PBN 35th Anniversary Commemorative Book

YEARS

1986-2021

PROVIDENCE BUSINESS NEWS CELEBRATES 35 YEARS OF PUBLISHING IN RHODE ISLAND

SPONSORS

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Congratulations Providence Business News on your 35th Anniversary Gallo Thomas is proud to be a partner in supporting your success in serving the business community of Rhode Island.

We wish you many more years of continued success.

125 Metro Center Boulevard, Suite 3001, Warwick, RI 02886 14 Woodruff Avenue, Narragansett, RI 02882 41 Arnold Road, Coventry, RI 02816 Headquartered in Rhode Island; serving all of New England

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2021 2020

TABLE OF CONTENTS Publisher’s Letter ................................................................................................4

EVENTS

Essay: Gov. Daniel J. McKee ................................... 14 Timeline: 1986-1991 ............................................................... 16 1992-1997 ............................................................... 18 1998-2003 ............................................................. 20 2004-2009............................................................. 22 2010-2016 ..............................................................24 2017-2018 ...............................................................26 2019-2021 ...............................................................28

PEOPLE

2010

Essay: Sylvia Maxfield .......................................... 30 Driving Forces ........................................................32 Award Winners: Business Women Awards ......................................43 Healthiest Employers ........................................... 44 Manufacturing Awards .........................................45 Fastest Growing & Innovative Companies .......... 46 Best Places To Work...............................................47 40 Under Forty ..................................................... 48 Leaders & Achievers / Diversity & Inclusion ....... 49 Business Excellence Awards ....................................... 50 C-Suite/CFO Awards ............................................. 51

STORIES

Essay: Keith Kelly ...................................................52 What Happened: Education ..............................................................54 Energy/Environment .............................................56 Financial Services ..................................................57 Government ..........................................................58 Health Care ...........................................................59 Manufacturing ..................................................... 60 Nonprofit............................................................... 61 Real Estate.............................................................62 Small Business .......................................................63 Technology ........................................................... 64 Tourism ..................................................................65 Workforce ............................................................. 66 Main Street businesses: 1988-2001 ..............................................................67 2006-2014............................................................. 68 2016-2018 ............................................................. 69

Wishing you continued success

DATA

Essay: Edinaldo Tebaldi .........................................70 Top Lists: Accounting Firms .................................................. 72 Rhode Island-based Banks .................................... 72 Business and Professional Associations ............... 72 Colleges and Universities ...................................... 74 Commercial Real Estate Brokerage Firms in Rhode Island ............................................ 74 Rhode Island Credit Unions .................................. 74 Executive Compensation ......................................75 Foreign-owned Companies ...................................75 General Contractors..............................................75 Labor Unions .........................................................76 Law Firms in Rhode Island ....................................76 Manufacturers .......................................................76 Rhode Island Employers ........................................ 77 Top Private Companies.......................................... 77 Women-Run Businesses ........................................ 77

By The Numbers ....................................................78

2000

VOICES

1990

COMMUNITY

1986 2 | NOVEMBER 2021

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Essay: Karina Holyoak Wood ................................ 80 Top Quotes in PBN: 1986-1990 ..............................................................82 1991-1995 ...............................................................83 1996-2000 ............................................................ 84 2001-2005 .............................................................85 2006-2010 ............................................................ 86 2011-2016 ...............................................................87 2017-2021 .............................................................. 88 Essay: Neil D. Steinberg ........................................ 90 Business Perspective: Call to arms for gov’t, bizs ....................................92 Pandemic Review ................................................. 99

Sponsored by:

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

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We’re creating impact and driving innovation across some of the fastest-growing industries.

WE’ RE POWERED

BY PU RPOS E .

Learn more at JWU.edu

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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What matters to you is what matters to us.

A LETTER FROM THE PUBLISHER PBN evolves with the community AS PROVIDENCE BUSINESS NEWS celebrates our 35th anniversary, I’d like to take a moment to reflect on the good and bad during this fantastic run at PBN. The one constant from day one was to be able to adapt and accept change.

Starting off solely as a newspaper operation, we have evolved into a multimedia source for our business community. In addition to our print publications, we run an award-winning website, three to four daily e-newsletters and produce many virtual and live events. We reach more business professionals than ever before.

Ned Handy, Chairman & CEO and Mark Gim, President & COO

We know what it’s like to run a local business. We’ve been doing it for 221 years. And there’s nothing we like more than helping nearby companies grow and thrive.

As the nation’s oldest community bank, Washington Trust is here to help our neighbors every step of the way.

If you have financial questions – about borrowing, saving, planning for the future, or just getting back to business – ask Washington Trust, and discover how we can help you achieve your next business goal.

We’re coming through the bad with COVID-19, but the signs are pointing to better days ahead. The good is that Rhode Island is in the middle of a building boom in the capital city. There are new hotels, apartments and condos and the beginnings of a science and tech sector.

We are fortunate to have leaders in Rhode Island who are guiding us to a brighter future.

We have had the hard task in this anniversary issue of paring the number of leaders we’ve identified as driving forces to 35. They share a relentless trait in succeeding during good and bad economic times. We believe these individuals will have major roles for the state going forward.

PBN’s editorial staff has spent months compiling this publication.

It spans 35 years of news and events coverage, with a focus on ongoing issues and the people continuing to make their marks on the business landscape.

The book has six distinct sections, each led by a thoughtful essay from a community leader: ■ Events: A 35-year timeline of defining news events.

■ People: Driving forces and community influencers.

■ Stories: What mattered, then and now.

■ Data: A graphical tale of the region’s economy.

■ Voices: The business community spoke, and PBN listened.

■ Community: An in-depth conversation with business and community leaders on the challenges and opportunities ahead. There’s also a look back at PBN covers that chronicled the unfolding effects of the pandemic and the state’s response.

Washington Trust congratulates Providence Business News on 35 years of business journalism in Rhode Island!

I’m very grateful to our sponsors & advertisers who helped support this wonderful project. Our Cover Sponsor is Gallo|Thomas Insurance. Our Partner Sponsors are CVS Health Corp., Johnson & Wales University, Lifespan Corp., Navigant Credit Union. Section Sponsors include Amgen Rhode Island, Amica Mutual Insurance Co., Bank Rhode Island, Partridge Snow & Hahn LLP and Webster Bank.

The best is yet to come!

Sincerely,

80 0 - 4 7 5 - 2 2 6 5 ~ A s k WashTr ust.c om 4 | NOVEMBER 2021

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Member FDIC

Roger C. Bergenheim Publisher

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

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Congratulations

Providence Business News on 35 Years Your Friends at Hasbro

NEWSWEEK’S TOP 100 MOST LOVED WORKPLACES 2021

SERAMOUNT’S 100 BEST COMPANIES & BEST COMPANIES FOR DADS 2021

JUST CAPITAL’S TOP COMPANY FOR WORKERS IN OUR INDUSTRY 2021

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER ©2021 2021 HASBRO. | 5

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YEARS

SPONSOR MESSAGES Gallo|Thomas is proud to be a partner in supporting PBN’s success in serving the business community of Rhode Island.

With a history dating back almost seven decades, Gallo|Thomas Insurance is one of the state’s largest privately held insurance brokerage firms. We are passionate about serving our clients, our employees, and our local community. Our goal is a simple one: to protect your business and your assets. Our clients have come to learn that our energy, innovation and experience allow us to provide cost-effective, tailored solutions that fit their specific insurance needs. This has fueled our steady growth throughout New England.

We wish PBN many more years of continued success.

Learn more at www.gallothomas.com

Since 1986, the Providence Business News has been solely dedicated to serving the Rhode Island and southeastern Massachusetts business community, providing its influential readers with enterprising reporting on the companies, leaders and trends shaping the region’s economy.

As the leading health solutions company in the United States, which makes Rhode Island its corporate home with more than 8,600 colleagues employed in the state, CVS Health is proud to sponsor the Providence Business Journal and its 35-year commitment to covering the important issues of the day and helping advance public dialogue about ways to improve competitiveness and spur growth across the region.

To learn more about how we’re improving the health of communities in the state and across America through our local presence, 300,000 dedicated colleagues, and by increasing access to care, lowering costs and being a trusted partner for every meaningful moment of health, visit www.cvshealth.com.

As an anchor institution in the Rhode Island community, Johnson & Wales University applauds Providence Business News and its 35-year commitment to providing local business news and insights.

For over a century Johnson & Wales has partnered with state and regional industries, forging partnerships that run across business, government, and academia. From design and engineering, to healthcare and media studies, Johnson & Wales is creating industry leaders across a wide breadth of fields.

The University, much like PBN, celebrates the dynamic, entrepreneurial spirit of Rhode Island’s business economy.

Explore Johnson & Wales University at www.jwu.edu.

The Providence Business News has been a trusted voice and source for thoughtful, comprehensive reporting on our state and regional economy since 1986.

As the state’s largest employer, Lifespan shares the Providence Business News’ commitment to supporting and advancing a healthy, thriving local economy. We are proud to be a partner sponsor for this 35th anniversary edition, and we congratulate the Providence Business News on its three and a half decades of service to the regional business community and beyond.

Navigant Credit Union is proud to sponsor Providence Business News’ 35th Anniversary Book, and we congratulate PBN on 35 years of dedicated, award-winning business journalism. As a proud member of the Rhode Island business community for more than 106 years, Navigant Credit Union supports PBN’s commitment to covering and sustaining the strength of Rhode Island’s business community.

Since our founding as Rhode Island’s first-ever community credit union, our goal has been to help our friends and neighbors from across the state achieve their financial dreams. Our success over the years has been made possible by our team, and by the trust our members have placed in us.

Whether you’re looking to buy your first home, own your own business, or anything in between, give us a call, or stop by one of our 21 local branches to say hello. We’re here to help.

Learn more at www.navigantcu.org.

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 9:57 AM

CONGRATULATIONS TO PROVIDENCE BUSINESS NEWS

YEARS IN BUSINESS

www.CoxBusiness.com www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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YEARS

1986-2021

THANK YOU!

FROM ALL OF US TO ALL OF YOU Providence Business News is proud to have been a part of the Rhode Island business community for the past 35 years.

The support of the community, from private industry to the nonprofit sector, has allowed us to succeed in bringing you daily breaking news and in-depth reporting on business in Rhode Island and the region. As an independent, locally owned company, we rely on you to help us thrive and grow, and we strive to help your companies and organizations do the same.

As we celebrate this achievement, we dedicate ourselves to continued service in support of the future health and growth of the state, the region and all the companies, large and small, that make us the great state that we are.

We’ve accomplished a lot in 5 years.

Here are just a few of our awards since our 30th Anniversary!

