First Niagara Financial Group President and CEO John Koelmel is the new chairman of the New York Power Authority (NYPA).
The authority’s trustees chose Koelmel as chairman after Gov. Andrew Cuomo recommended him for the position earlier this year. Koelmel will forgo the $90,800 annual salary state law provides for the authority chairman, according to NYPA.
“NYPA is an extremely important organization for carrying out Gov. Cuomo’s ambitious energy policies for upgrading New York’s electric power system, advancing energy efficiency and clean energy goals, and promoting economic development through lower cost power allocations,” Koelmel said in a news release. “I’m confident that under the governor’s leadership, the Power Authority and its superb statewide team led by Gil Quiniones, its president and CEO, will meet the challenges head-on and accomplish much for New Yorkers.”
Buffalo–based First Niagara has nearly 430 branches with $38 billion in assets, $29 billion in deposits, and about 6,000 employees in New York, Pennsylvania, Connecticut, and Massachusetts. The banking company in May completed an acquisition of 195 HSBC branches in upstate New York, Westchester County, and Connecticut.
Koelmel has been First Niagara’s president and CEO since 2006.
Contact Tampone at ktampone@cnybj.com