economic development bill and worked diligently to gather federal support for healthcare and innovation sectors. These actions have further solidified Massachusetts’ standing as a state committed to prosperity and cutting-edge advancements.
Though Hao is stepping down, she intends to remain close to the administration as an informal advisor—assisting from the sidelines as the Healey administration continues its crucial work. Following her departure, a search for a new economic development secretary will commence, emphasizing the importance of finding someone who can carry the torch in the wake of her impactful tenure.
As Hao bids farewell, her exit marks the second cabinet chief to leave the Healey administration since taking office. A new chapter in Massachusetts’ economic development is unfolding, but the foundation laid by Hao will undoubtedly remain critical as her successors navigate the challenges and opportunities ahead.
As the Commonwealth prepares for this transition, we tip our hats to Yvonne Hao for her groundbreaking role and the positive change she has fostered. Here’s wishing her all the best as she embraces this new family-focused chapter!
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