2017

The Alliance of Area Business Publishers

FIRST PLACE: Best Explanatory Journalism Best Investigative Reporting Best Recurring Feature

New England Newspaper and Press Association

GENERAL EXCELLENCE: Newspaper of the Year FIRST PLACE: Digital Revenue Building Idea Rhode Island Press Association

FIRST PLACE: Reporting on the Environment News Story (In-depth) Business Story Education Story

2018

The Alliance of Area Business Publishers

SECOND PLACE: Best Newspaper Best Website

New England Newspaper and Press Association

GENERAL EXCELLENCE: Newspaper of the Year

Rhode Island Press Association

New England Newspaper and Press Association

2019

Rhode Island Press Association

FIRST PLACE: Investigative/Analytical News Story SECOND PLACE: News Story (In-depth) The Alliance of Area Business Publishers

FIRST PLACE: Best local coverage of a national business/economic story THIRD PLACE: Best Website

New England Newspaper and Press Association

FIRST PLACE: Advertising General Excellence Business/Economic Reporting Racial Issues or Ethnic Issue Coverage Social Issues Feature Story Rhode Island Press Association

SECOND PLACE: Best Business Story Unique/Most Unexpected Story General Election Coverage

2020

The Alliance of Area Business Publishers

THIRD PLACE: Best Website

GENERAL EXCELLENCE: Newspaper of the Year FIRST PLACE: Best Overall Website FIRST PLACE: Feature Story Science/Health Feature

2021

The Alliance of Area Business Publishers

FIRST PLACE: Best Body of Work Best Recurring Feature SECOND PLACE: Best Local Coverage of a National Business/Economic Story THIRD PLACE: Best Website

New England Newspaper and Press Association

GENERAL EXCELLENCE: Newspaper of the Year FIRST PLACE: Best Overall Website Government Reporting Racial or Ethnic Issue Coverage

Providence Business News | 400 Westminster Street | Providence, RI | 401-680-4800 | PBN.com 8 | NOVEMBER 2021

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

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Lifespan thanks and salutes all of Rhode Island’s healthcare workers.

Even in the most extraordinary conditions, you show courage, selflessness, and compassion. You demonstrated skill and commitment during the unprecedented COVID-19 pandemic as you managed situations that were new and challenging.

We offer our heartfelt gratitude for your dedication to patients, as well as thanks to healthcare providers and support staff who join together to deliver health with care.

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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YOU ARE ONLY AS GOOD AS THE COMPANY YOU KEEP. THANK YOU TO OUR SPONSORS WHO HAVE SUPPORTED US THESE LAST 5 YEARS! 2017-2021

CMYK

Pantone 541

Accounting Tax Advisory

Envision Technology Adviso rs, LLC

DON’T MISS THE EXCITEMENT, BECOME A 2022 EVENT SPONSOR For 2022 Sponsorship opportunities, contact Advertising@PBN.com / 401.680.4800

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 4:47 PM

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“

WE HAVE ALWAYS APPRECIATED THE WAY PBN SERVES THE INTERESTS OF THE RHODE ISLAND BUSINESS COMMUNITY. ON BEHALF OF TACO COMFORT SOLUTIONS, CONGRATULATIONS ON 35 YEARS! WE LOOK FORWARD TO MANY MORE.”

JOHN HAZEN WHITE, JR EXECUTIVE CHAIRMAN & OWNER

AFTER 100 YEARS IN BUSINESS, Taco Comfort Solutions both embraces its history and innovates for the future. Taco, a third-generation, family-owned multinational company based in Cranston, RI, engineers and manufactures high-efficiency indoor heating, cooling, and air quality comfort systems. An American-based company with a global reach, Taco has sales and manufacturing locations in the United States, Canada, Italy, Switzerland, the Czech Republic, Germany, Poland, and Vietnam.

FOUNDED BY ELWOOD WHITE IN 1920 as the Thermal Appliance Company, Taco launched its business with a firepot generator that heated water over a coal fire. The company expanded under the leadership of White’s son, John Hazen White, Sr. As the company grew, the Thermal Appliance Company name was shortened to T-A-C-O, or Taco.

JOHN HAZEN WHITE, JR. succeeded his father and, under his guidance, the company and its product offerings have grown dramatically. Johnny has carried his father’s vision forward, building the finest training facility in the industry, developing new high-efficiency products and technologies, and expanding into international markets.

IN 2019, WHITE, JR. brought Cheryl Merchant on board as President to help drive the future growth of the company. Cheryl was quickly promoted to CEO in

2020. However, throughout Taco’s 100 years, the one factor that has remained constant is the White Family ownership. Johnny’s sons John III and Ben are actively involved in the company’s leadership.

TODAY, TACO COMFORT SOLUTIONS is a worldclass manufacturer of circulators, pumps, valves, heat exchangers, controls, and systems for residential and commercial buildings. Taco’s ever-expanding line of products and services provides contractors, engineers, and building owners with the most efficient and cost-effective comfort solutions to meet their current and future needs.

TACO ALSO SUPPORTS THE COMMUNITIES where they operate. Taco’s charitable arm, The White Family Foundation, supports the arts, music, education and healthcare in the state of Rhode Island.

1160 CRANSTON STREET, CRANSTON, RI 02920 | 401.942.8000 | TACOCOMFORT.COM

12 | NOVEMBER 2021

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

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1920

ELWOOD WHITE PURCHASES THE THERMAL APPLIANCE CO. IN ELIZABETH, NJ. MANUFACTURING MOVES TO PROVIDENCE, RI

1928 ELWOOD WHITE, Taco’s founder.

THE COMPANY NAME CHANGES FROM THE THERMAL APPLIANCE COMPANY TO TACO HEATERS, INCORPORATED

1942 Taco’s first manufacturing location at 124 MITCHELL STREET in Providence.

JOHN HAZEN WHITE BECOMES PRESIDENT OF TACO HEATERS, INC.

1953

JOHN WHITE PURCHASES THE UNITED TROLLEY COMPANY TROLLEY BARN IN CRANSTON, RI, WHICH BECOMES THE TACO CRANSTON FACILITY

1974

e mily ly

JOHN HAZEN WHITE, 2nd generation ownership of Taco.

TACO INTRODUCES THE LEGENDARY 007 WET ROTOR CIRCULATOR AND PROPELS TACO INTO THE MARKET LEADER POSITION

1997

JOHN HAZEN WHITE, JR. BECOMES PRESIDENT AND CEO OF TACO, INC.

eat nd A Taco Heaters delivery truck outside the SOUTH STREET plant.

ers,

ent

2010

REPRESENTING THE FOURTH GENERATION OF THE WHITE FAMILY, JOHN WHITE III AND BEN WHITE JOIN THE BUSINESS

2015

e ily d

Taco Cranston location, circa 1950’S.

BEN White, JOHN Hazen White Jr., JOHN Hazen White III

TACO, INC. IS REBRANDED AS TACO COMFORT SOLUTIONS, BETTER REFLECTING THE COMPANY'S HIGH EFFICIENCY HVAC PRODUCTS AND SYSTEM SOLUTIONS

2020

CHERYL MERCHANT IS NAMED CEO OF TACO COMFORT SOLUTIONS & TACO CELEBRATES 100 YEARS IN BUSINESS

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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EVENTS GUEST COLUMN |

GOV. DANIEL J. MCKEE

Find the opportunities in economic challenges AS A SMALL-BUSINESS OWNER, former mayor and lieutenant governor and now as governor, I have certainly seen a lot of changes over the past 35 years.

From the state’s banking crisis, which left scores of Rhode Islanders without access to their money, to the terrorist attacks of Sept. 11, whose 20th anniversary we commemorated this year, to the global pandemic that reached our borders last year, the state has faced its fair share of challenges.

Through it all, however, Rhode Islanders were resilient, meeting every obstacle with persistence, every problem with bravery – and together we will emerge stronger than ever.

Thankfully, Providence Business News has been there reporting on it along the way, informing our citizens on these important issues and the impacts on the business community. The state is better for this publication.

While we have not yet fully emerged from the COVID-19 crisis, the early signs are encouraging. Rhode Island has one of the highest vaccination rates in the country and leads the nation in testing. And Rhode Island maintains low numbers of COVID-19 hospitalizations. As a result, Rhode Island is already emerging from the global pandemic with strength.

Unlike past recessions, Rhode Island is no longer the last out. In fact, we are leading the way forward in overcoming this crisis. According to the CNN/ Moody’s ‘Back to Normal’ Index, Rhode Island consistently leads the Northeast in its economic recovery.

We know that we are not out of the woods yet. Certain areas of our state economy have not rebounded at the same rate as others. This is especially true of our urban cores, our hospitality industry and our state’s small businesses. Additionally, industries such as tourism, travel and events have also been hit particularly hard and face major challenges and long-term shifts in

business demand in response to trends due to COVID-19 and its variants.

One of my first efforts when I became governor was to quickly get approximately $20 million dollars on the street in the form of $5,000 checks to our state’s small businesses. R.I. Commerce Corp. has helped deploy more than $140 million into the business community, including programs to help businesses adapt, shift to remote work and set up e-commerce opportunities. To help address the worker shortage, statewide programs led by the Department of Labor and Training are connecting Rhode Islanders to meaningful employment opportunities.

Truly, the ability of Rhode Islanders and our businesses to endure, adapt and ultimately emerge stronger is nothing short of remarkable.

I am also encouraged that some of the state’s largest employers – CVS Health Corp. [220 new jobs] and Fidelity Investments Inc. [350 new jobs] – have recently announced their plans to hire hundreds of workers in Rhode Island this year. In Johnston, Amazon. com Services LLC has recently announced plans to build a state-of-the-art robotics sorting facility, employing 1,500 construction workers in its building and 1,500 full-time employees when complete.

This facility – at 3.5 million square feet – is anticipated to become the largest commercial project in Rhode Island

history and is happening without any direct state subsidy.

But now is not the time to let up on investments in our economic recovery. We need to continue to connect our businesses and our citizens to additional resources, including federal stimulus dollars, which we hope to deploy rapidly and efficiently. Targeted investments can be made presently to address our state’s housing situation, assist families struggling with child care and help our small businesses, especially minority- and women-owned businesses that have been disproportionately affected by the pandemic.

I often reflect back on my days coaching youth basketball. It was about teamwork, opportunity and belief – belief in yourself, belief in your teammates and belief that together you can achieve success. I know that we can and will continue to rise out of this pandemic, but it will take a team effort. Challenges present opportunities, and as a state, we are well-positioned to move forward. To do so we must work together, and that includes staying informed.

Despite the many changes over the past three and a half decades, PBN has been there keeping the public informed on myriad issues affecting our state.

