Walker names Hall to head troubled WEDC
In the wake of loan mismanagement at the Wisconsin Economic Development Commission, Gov. Scott Walker has named former Marshfield Clinic executive Reed Hall as the commission’s interim CEO, and he announced the resignation of Mike Klonsinski, who had served as chief financial officer.
Hall, who succeeds Paul Jadin, will fill the position until a permanent CEO is selected. His first day at WEDC will be November 2.
Jadin has announced he would leave WEDC to take over Thrive, an economic develop organization serving eight counties in south central Wisconsin. The controversy over loan management at WEDC could bring into question Thrive's selection.
Hall takes over at the WEDC as the agency is under fire for failing to track loans totaling $69 million, including $9 million in past due loans. Of the agency’s portfolio of 267 loans, 131 are current in their repayment, 48 are past due for more than 30 days, 49 are in default, and the rest are forgivable loans.
The Walker administration has acknowledged the lack of a loan collections department at the commission he created to replace the former Department of Commerce. Remaining WEDC officials say they are in the process of overhauling the commission, which is the subject of a legislative audit.
Before retiring, Hall served as executive director of Marshfield Clinic from January 2000 to July 2010. He is a member of the Wisconsin Manufacturers & Commerce Board of Directors and the WMC Executive Committee.
Klonsinski, formerly with the Wisconsin Manufacturing Extension Partnership, is the second CFO to leave the WEDC this year.