We thank PBN for their 35 years of coverage, and we look forward to at least 35 more better and brighter years ahead. ■ (Daniel J. McKee was sworn in as Rhode Island’s 76th governor in March 2021, after former Gov. Gina M. Raimondo resigned to serve as U.S. commerce secretary.)

We can and will continue to rise out of this pandemic, but it will take a team effort.

Timeline of Events, 1986 - 2021 | Page 16 14 | NOVEMBER 2021

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

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EVENTS

1988:

December 1986: June 1986:

Construction commences on the Providence Train Station, which upon opening will provide a commuter rail link between Providence and Boston.

New England electric utilities break records for power usage as the region’s growth pulls ahead of the power companies’ ability to generate.

Jewelry manufacturers have so much work, and the unemployment rate is so low that they are forced to pay cash bonuses to attract workers as business picks up despite increasing global competition.

September 1986:

Rhode Island celebrates its 350th anniversary. Rhode Island 350 spends $1.2 million on activities, and Providence 350 spends $750,000.

Oct. 24, 1987:

Federal court jury hits Blue Cross & Blue Shield of Rhode Island with $2.9 million in compensatory and punitive damages on two counts of federal antitrust violations and two counts of tortious violations.

1986 1986:

The Tax Reform Act of 1986 is passed, one of the more substantial tax code modifications since World War II. Effective Oct. 22, the top personal income tax rate goes from 50% to 28%, the bottom tax rate increases to 15% from 11%, and capital gains are required to be taxed at the same rate as ordinary income.

1987

Jan. 1, 1988:

Fleet Financial Group completes $1.3 billion merger with Norstar Bancorp of Albany, N.Y., the largest bank merger in U.S. history at the time.

1988

November 1986:

R.I. Attorney General Arlene Violet faces criminal investigation for instances of prosecutorial misconduct: two cases of altered transcripts of taped testimony, one case of conflicting affidavits and one in which a document was back-dated.

Nov. 1, 1987:

HBM/Creamer sells its client list and pulls out of Rhode Island, ending an era in advertising.

April 1987:

Plans are announced for a $300 million retail, hotel and office complex in Capital Center.

January 1987:

Tokyo-based Toray Plastics announces that it will begin construction on a $213 million manufacturing plant at the Quonset/Davisville Industrial Park.

1988:

Nearly all of the 15 private hospitals in Rhode Island report deficits for fiscal 1988, largely due to a huge shortfall in Medicare reimbursements.

Businesses feel the pinch, with health insurance premiums soaring by as much as 50%.

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

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EVENTS November 1988:

Edward D. DiPrete is reelected governor by a narrow 6,000-vote margin following an ugly campaign against Bruce Sundlun.

July 27, 1988:

May 1990:

Gov. Edward D. DiPrete proposes a “temporary” sales tax increase to 7% to help balance the state budget.

June 6, 1989:

U.S. District Court Judge Francis J. Boyle overturns decision that Blue Cross is guilty of unfair competitive practices.

An estimated 290,000 gallons of fuel oil is spilled into the south end of Narragansett Bay when the World Prodigy tanker runs aground.

1989

1990

Jan. 1, 1991:

Within hours of taking the oath of office, Gov. Bruce G. Sundlun closes 45 banks and credit unions in response to the Rhode Island Share and Deposit Indemnity Corp. meltdown.

May 13, 1991:

Hasbro Inc. buys Tonka Corp. for $516 million, making Hasbro the largest toy manufacturer in the country.

1991

Nov. 9, 1988:

The Federal Reserve Board approves the acquisition of Citizens Financial Group Inc. by Royal Bank of Scotland Group for $440 million. Citizens begins operating as a wholly owned subsidiary of RBS.

June 18, 1990:

Pyramid Cos., developer for Capital Center project, unveils design for Providence Place mall.

July 1990: The United States enters a recession: jobs, businesses vanish in Rhode Island.

January 1991:

Vincent A. “Buddy” Cianci Jr. returns to office as Providence mayor, the “Providence Renaissance” continues.

July 14, 1991:

June 1991:

Fleet/Norstar Financial Group acquires New Bank of New England NA (formerly Bank of New England NA).

Mandatory auto insurance approved, originally to be in effect July 1, 1992; goes into effect fall 1993.

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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EVENTS 1992:

A flurry of insurance carriers leave the state due to workers’ compensation reforms, including Commercial Union, USF&G, Cigna Corp., Liberty Mutual and Hartford Insurance, leaving only a handful of insurers to insure the state.

Dec. 1, 1994:

The Westin Hotel opens.

1993:

Rhode Island Airport Corp. is formed over the summer.

The R.I. Public Utilities Commission grants AT&T, MCI Communications Corp. and U.S. Sprint Communications permission to compete with New England Telephone, which monopolized service in areas of Rhode Island prior to the agreement.

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014_029_35years_timeline.indd 18

Almacs, once the leading grocery chain in Rhode Island, files for bankruptcy.

1993

1992 February 1992:

Aug. 6, 1993:

July 25, 1994:

Lifespan is formed to serve as the parent corporation of Rhode Island Hospital and The Miriam Hospital.

1994 December 1994: The state awaits decision in the Narragansett Indian Tribe’s appeal to build a casino on tribal land in Charlestown.

May 27, 1992:

The darkest chapter of Rhode Island’s banking history comes closer to resolution with the sale of $306 million in bonds by the R.I. Depositors Economic Protection Corp., a special entity created to pay back nearly 40,000 credit union depositors after the collapse of RISDIC.

Dec. 31, 1994:

Barnaby Evans creates First Fire on New Year’s Eve, later returning as the seasonal presentation WaterFire.

September 1993:

Roger Williams University School of Law’s inaugural class begins studies at the state’s first and only law school, competing with nearby Southern New England School of Law in New Bedford.

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 2:34 PM

EVENTS May 31, 1997:

March 1996: Jan. 19, 1996:

The tank barge North Cape runs aground on a beach in South Kingstown, spilling an estimated 828,000 gallons of home heating oil in and around Block Island Sound.

1995

Bank Rhode Island officially opens with 12 branches, $465 million in assets and $421.1 million in deposits. Its holding company, Bancorp Rhode Island Inc., was established in October 1995 from the Rhode Island-based Shawmut Bank branches divested in the Fleet Financial Group/Shawmut merger.

CVS Corp. acquires Revco DS Inc., making CVS the largest drug store chain in terms of stores and second in revenue.

June 1997:

The Rhode Island Children’s Museum opens for business, later rebranded as Providence Children’s Museum.

Oct. 27, 1996:

Southwest Airlines begins flying out of T.F. Green Airport.

1996

1997

1995:

March 1, 1997:

Fleet Financial Group is allowed to merge with Shawmut National Corp., creating a major regional bank that holds 30% of all deposits in New England.

November 1996:

Fidelity expands into Rhode Island, starting construction on two buildings as part of a $75 million facility at the Island Woods Commerce Park in Smithfield.

The company is expected to employ as many as 2,500 people at the location.

CONNECT CREATE COMMERCIALIZE

Dallas-based A.H. Belo Corp. completes the purchase of The Providence Journal Co., a transaction valued at about $1.5 billion in cash and stocks. The purchase ends ProJo’s 167-year history as an independent company.

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014_029_35years_timeline.indd 19

| 19

10/25/21 2:35 PM

EVENTS Oct 1999:

Proposals by Quonset Point Partners to build a large port at Quonset Point are rejected.

July 10, 1999:

FM Global is created through the merger of Allendale Mutual Insurance Co. (based in Johnston), Arkwright Mutual Insurance Co. (based in Waltham, Mass.) and Protection Mutual Insurance Co. (based in Park Ridge, Ill.)

1998

Oct. 1, 1999:

Federal regulators approve Fleet Financial Group’s merger with BankBoston NA to form one of the largest banks in the nation with almost 50,000 employees and more than 20 million customers worldwide.

Oct. 14, 1999:

Rhode Island files suit against eight manufacturers of lead paint in an effort to get the companies to pay for the treatment of those made ill by the paint and removing lead paint from buildings.

1999

March 22, 2000:

National Grid Group PLC completes the acquisition of Electric System, parent company of Narragansett Electric Co. A month later, National Grid receives approval to buy Blackstone Valley Electric Co. and Newport Electric Corp.

2001

2000 April 3, 2000:

Dec. 1998:

Sovereign Bancorp Inc. enters Rhode Island, having won the bid for the branches divested in the Fleet/BankBoston merger.

Former Gov. Edward D. DiPrete pleads guilty to state charges of bribery, extortion and racketeering and is sentenced to a year in prison.

March 2001:

The United States enters the early 2000s economic recession, with the unemployment rate rising to 6.3%.

September 2000:

Aug. 20, 1999:

Providence Place mall opens to the public with Nordstrom and roughly 30 other stores.

Citing a “fundamental disagreement” with Attorney General Sheldon Whitehouse over the scope of his power, Lifespan and Care New England withdraw their plans to merge into a $1.4 billion in-state hospital network that would have given them two-thirds of the state’s market share.

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:14 PM

EVENTS Sept. 11, 2001:

Aug. 13, 2003:

The Sept. 11 terrorist attacks rock the U.S., killing almost 3,000 people and delivering a devastating blow to the weak economy.

July 1, 2001:

Ruth Simmons officially takes post as president of Brown University, becoming the first Black president of an Ivy League institution.

Jan. 1, 2002:

Rhode Island Historic Preservation Investment Tax Credit goes into effect; worth 25-30% of redevelopment costs for qualifying projects.

2002 April 2, 2002:

Providence Mayor Vincent A. “Buddy” Cianci Jr., along with five members of his administration, is indicted by federal authorities on 30 counts of alleged bribery, extortion and other misconduct in violation of the Racketeer Influenced Corrupt Organizations Act.

In the wake of The Station nightclub fire, the National Fire Protection Association issues strict new fire safety regulations, forcing businesses to install sprinkler systems all over the state.

2003

july 11, 2002:

Robert D. Ballard, a deep-sea explorer most famous for his discovery of the wreckage of the Titanic and the Bismarc, joins University of Rhode Island’s School of Oceanography to establish an institute for deep-sea archaeology at the school.

December 2003:

Feb. 20, 2003:

Pyrotechnics during a show at The Station nightclub in West Warwick cause a fire, killing 99 people and injuring another 187.

After much deliberation, the state sells $270 million in Grant Anticipation Revenue Vehicle and Motor Fuel Tax Revenue bonds to fund five major transportation projects in the state: the relocation of Interstate 195, a new Washington Bridge, a freight rail improvement project, Route 403 out of Quonset and the Sakonnet River Bridge.

Congratulations

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014_029_35years_timeline.indd 21

| 21

10/22/21 1:15 PM

EVENTS Aug. 29, 2006:

April 2004:

Bank of America NA acquires FleetBoston Financial for $47 billion, converting all of Fleet’s banks and branches to BofA.

Rome-based Lottomatica SpA completes its $4.7 billion acquisition of GTECH Holdings Corp.

June 13, 2005:

Bank of America NA completes the acquisition of FleetBoston Financial Group nearly two years after the plan was first announced.

Jan. 5, 2006:

Roger Williams Medical Center and its CEO and president, Robert A. Urciuoli, are indicted by a federal jury on charges that they corruptly employed former state Sen. John A. Celona, D-North Providence.

Celona cooperated and went to prison. Urciuoli was convicted of conspiracy and mail fraud.

November 2004:

After years of attempts by the Narragansett Indian Tribe to open a casino in Rhode Island, R.I. Superior Court rules that plans for a casino in West Warwick are unconstitutional.

Dec. 3, 2004:

GTECH Corp. breaks ground on its new world headquarters in the heart of Capital Center across from Providence Place. The $80 million project will create a 10-story, 210,000-square-foot structure, including parking garage, restaurant and retail space on the ground floor.

March 1, 2005:

The Public Health and Workplace Safety Act goes into effect, banning smoking in most enclosed spaces.

Twin River Casino, formerly Lincoln Greyhound Park, opens following a $220 million expansion and rebranding.

2007

2006

2005

2004

March 2007:

April 18, 2006:

The Old Jamestown Bridge, which connected North Kingstown to Jamestown, is demolished.

Aug. 23, 2005:

Hurricane Katrina forms over the Bahamas and becomes a Category 5 storm as it crosses the Gulf of Mexico.

The economic, social and political impacts of the storm were felt across the country, including in Rhode Island.

Nearly a decade after the event, University of Rhode Island students proposed building a new hurricane barrier at Fields Point.

March 16, 2007:

Stockholders approve the $27 billion acquisition of Caremark Rx Inc. by CVS Corp. to create CVS Caremark Corp., the largest combined mailorder and retail medicine provider.

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014_029_35years_timeline.indd 22

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 2:44 PM

EVENTS July 2007:

The Rhode Island economy begins its decline into the Great Recession, as later estimated by University of Rhode Island economist Leonard Lardaro.

June 2, 2007:

Naval Station Newport begins expansion plans that will include a 74% increase in the number of officers trained on base and at least $43 million in federally funded construction projects.

Lawsuits following The Station nightclub fire are resolved with all defendants reaching settlements of more than $176 million with survivors and relatives of those who died.

2009

2008 Aug. 13, 2007:

The R.I. Department of Business Regulation issues a scathing report of Beacon Mutual Insurance Co.’s corporate culture, which found it marked by poor management, favoritism, bias in pricing and lavish spending. Beacon eventually paid fines of at least $1 million and refunded policyholders $5.6 million.

Dec. 31, 2007:

The Rhode Island Historic Preservation Investment Tax Credit ends after costing the state $296 million.

The last major portion of the Iway – Interstate 195 West to Interstate 95 North, as well as two ramps – opens, allowing for the permanent closing and eventual demolition of the old I-195.

February 2008:

2008:

The opening ceremony for the Renaissance Providence Hotel is held nearly three years after work had begun to convert the long-dormant Masonic Temple into a hotel with more than 270 rooms. The historic preservation project ended up costing $100 million to complete.

Oct. 19, 2009:

June 23, 2009:

2008:

UTGR Inc., operator of Twin River, files for Chapter 11 bankruptcy, but owners say the venue will remain open.

The R.I. Supreme Court overturns a jury verdict that could have forced Sherwin Williams Co. and two other former lead paint companies to spend billions of dollars clearing the substance from contaminated homes.

Nov. 3, 2009

After being legal in Rhode Island between 1980 and 2009, prostitution is outlawed, making Nevada the only U.S. state that legally allows prostitution.

September 2008:

After nine years of Rhode Island employers having to choose between Blue Cross & Blue Shield of Rhode Island or UnitedHealthcare of New England, a third insurer enters the Rhode Island market: Tufts Health Plan.

Dec. 14, 2007:

FM Global, Rhode Island’s largest private company at the time, decides to stay in the state after a year of exploring its options. The insurer announces plans to build a $60 million headquarters and campus in Johnston, which was completed in September 2009.

WORLD TRADE DAY 2022

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From World Trade Day – back again in 2022 – to professional consulting and student experiential learning engagements, it is an invaluable resource for enterprises seeking to grow and prosper.

If your business wants to succeed in the global marketplace, the Chafee Center is ready to help you achieve your goals.

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www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

| 23

with through a grant ration Funded in part BusinessAdminist the U.S. Small

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014_029_35years_timeline.indd 23

10/25/21 2:44 PM

EVENTS February 9, 2013:

July 26, 2010:

A blizzard tears through southern New England, cutting power to 700,000 homes and businesses and leaving at least five dead in its wake.

The R.I. Economic Development Corp. board of directors approves a $75 million loan guarantee for 38 Studios LLC.

March 30, 2010:

October 2011:

The region is hit by heavy rains, causing flooding throughout the state. The following day, President Barack Obama declares a flood emergency in Rhode Island.

Occupy Wall Street protests begin across the United States.

Occupy Providence brings more than 1,000 demonstrators to camp in Burnside Park.

2010

June 7, 2012:

38 Studios and its subsidiaries file for Chapter 7 bankruptcy. State and federal officials launch a formal probe into the company.

2011

2012

2013

Nov. 3, 2010:

April 2013:

The R.I. Economic Development Corp. closes on a $75 million loan to 38 Studios to move to Rhode Island. The company tells officials it will ultimately create 400 jobs at an average salary of $70,000 per year.

October 29, 2012: August 2011:

Hurricane Irene hits the East Coast, leaving over 500,000 without power.

Hurricane Sandy hits Providence.

The Fox Point Hurricane Barrier is credited with saving the city from major storm damage.

The Industrial Trust Co. Building, nicknamed the “Superman Building,” loses its last tenant.

Aug. 1, 2011:

Central Falls files for bankruptcy as it faces unfunded pension and benefit liabilities nearly four times its annual budget.

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/26/21 8:55 AM

.

EVENTS May 2, 2013:

Rhode Island becomes the 10th state in the U.S. to legalize same-sex marriage.

January 2015:

Providence’s Kennedy Plaza reopens after major renovations.

March 2016:

Fall 2013:

Rhode Island rings out the year with the highest jobless rate in the nation: 9%.

SEC files fraud charges over 38 Studios debacle.

January 6, 2014:

Gina M. Raimondo is sworn in as Rhode Island’s first female governor.

2015

2014

2016

Fall 2013:

Forbes contributing columnist Edward Siedle and the American Federation of State, County and Municipal Employees unveil a 100page report into the state’s pension system, calling for federal investigation.

March 2016: March 3, 2015:

December 2014:

Speaker of the House Gordon D. Fox pleads guilty to wire fraud, bribery and filing a false tax return following a yearlong investigation.

Vincent A. “Buddy” Cianci, the longestserving mayor in Providence history and running as an independent, loses his first election, to Democrat Jorge O. Elorza.

The R.I. Commerce Corp. unveils a new state logo and slogan “Cooler & Warmer,” met with instant backlash and resulting in the scrapping of the slogan and resignation of Chief Marketing Officer Betsy Wall.

April 2015:

The Pawtucket Red Sox are met with a public outcry when the team’s new owners announce plans to move from McCoy Stadium in Pawtucket to a new ballpark in Providence.

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014_029_35years_timeline.indd 25

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10/26/21 8:56 AM

EVENTS OCT. 26, 2017:

The Edward A. Sherman Publishing Co., which publishes the Newport Daily News and Newport Life Magazine, was acquired

by Gatehouse Media Inc. – currently known as Gannett Co. Sherman Publishing was founded in 1918. The Daily News was the last family-owned daily newspaper in the state before it was sold.

July 5, 2018:

Donald J. Farish, the longtime president of Roger Williams University, died following a sudden illness. Farish had planned to retire in June 2019, which would have ended a 51-year career in higher education, including his time as the university’s president.

2018

2017

March 2018:

Warwick-based Coastway Bancorp Inc., which operated Coastway Community Bank, was acquired by Brocktonbased HarborOne Bancorp Inc. for $125.6 million.

Aug. 3, 2017:

Rhode Island’s 2018 fiscal year budget was signed into law that includes the Rhode Island Promise program. The program allows high school graduates ages 18 and younger to qualify for free tuition at the Community College of Rhode Island.

July 23, 2018:

Twin River Worldwide Holdings Inc., which operates casinos in Lincoln and Tiverton, entered into a definitive merger agreement with Dover Downs Gaming & Entertainment Inc. of Dover, Del. The gaming company subsequently became publicly traded on the New York Stock Exchange.

Sept. 8, 2017:

Smithfield-based retailer Benny’s announced it would permanently close all 31 stores in the region by the end of the year after 93 years of operation.

Nov. 21, 2017:

Virgin Pulse announced it will relocate its global headquarters from Framingham, Mass., to 75 Fountain St. in Providence to occupy a portion of the Providence Journal building.

26 | NOVEMBER 2021

014_029_35years_timeline.indd 26

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 2:45 PM

EVENTS Aug. 17, 2018:

The Pawtucket Red Sox announced its intent to move to Worcester, Mass., in 2021.

The decision to leave follows a long saga of debate around the structure of financing for a new stadium for the PawSox. It also ended the Boston Red Sox Triple-A affiliate’s 50-year presence in Rhode Island.

Oct. 8, 2018: Sept. 27, 2018:

Raymond W. Fogarty, director of Bryant University’s John H. Chafee Center for International Business, died at age 61.

Mark S. Murphy, former Providence Business News editor, became the center’s director in October 2019.

Deepwater Wind LLC, which was constructing the offshore wind project near Block Island, announced it would be acquired by Danish company Ørsted A/S for $510 million.

Nov. 28, 2018: CVS Health Corp. closed its acquisition of Connecticut-based health insurer Aetna Inc. for $70 billion.

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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10/22/21 1:16 PM

EVENTS Feb. 27, 2020:

Metacomet Country Club in East Providence, one of the most prominent golf courses in the state, went under contract to be sold to Marshall Development LLC, which plans to redevelop the course for mixed use.

Jan. 17, 2019:

The building at 10 Memorial Blvd., known as the IGT Center – which houses International Game Technology PLC – was sold for $71 million. The Class A 10-story commercial property was sold by 10 Memorial Boulevard Owner LLC to TFG Providence Center Property LLC, a subsidiary of the Boston-based Tritower Financial Group.

2019

2020

July 25, 2019:

Alex and Ani LLC, the Cranston-based jewelry maker, filed a lawsuit against Bank of America Corp. for more than $1 billion in damages, alleging that the bank’s declaration of a default on a loan has caused the valuation of Alex and Ani to decline by several hundred million dollars. The complaint contained several allegations of sexism, ageism and mismanagement on the part of Bank of America and former Alex and Ani Chief Financial Officer Bob Woodruff – who left the company in 2017 along with former President Cindy DiPietrantonio. Alex and Ani voluntarily dismissed the lawsuit in August 2019. In June 2021, Alex and Ani filed for Chapter 11 bankruptcy.

March 1, 2020:

The first four positive cases of COVID-19 were identified in Rhode Island. The pandemic subsequently forced parts of Rhode Island’s economy to go into near lockdown for close to four months. It also spiked unemployment, infected more than 176,000 people in the state and killed more than 2,800 Rhode Islanders through October 2021.

June 30, 2020:

Ronald K. Machtley retired as president of Bryant University after 24 years at the private college.

Ross Gittell became the university’s new president.

Nov. 1, 2019:

The R.I. Department of Education assumed control of the Providence Public School District, the state’s largest school system.

The takeover, to last five years, followed a scathing report by the Johns Hopkins Institute for Education Policy noting that students were struggling to learn in unsafe buildings, among other issues.

28 | NOVEMBER 2021

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:17 PM

EVENTS MARCH 2, 2021:

Gov. Gina M. Raimondo was confirmed by the U.S. Senate to become President Joe Biden’s commerce secretary after six years serving as Rhode Island’s first female governor. Lt. Gov. Daniel J. McKee, a Democrat and former Cumberland mayor, was subsequently sworn in as the new governor.

Nov. 3, 2020:

Nicholas A. Mattiello, the Cranston state representative and Democrat who served as R.I. house speaker, lost his reelection bid to Republican Barbara Ann Fenton-Fung.

Mattiello held the speaker position since 2014.

2021 Feb. 1, 2021:

Larry J. Merlo retired as CEO and president of CVS Health Corp. after leading the Woonsocket-based drugstore chain and pharmacy benefits manager for a decade.

Karen S. Lynch, who was executive vice president and also president of the company’s Aetna insurance division, became CVS’ new top executive.

Nov. 30, 2020:

After seeing a significant spike in COVID-19 cases, Rhode Island officials ordered a temporary threeweek economic pause. The order forced some businesses, such as fitness centers and indoor-recreation facilities, to temporarily close.

Feb. 23, 2021:

Lifespan Corp. and Care New England Health System signed a definitive agreement to merge into an integrated academic health system with Brown University. The merger would include $125 million in support from Brown over a five-year period.

September 2021:

Newport’s Clarendon Court estate set a new record for home sales in the state when it was sold for $30 million.

The sale of the Bellevue Avenue mansion was the latest in a string of high-end home sales helping fuel a red-hot real estate market throughout the pandemic.

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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10/25/21 2:45 PM

DRIVING FORCES GUEST COLUMN |

SYLVIA MAXFIELD

A chance for business, higher ed to collaborate “WORKFORCE DEVELOPMENT” is arguably the most important social challenge facing Rhode Island and our country today.

It has become only more pressing as the COVID-19 pandemic accelerated the trend of widening inequality both locally and nationally. For instance, according to the Economic Policy Institute, in Q1 and Q2 of 2021, “Although the overall unemployment rate fell, Hispanic workers were still nearly 70% more likely to face unemployment than white workers, while Black workers were twice as likely to face unemployment as white workers.”

Given that household debt continues to increase – 2.1% in Q2 of 2021 according to the Federal Reserve Bank of New York – the question becomes, how do we make sure that advanced education meets Rhode Island’s workforce development needs in a way that creates value worth its cost?

To echo a common observation, Rhode Island’s small population and geographic footprint make it an ideal setting for creative partnerships designed to tackle social and economic challenges.

In theory we can identify shared interests, collaborate and show impact relatively easily because of proximity and small numbers. There have been some modest examples of this involving higher education in Rhode Island, but we need to do more.

Motivated by both immediate and longer-term needs, higher eds and businesses could be working together in bolder ways. If higher eds can align their curriculum more closely to local corporate needs, especially in terms of graduate certificates and degrees, but also in pathways to undergraduate degree completion, the value of the education for students increases.

How can this work? When I worked on a campus that had historically been a women’s college, we collected employer data and designed graduate

programs based on feedback from working mothers about their aspirations for career changes and their time constraints.

When Boston University assessed its business education programs, it designed completely new learning formats together with corporate partners.

To identify the best new areas of concentration for graduate students at the Providence College business school, we convened human resources leaders from prominent companies for an in-depth discussion of gaps in skills and abilities. As a result, the Providence College School of Business revamped its MBA curriculum to be more quantitatively focused and launched its new Master of Science in Business Analytics degree.

We need more of these types of feedback loops, built into our state, to make sure that higher education is producing graduates with the skills businesses need. Even more so, we need these workforce development programs to provide opportunity equitably.

Nationally, if not here in Rhode Island, it often seems there is more collective leadership for creatively addressing social challenges coming from corporate America than is evident from higher education leaders.

An example is the 300-strong corporate CEO Action for Diversity and Inclusion, whose founder, Pricewaterouse Cooper Tim Ryan, spoke at the Providence College School of Business two years ago.

Perhaps public opinion questioning the value and direction of higher

education has us shrinking away from social leadership – when corporate America finds it imperative.

There are also competitive pressures operating in higher education that sometimes discourage collective action, but in our small state we have found some ways to join forces. For example, Providence College’s School of Continuing Education Guaranteed Acceptance and Tuition Adjustment program coordinates with the Community College of Rhode Island and Bristol Community College to help students completing associate degrees transfer seamlessly for their baccalaureate at PC. If I were in the position of offering corporate support for community workforce development initiatives, I would prioritize support for activities that involve the greatest possible number of educational institutions working together.

What could be accomplished by corporations working together and with alliances of higher education entities?

Together, we could forecast workforce development needs in the coming years and develop programs to begin preparing students.

Together, we could design and fund a special fellowship program open for graduates of all Rhode Island baccalaureate institutions to stay here after graduation for at least two years in career-launching roles at Rhode Island companies.

As we say at the PC School of Business, we believe in the “Power of WE.” Together, WE could do so much. ■ (Sylvia Maxfield is dean of the Providence College School of Business.)

Higher eds and businesses could be working together in bolder ways.

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PEOPLE | DRIVING FORCES Kristen Adamo

Iftikhar Ahmad

Providence Warwick Convention & Visitors Bureau CEO and president

R.I. Airport Corp. CEO and president

TO SAY THAT Kristen Adamo’s first full year as the CEO and president of the Providence Warwick Convention & Visitors Bureau has been a whirlwind is the understatement of the century.

Adamo, who has worked with PWCVB since 2005 and succeeded Martha Sheridan as its leader on April 25, 2019, took over an organization that had high hopes for 2020. The events that were booked

by PWCVB in 2019 generated $74.9 million in direct spending for the state, which was down by 7.5% from 2018.

However, PWCVB expected that the 246 events initially slated for 2020 would generate $78.8 million in direct spending in Rhode Island. Unfortunately, COVID-19 changed that outlook and Rhode Island’s large-events industry collapsed as a result of the pandemic.

But patience and optimism are among Adamo’s best characteristics and she sees reason to believe the Ocean State will rebound from the pandemic. She says much of the postponed business

is for future years and PWCVB is booking new business through 2025.

Additionally, PWCVB, along with Johnson & Wales University and Partnership for Rhode Island, launched a new campaign called “Meet in RI” to help restart events and the economy in the state. PWCVB said local corporate community members can pledge to hold at least one meeting, convention or trade show in the Ocean State between now and 2023 as part of this campaign.

“There is pent-up demand for leisure travel and people will want to visit when it is safe,” Adamo said. “We will all get back to work and to living. The future is bright. We just have to get there.” ■

IFTIKHAR AHMAD’S TENURE as chief of the R.I. Airport Corp. has had its share of turbulence, but he’s managed to maintain his bearings through it all.

Ahmad scored some early victories after making the jump from director of aviation at the international airport in New Orleans in 2016. Within a few months of Ahmad’s arrival, T.F. Green Airport had gone from offering 17 nonstop destinations to 33. Some airlines were offering international flights.

He also celebrated the completion of a long-awaited runway extension – a project that promised to draw nonstop trips to the West Coast.

Passenger traffic soared from 3.6 million in 2015 to 4.3 million in 2018. Turns out, that was the peak. The West Coast flights never materialized. Competition from nearby airports proved stiff, and the grounding of the troubled Boeing 737 MAX aircraft had some airlines withdrawing from Green.

Then the COVID-19 pandemic hit in March 2020, which left the terminal at a virtual standstill.

Ahmad insists the key to Green’s recovery is raising the airport’s profile among travelers as the convenient and affordable alternative to Boston’s airport. To that end, he led the charge to change Green’s name to one that would place the airport in the minds of travelers when they book flights. After much debate, state leaders settled on Rhode Island T.F. Green International Airport.

Even before that change, there were signs of a rebound as COVID-19 cases declined. A new airline, Breeze Airways, announced it would add three routes at Green in July.

Ahmad told PBN that his goal is to have the airport reach 6 million passengers annually and make Green a “strong medium hub … to connect Rhode Island to the rest of the world in a meaningful way.” ■

Dr. Timothy J. Babineau Lifespan Corp. CEO and president

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HOW TO SUM UP Dr. Timothy J. Babineau’s approach to leadership at Lifespan Corp.? If at first you don’t succeed, try, try again would be a good start.

The former cancer surgeon joined Rhode Island’s largest health system 13 years ago intent on merging with Care New England Health System. Despite several failed attempts, he was back at it in 2021. At the end of the year, the two health systems had an application before the state to create an integrated academic health system with Brown University that is expected to increase biomedical research and create jobs.

In 2019, however, it looked like the long-sought merger might never happen. CNE and a Boston-based health care system were then pursuing a merger.

Babineau responded by leading a public opposition campaign to the ultimately failed plan.

He told PBN then that “decision-making needs to be in the state. Health care is local.”

The push for an integrated health system is the most dramatic example of Babineau’s belief in the power of collaboration in health care to improve results for patients and providers.

Lifespan has created alliances with other hospitals in the region and began working much more closely with CNE during the COVID-19 pandemic. The latter also forced him to manage ongoing staffing shortages exacerbated by a state vaccine mandate for health care workers.

“If an employee chooses to get vaccinated [later], we will welcome them back,” he said after the mandate took effect. “I recognize the physical and emotional strain the pandemic has put on them.”■

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 11:36 AM

DRIVING FORCES | PEOPLE Brian Britson

Arnold B. Chace Jr.

Amgen Rhode Island Vice president of operations

Cornish Associates LP Managing partner

BRIAN BRITSON not only took over the lead position at Amgen Rhode Island in the midst of the COVID-19 pandemic in August 2020, but the multinational biopharmaceutical company was in the middle of building a 120,000-foot-square “next-generation” biomanufacturing factory on its West Greenwich campus.

Talk about a high level of difficulty.

But it appears Britson and Amgen have handled the simultaneous challenges smoothly.

The $200 million plant, the first of its kind in the U.S., is complete and nearly ready to add to the capabilities of Amgen’s West Greenwich location, where the company produces the arthritis drug Enbrel and other biologic medications. The company has already hired more than 150 people to staff the new plant.

It’s an illustration of the growing role Amgen Inc., based in Thousand Oaks, Calif., has played in the Rhode Island economy since first arriving in 2005. It employs more than 900 people in

West Greenwich. The company was offered millions of dollars’ worth of tax credits to build the new factory here, but the state estimated that the payoff in tax revenue would far outweigh the incentives.

Enter Britson, who succeeded Thomas Seewoester in August 2020. Britson had previously served as plant manager in biologics manufacturing at Amgen Singapore.

So far, Britson has seemed to have not skipped a beat. The company, which has garnered numerous Providence Business News awards over the years, was recognized by PBN in March for overall excellence for an enterprise manufacturer. It was also named one of Rhode Island’s Best Places to Work in June. ■

ARNOLD B. “BUFF” CHACE JR. continues to put his stamp on Providence’s downtown.

The property development company Cornish Associates LP – where Chace is managing partner – already owned numerous downtown properties, but after Cornish teamed with Boston-based Nordblom Co. to buy The Providence Journal building on Fountain Street and a parking lot across the street in 2015, Chace suddenly had new highly visible assets to work with.

Cornish and Nordblom set about updating the once-dated interior of the Journal building, drawing high-quality tenants to the landmark four-story office building. The brick exterior remains largely unchanged.

The building now houses the corporate headquarters of Virgin Pulse Inc., which leases two floors and has about 350 employees.

India-based technology giant Infosys Ltd. has opened a design and innovation hub on the first floor, and GE Digital rents offices on the third floor, bringing new life

to a building that had not been fully utilized as The Providence Journal downsized its operations.

The Journal leases most of the second floor of its former headquarters.

In addition, Chace’s Cornish Associates and Nordblom have filled what for decades was a gaping space between Fountain and Washington streets, constructing the Nightingale, a $55 million, six-story apartment building that fills an entire city block that had been a parking lot.

That project and Cornish’s recent renovation of three historic buildings along Westminster and Mathewson streets to create more ground-floor commercial space and upstairs living space have changed the complexion of the downtown streets while still maintaining the district’s character. ■

CONGRATULATIONS TO MARC CRISAFULLI For being named one of Rhode Island’s Influencers and Driving Forces Thank you, PBN, for selecting our president, Marc Crisafulli, as one of your 2021 Influencers. He certainly is. Among many other accomplishments, Marc is the chief architect of the Marc Crisafulli Economic Development Plan, a 2021 legislative initiative that will invigorate the Rhode Island economy with a $255 million infusion of capital, preserve high paying jobs, and allow for the creation of new ones. Thank you for recognizing Marc’s significant achievements as a corporate leader and steward of the State’s third-largest source of revenue.

Congratulations, Marc. From all of us here at:

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10/22/21 11:37 AM

PEOPLE | DRIVING FORCES Christian Cowan

Dr. Anne S. De Groot

401 Tech Bridge executive director; University of Rhode Island Research Foundation chief operating officer

EpiVax Inc. Founder, CEO and chief science officer

RHODE ISLAND’S manufacturing sector has undergone somewhat of a rebirth in recent years, and Christian Cowan has been one of the people leading the way.

Now he’s moved to the next level, and he wants to advance the state’s manufacturers too.

Cowan had served six years as the director of the Polaris Manufacturing Extension Partnership, the nonprofit that provides a wide array of programs designed to help Rhode Island manufacturing grow and operate more efficiently.

But in September 2020, he was named executive director of the 401 Tech Bridge, an economic development initiative launched in 2019 that seeks to connect the U.S. Navy, universities, nonprofits and businesses in Rhode Island to develop advanced materials and technologies.

There’s a lot riding on 401 Tech Bridge’s success.

In the depths of the COVID-19 pandemic, the Tech Bridge aided manufacturers such as the Pawtucket-based Cooley Group, which

SEEING BEYOND THE HORIZON has been a hallmark of EpiVax Inc. founder, CEO and Chief Science Officer Dr. Anne S. De Groot since she founded the Providence-based life sciences company close to a quarter century ago. De Groot regularly was out on the forefront researching and looking into creating new ways to battle deadly diseases plaguing society as a whole.

In 2017, De Groot launched EpiVax Oncology Inc., a venture-backed spinoff company that could help cancer patients with a vaccine designed specifically for them. Close to four years later, EpiVax Oncology’s treatment regimen became where the timeline from a patient’s biopsy to a personalized neoantigen therapeutic cancer vaccine is less than four weeks, providing cancer patients much-needed hope.

A year after launching EpiVax Oncology, De Groot, along with CUBRC Inc., was awarded a twoyear, $1 million contract from the U.S. Food and Drug Admin-

was developing a material used to make isolation gowns, in finding partnerships for their products.

Under Cowan’s leadership, the Tech Bridge has also launched programming designed to encourage businesses to conduct research and development for potential commercialization of technology.

A dedicated 17,000-square-foot research and development lab under construction in Portsmouth is slated to be the centerpiece of Tech Bridge offerings, designed for short-term projects where organizations can collaborate.

“We’re now at a point where ... the viability of our space has never looked better,” said Cowan, who also serves as chief operating offer of the University of Rhode Island Research Foundation. ■

istration to establish best practices and procedures for assessing generic peptides and related impurities for immunogenic potential. The project, De Groot said at the time, would involve EpiVax using its immunogenicity risk assessment expertise in the generic peptides field to find impurities that could cause unexpected immune responses after being administered insulin, glucagon or other generic peptide drugs.

During the COVID-19 pandemic’s onset, EpiVax went to work to become a vaccine candidate to combat the coronavirus. An EpiVax team devised a vaccine by the end of January 2020 and was ready to seek funding and partners to get it to the public. ■

Marc A. Crisafulli

Robert A. DiMuccio

Bally’s Corp. executive vice president and Rhode Island president of casino operations

Amica Mutual Insurance Co. Chairman, CEO and president

WHEN TWO OF Rhode Island’s largest public companies resolved their long-running dispute over a 20-year lottery contract early this year, there was one name that kept coming up: Marc A. Crisafulli.

That's because Crisafulli, an executive vice president at Providence-based Bally’s Corp., was front and center in the casino operator’s opposition to a 20-year contract that the state wanted to award to lottery company International Game Technology, also based in Providence.

In the end, the legislation that settled the high-powered battle was named after Crisafulli, who was battling cancer earlier in 2021.

The Marc A. Crisafulli Economic Development Act gave IGT a 20-year extension to run the state’s lottery system, while IGT agreed to partner with Bally’s on a $100 million expansion of its casino in Lincoln.

At the bill signing ceremony outside the Statehouse in June, Crisafulli talked about how he

RHODE ISLAND-BORN and bred, Robert A. DiMuccio has never forgotten his roots or the people who’ve helped him achieve so much business success.

His commitment to his staff, customers and the Rhode Island community has never wavered since joining Amica Mutual Insurance Co. in 1991. That clarity of purpose has helped turn the Lincoln-based insurer into a national leader.

The company is regularly recognized by PBN as one of the state’s best places to work. And his employees, who number more than 1,700 in the Ocean State, happily return the favor.

Amica annually ranks among its industry’s best in customer satisfaction.

A Providence College graduate, DiMuccio remains deeply connected to the state and growth of the local economy. He’s served as board president of the Rhode Island Public Expenditure Council. And he’s joined the boards of the Greater Providence Chamber of Commerce, The Washington

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was touched that legislators named the measure after him.

He said it gave him positive energy in his cancer battle. After a leave of absence to undergo treatment, he returned to work in October.

Crisafulli – once a managing partner of the Providence law firm Hinckley, Allen & Snyder LLP – oversees Bally’s operations in Rhode Island, including casinos in Lincoln and Tiverton that bring in hundreds of millions of dollars into the state’s coffers annually.

The Rhode Island operation is set to grow. A $100 million expansion at the Lincoln casino – now called Bally’s Twin River Casino Lincoln – got underway in September. When complete in October 2022, the project will add 50,000 square feet to the facility. ■

Trust Co. and Crossroads Rhode Island.

When the Community College of Rhode Island opened a pantry for “food insecure” students in 2019, DiMuccio was one of two donors who helped make it happen.

So it was no surprise that when the COVID-19 pandemic hit in 2020, DiMuccio knew what he and his company needed to focus on.

The company offered auto premium refund programs for cash-strapped customers, while seamlessly adjusting its large workforce to a work-from-home model.

“The safety of our employees,” he told PBN in 2020, “will always come first.” ■

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 9:33 AM

DRIVING FORCES | PEOPLE Barnaby Evans WaterFire Providence Founder and executive artistic director IN A TYPICAL YEAR, WaterFire Providence attracts between 60,000 and 100,000 for each river lighting in the capital city. Visitors fill local restaurants and hotels, contributing to an annual economic output of about $114 million that helps support nearly 1,300 jobs.

The brainchild of photographer and installation artist Barnaby Evans, WaterFire grew from its first local lighting in 1995 to become the face of tourism in Providence. It was so successful, lightings were also held in other cities across the country and overseas. Then came the 2020 pandemic and a shutdown of all large-scale, public events across the state and much of the nation.

WaterFire’s annual revenue was cut in half. The WaterFire Arts Center that hosted art exhibits and events since its opening in a renovated factory in 2017 was temporarily closed to the public. But the nonprofit, led by Evans, adapted, hosting virtual

and in-person events, including a luminaria lighting in the center honoring the people who have died of COVID-19.

The organization also hosted the Wilbury Theatre on an outdoor stage, an effort he said was less about generating much-needed income than keeping “art going and alive.”

WaterFire rebounded in 2021 with a much-anticipated return of lightings, albeit on a limited schedule.

“With the community’s ongoing support, we pledge to be here to literally keep the home fires burning,” Evans said. ■

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Dr. James E. Fanale Care New England Health System CEO and president FACING MAJOR CHALLENGES has been nothing new for Dr. James E. Fanale since he became CEO and president of Care New England Health System in 2018.

But overcoming those challenges has been pivotal to help the health care organization move forward.

Fanale had to oversee the recent closure of Memorial Hospital in Pawtucket after the hospital fell into significant financial difficulty. Then, as the COVID-19 pandemic ravaged Rhode Island and stressed its health care operations, Care New England sustained heavy financial losses due to canceling elective surgeries and elective procedures at the pandemic’s genesis in March 2020.

However, Fanale, in leading Care New England – which operates Kent County Memorial Hospital, Women & Infants Hospital and Butler Hospital – helped Butler Hospital navigate increased demand for mental-health services and substance-use

treatment programs, as well as increase telehealth access for such services. He also worked with state officials in setting up a COVID-19 field hospital in Cranston that went into operation in late 2020 to handle overflow patients during the pandemic’s second surge.

But one of Fanale’s most prominent accomplishments as Care New England’s top executive is signing a definitive agreement in February 2021 to have his health care system merge with Lifespan Corp. into an integrated academic health system with Brown University. Merger talks have been on and off for the last two decades. It would be fed by $125 million in support from Brown over a five-year period. ■

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10/22/21 11:38 AM

PEOPLE | DRIVING FORCES Edward O. Handy III

Alan G. Hassenfeld

The Washington Trust Co. Chairman and CEO

Hassenfeld Family Foundation director Former Hasbro Inc. chairman and CEO

EDWARD O. “NED” HANDY III grew up in Providence with parents who instilled in him the idea that it’s a natural thing to give back to the community and look out for others.

With Westerly-based The Washington Trust Co., Handy has found the perfect melding of professional and personal purpose.

Handy joined the nation’s oldest community bank in 2013 as president and chief operating officer, after serving as Citizens Bank’s president for Rhode Island and Connecticut.

His involvement in the community has been extensive from the start. He’s equally adept working with business leaders and those dedicated to serving the state’s most vulnerable residents. He’s served on numerous nonprofit boards and advisory councils, including the Rhode Island Foundation, Crossroads Rhode Island and Amos House.

He chaired a capital campaign for the latter for a $5 million

community center that opened in 2016 and earned a Corporate Citizenship award from PBN the same year.

He took over as chairman and CEO at Washington Trust in 2017, continuing the bank’s long run of stellar quarterly earnings, as well as its commitment to employees and community service.

And as competitors in the banking industry looked to scale back on branch services in early 2021, Handy noted the ongoing importance of brick-and-mortar branches in the community.

It’s a message he reemphasized throughout the pandemic.

“We have found that the human connection is more important than ever,” he said. ■

ALAN G. HASSENFELD learned at a very young age the importance of philanthropy and lending a helping hand to those in need.

In addition to providing financial assistance to various Rhode Island-based institutions, such as Hasbro Children’s Hospital, supporting the Bryant University Hassenfeld Institute for Public Leadership and the Brown University Hassenfeld Child Health Innovation Institute, Hassenfeld – the director of the Providence-based charitable nonprofit Hassenfeld Family Foundation – has also offered global help to those in need.

In 2017, when Hurricane Maria devastated Puerto Rico, the foundation oversaw multiple humanitarian aid efforts to help the island recover. The second effort, called “Operation Potato Head

by CG,” saw Hassenfeld team up with Spanish TV journalist Natalia Denegri to bring water, food, medical supplies and health care professionals to help the

residents.

As of 2018, the Hassenfeld Family Foundation distributed $12 million to local organizations and reported about $150 million in assets.

Education has also been a big passion for Hassenfeld, who feels it is a key element in Rhode Island recovering from the devastation that the COVID-19 pandemic left in its wake. Hassenfeld previously told Providence Business News that the state has to make sure the curriculums taught at colleges and tech schools are proper for the current job market.

“It all starts with education … if you give people education or a skill to a job, they will be meaningfully employed,” Hassenfeld said. ■

Saul Kaplan

Sally E. Lapides

Business Innovation Factory Founder and chief catalyst

Residential Properties Ltd. CEO and president

YOU CAN’T DISCUSS business innovation in Rhode Island over the last two decades without mentioning Saul Kaplan.

Since his days in the early 2000s at the R.I. Economic Development Corp. – the forerunner of today’s R.I. Commerce Corp., Kaplan has been a driving force in pushing companies and organizations to innovate and, when necessary, rethink their business plans.

In 2005 he turned that passion while still with the EDC into the Business Innovation Factory.

His idea was to use BIF to make Rhode Island a destination for innovators and entrepreneurs.

That effort included annually sold out innovation summits that did indeed attract speakers and guests from around the world.

BIF supported itself in part by taking on sponsored projects with philanthropic partners tackling program design challenges in education, health care, social services and the environment.

In 2019 Kaplan began explor-

A BIG KEY to having success is remaining connected to the community. It has been a mantra for Sally E. Lapides, the CEO and president of Providence-based real estate agency Residential Properties Ltd., throughout her career in building her company up to approximately 200 agents on staff.

To Lapides, being part of the community is more than just selling homes; it’s what you do outside of the office. Lapides has been active on several local boards, including for Roger Williams University, the RISD Museum, Trinity Repertory Company, Providence Country Day School, the Newport International Film Festival, and others.

On the business side, Lapides had to find ways to remain connected to the community even when the COVID-19 pandemic started to tighten its grip in March 2020. While using video tours had been a staple for Residential Properties for about a decade, using drones and video

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ing ways for BIF to start taking on its own projects, rather than being an adviser to others.

When the pandemic hit, the need for the nonprofit to pivot became clear.

“I don’t want to spend the next 10-15 years being a trusted adviser,” he told PBN in 2021. “I’d much rather be an entrepreneur and taking on a challenge.”

One of the early results of that change is LunaYou, a health care initiative aimed at empowering women through their pregnancies and after childbirth to monitor and improve their health.

Neighborhood Health Plan of Rhode Island is partnering with BIF on a program that Kaplan hopes will be successful enough to take national. ■

became more of a necessity to show potential clients new homes in the age of the coronavirus, among other adjustments to stay active in buying and selling real estate.

Just before the pandemic, Residential Properties expanded a bit globally. Lapides’ agency created a partnership with Mayfair International Realty, a real estate company in the West End of London. Their arrangement has broadened exposure of Residential listings to European buyers and quickly resulted in several new listings, she said at the time. ■

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 11:38 AM

DRIVING FORCES | PEOPLE Karen S. Lynch

Peter Marino

CVS Health Corp.

CEO and president

Neighborhood Health Plan of Rhode Island CEO and president

IT IS ONE challenge to assume the leading role of a worldwide public company and follow the footsteps of a longtime executive.

It’s another when that company has a significant hand in helping stop a worldwide health crisis.

Case in point: Karen S. Lynch, the new CEO and president of CVS Health Corp. Lynch assumed the role as CVS’ top executive after Larry J. Merlo – who became CEO and president of CVS a decade ago – retired from the pharmaceutical conglomerate on Feb. 1, 2021.

Prior to her appointment, Lynch, 57, was an executive vice president and also president of CVS’ Aetna Inc. insurance division. In 2018, CVS acquired Aetna for about $69 billion.

But Lynch’s appointment as CEO and president came at a critical time. CVS, along with Walgreen Co., doing business as Walgreens, played a major role in distributing and administering COVID-19 vaccinations to the public as part of a federal

program in early 2021, nearly a year after the pandemic brought the world to a virtual standstill.

The pharmacies gave vaccines to vulnerable individuals during the early days of the rollout, and then became a major player in vaccinating teachers and school professionals by the spring.

“Never before has our purpose been more critical than during these unprecedented times. I will work to build on the strong foundation Larry has put in place to continue to make health care more accessible and affordable, driving better health outcomes for our consumers and communities,” Lynch said at the time she was named CVS’ new leader. ■

WHEN NEIGHBORHOOD HEALTH Plan of Rhode Island was formed in 1993, its founders intended the organization to be a health insurer for the state’s at-risk population. Since taking over the top job at Neighborhood Health in 2014, Peter Marino has grabbed that baton and run with it.

Neighborhood Health has grown to be the second-largest health insurer in Rhode Island, behind only Blue Cross & Blue Shield of Rhode Island, and it provides coverage for around 200,000 people.

Still, that original mission remains intact.

When the Providence-based Business Innovation Factory launched a maternal health initiative called LunaYou recently, it found an eager partner for the endeavor: Neighborhood Health and Marino, the organization’s CEO and president.

The project is aimed at empowering women through their pregnancies and after childbirth to improve their health, a goal that Marino said aligns with Neigh-

borhood Health’s mission.

While the program is free to all pregnant Neighborhood Health members, it is designed to help Black and Indigenous women, and women of color – all of whom have far poorer maternal health outcomes.

Under Marino’s leadership, the insurer also declined last spring to roll back coverage of costs to its members associated with COVID-19. Other health insurers said they would no longer fully cover the costs related to the virus but then backtracked.

Neighborhood Health didn’t waver. “I want to assure our members that Neighborhood is, and will continue to be, here for them during these challenging, uncertain times,” Marino said. ■

Jack Martin Providence Public Library Executive director JACK MARTIN FIRST ARRIVED at the Providence Public Library in 2014 and took a mental note of how the place looked. The word that came to mind was “miserable.”

The downtown library was outdated with small spaces, narrow hallways, drab drop ceilings and fluorescent lights. He set to work changing that. More than six years and $27 million later, the work is complete.

Martin, PPL’s executive director, has overseen a remarkable transformation of the library’s mid-20th-century wing into a bright, state-of-the-art facility – the largest library renovation in state history. Not an easy feat, considering that the Providence Public Library isn’t funded by the city.

Nearly 80% of the library’s funding is private, which means fundraising for the renovation has been, and continues to be, arduous for Martin.

But there’s one thing Martin and his staff couldn’t have planned for: no one being able

to show up when the massive renovation project was complete.

A grand reopening had been set for March 30, 2020, but the COVID-19 pandemic arrived just a few weeks before that.

More than a year later, the library was still operating in a limited capacity, its new interiors unseen by most of the public.

Still Martin’s work continues, and changes at the library go much deeper than reconstruction. The library has become more nimble, launching new services and educational programs that fit with changing technologies and new audiences.

“There’s a misconception that public libraries give people books and that’s all we do,” Martin told PBN. “But we really help people with their lives.”■

Congratulations on 35 years, Providence Business News!

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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10/22/21 11:39 AM

PEOPLE | DRIVING FORCES Mark J. Meiklejohn

Cortney Nicolato

Bank Rhode Island CEO and president

United Way of Rhode Island CEO and president

WHEN BROOKLINE BANCORP INC. acquired Bank Rhode Island in 2011, one might have assumed it was just another case of a bigger out-of-state company swallowing up an Ocean State institution that would soon disappear from the landscape.

Not quite.

Soon after the deal was finalized, Mark J. Meiklejohn was appointed CEO and president of BankRI. A Rhode Island native and longtime BankRI executive, Meiklejohn has remained chief executive for more than a decade and is a sign that Providence-based BankRI has retained its community mindset.

“I know what the market is,” said Meiklejohn, who started his career at Fleet Bank before joining BankRI in 2006 and moving up the ladder. “I know what the market wants.”

Indeed, Boston-based Brookline has a unique corporate structure in regard to BankRI, according to Meiklejohn. BankRI is more autonomous than other subsidiaries, governed in part by its own board of directors.

Under Meiklejohn’s guidance, BankRI has prospered.

The bank says it has doubled its assets from $1.6 billion to $3.2 billion in the last decade and added six branches, bringing its total location count to 20.

And more recently, the bank closed more than 3,000 Paycheck Protection Program loans, helping to get more than $500 million to local businesses struggling at the height of the COVID-19 pandemic.

Beyond dollars and cents, BankRI’s 300 employees volunteered nearly 6,000 hours in 2020. And Meiklejohn has done his part, too, serving over the years on the board of United Way of Rhode Island, as well as a trustee for the YMCA of Greater Providence and the Providence Foundation. ■

www.nhpri.org

We were founded to address people’s needs.

Today, we remain true to our roots.

Committed to community. Driven by purpose.

Opening doors and breaking down barriers.

To better health. To stronger neighborhoods.

For many more tomorrows, we’ll do what’s needed.

WHEN SHE RETURNED to Rhode Island from Texas to become the United Way of Rhode Island’s top executive in 2018, Cortney Nicolato learned in her first few months on the job that Rhode Islanders are passionate about helping one another. As part of her goals for the Providence-based nonprofit, she wanted to have giving be both fun for all and meaningful.

In 2020, meaningful giving went to a whole other level.

As the state was mired in the COVID-19 pandemic and Rhode Island-based nonprofits were in need of significant assistance, United Way went to work.

The organization in March 2020 partnered with the Rhode Island Foundation to create the COVID-19 Response Fund, where money would be raised and distributed to nonprofits that were directly helping combat the pandemic. The fund, in the first six months of the pandemic, distributed more than $7 million to local

SAFE,

STABLE

&

nonprofits.

Additionally, Nicolato in 2020 spearheaded a new giving initiative called 401Gives Day, in which local organizations could sign up to receive donations and the public could directly contribute to organizations of their choosing through the online fundraising portal. It was an initiative that Nicolato saw firsthand be successful in the Lone Star State during her time there. In the two years that 401Gives Day – which is held every April 1 – has been held in Rhode Island, more than $3 million was raised for various nonprofits across the area. ■

AFFORDABLE

Housing.

Helping homeless or at-risk individuals find a place to call home since 1894.

THAT’S NEIGHBORHOOD. 38 | NOVEMBER 2021

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 11:40 AM

DRIVING FORCES | PEOPLE Joseph R. Paolino Jr.

Christina H. Paxson

Paolino Properties LP Managing partner

Brown University President

JOSEPH R. PAOLINO JR., even after three decades removed from being Providence mayor, still has his finger firmly on the pulse within the city – at least from a real estate perspective.

The managing partner of Paolino Properties LP continues to be a major player in real estate investments in Providence. His firm had a hand in constructing the Homewood Suites by Hilton on Exchange Street in 2019, capitalizing on a hotel market that grew exponentially within the city.

Paolino’s firm, through a limited liability company, in 2018 purchased a 148,000-square-foot federal building on Westminster Street for $15.3 million. The structure was fully occupied at the time of the purchase and had several federal agencies as tenants, including the Internal Revenue Service, the Social Security Administration and the U.S. Secret Service.

One of Paolino’s significant real estate projects was completing the $8 million renovation of the 1859 Case-Mead building at 76 Dorrance St. in Providence

in 2018, converting former office space into apartments. The building was originally acquired by Paolino’s late father in 1968 and was Paolino Properties’ headquarters for more than four decades before it moved to 100 Westminster St. That renovation project garnered Paolino local recognition, including from the R.I. Historical Preservation & Heritage Commission, for preserving the historic former office building.

Paolino in 2019 also gained a high-rolling tenant in his primary office building, with Twin River Worldwide Holdings Inc. – now called Bally’s Corp. – moving its headquarters to the 10th floor of 100 Westminster St. In 2021, despite the hotel industry still reeling from the COVID-19 pandemic, Paolino opened a new hotel, The Beatrice, in Providence. ■

WHEN THE STATE’S two largest health care systems announced merger plans early in 2021, it was no surprise to also see Brown University President Christina H. Paxson front and center in the video extolling the benefits.

“We want to be a leader in cancer care,” she said during that February announcement.

“We don’t want people to have to go to Boston or New York if … they have cancer. We can develop a world-class cancer center.”

Creating a fully integrated academic health system in the state that includes Brown is a big challenge, but one the Ivy League-educated economist has been seemingly prepping for since she became the 19th president of Brown in 2012.

The university’s growth, both physical and educational, during her tenure has been impressive.

Brown has opened a new School of Public Health and launched the Institute at Brown for Environment and Society, among other initiatives.

The university was also an anchor tenant in South Street Landing in Providence’s Jewelry District. More than 400 Brown employees now work in the rehabilitated former power station.

Paxson, a former dean at the Woodrow Wilson School of International and Public Affairs at Princeton University, was recognized by PBN in 2018 with a Business Leadership award for her many successes.

She was also a leading public voice during the early days of the pandemic for a return to campus for college students, arguing, correctly as it turned out, that it could be done safely. ■

Marc Perlman

James A. Procaccianti

Ocean State Job Lot CEO

Procaccianti Cos. CEO and president

NO ONE WHO KNOWS Marc Perlman was surprised to see Ocean State Job Lot distribute $15 million worth of personal protective equipment to COVID-19 pandemic first responders and enough fabric for 1.8 million cloth masks in 2020.

Stepping up to meet community needs has long been part of the business model for the discount retailer Perlman started with his brother and a friend in 1977 in North Kingstown. The company started its first food donation program in 2005. And the more the family-owned business has grown – to now more than 140 stores in nine states – the more it’s given back to employees and the communities that support it.

Perlman’s commitment to employee wellness programs has regularly earned accolades from PBN and others, including Forbes magazine. The latter named the company among the country’s best midsized employers in 2017 and 2018.

In 2019 Perlman extended

that commitment outside his stores, joining the company’s charitable foundation to open a community wellness center in North Kingstown.

In 1983, company sales passed $5 million. In 2020, sales exceeded $750 million.

After years of bucking the trend toward online selling, the company finally relented amid the pandemic in 2021, offering a host of items that can be purchased online.

Under Perlman’s direction, Ocean State Job Lot’s philanthropic efforts have become as recognizable in Rhode Island as the discount prices that have fueled the company’s remarkable growth story. ■

THE PROCACCIANTI NAME can be seen everywhere in Rhode Island if you look close enough.

Procaccianti Cos. was the real estate developer behind the nine-story, 176-room Residence Inn by Marriott in downtown Providence, which was completed in the fall of 2019 on the site of the former Fogarty Building. Last year, the Cranston-based company launched a convenience store brand calledNeon Marketplace, in Middletown. And in December, it purchased Champlin’s Marina and Resort on Block Island and took over the controversial effort to expand the docks into the Great Salt Pond.

But its assets are located far beyond the Ocean State’s borders.

The hotel holdings of Procaccianti Cos., led by CEO and President James A. Procaccianti, range from The Regatta Inn, an independent bed and breakfast in Nantucket, Mass., to the Westin Hotel in Fort Lauderdale, Fla., which features 265 rooms and 33 luxury suites.

And hotel ownership is just one segment of Procaccianti’s influence. Under the umbrella of

Procaccianti Cos., there are nine subsidiaries that include a property management firm, asset management firm, real estate brokerage, development and construction company, parking lot management firm, a restaurant group and Jamestown Vineyards.

Procaccianti says it has owned, operated, developed or financed more than $10 billion of real estate assets since the company’s founding in 1958.

In addition to the Residence Inn by Marriott, Procaccianti’s hotel and resort portfolio in Rhode Island includes the Renaissance Providence Hotel, the Hilton Garden Inn Providence andHoliday Inn South Kingstown.

And soon, after renovations to the property, Champlin’s Marina and Resort will open on Block Island as part of the Procaccianti portfolio. ■

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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10/22/21 11:40 AM

PEOPLE | DRIVING FORCES Thomas M. Ryan

Michael Sabitoni

Former CVS Health Corp. chairman, CEO and president, philanthropist

Rhode Island Building and Construction Trades Council president, Providence Rises Together Coalition chairman

HELPING OUT HIS alma mater, the University of Rhode Island, has been a big priority for Thomas M. Ryan, the former chairman, CEO and president of CVS Health Corp.

Along with having his name emblazoned on URI’s sports arena – The Ryan Center – after leading a fundraising campaign to have the 8,000-seat arena constructed in the early 2000s, Ryan, a 1975 graduate of URI, continued to give back to the university. He and his wife, Cathy, in 2013 gave URI a $15 million gift to create a neuroscience research institute on campus.

The institute, named after Ryan’s parents – the George and Anne Ryan Institute for Neuroscience – was intended to drive research into various diseases, such as Alzheimer’s, Parkinson’s, strokes and ALS (also known as Lou Gehrig’s disease).

Six years later, Thomas and Cathy Ryan upped the ante, literally. In September 2019, the couple gave URI its largest monetary

CONSTRUCTION HAS BEEN PROMINENT over the last few years in Providence, and local officials had been giving developers tax breaks to spur further building in Rhode Island’s capital city. But, while development has increased, reporting accountability from developers has decreased.

Enter Michael Sabitoni, the president of the Rhode Island Building and Construction Trades Council and chairman of the Providence Rises Together Coalition.

He is helping craft new language in the city’s proposed Tax Stabilization Investment Act that calls for all proposed tax stabilization agreements to go before the City Council for review and approval.

Sabitoni said a key problem with Providence’s current TSA policy is that developers are ignoring reporting requirements, citing an audit from 2017 in which there was a history of “widespread noncompliance” among 54 developers who received TSAs. That audit, he said, also uncovered reporting errors, wage theft, missed administrative payments

gift in the university’s history to the tune of $35 million.

Of that amount, $24 million would be for the Ryan Institute for Neuroscience; $10 million to establish at URI a Thomas M. Ryan Scholars program, which will provide four-year full scholarships and fees for selected students while also offering access to URI’s Honors Colloquium, Leadership Institute and Global Winter J-Term; and a $1 million challenge to support URI’s new basketball training facility.

Ryan in 2020 also was named to URI’s newly created 17-member board of trustees. ■

and worker misclassification.

Sabitoni said the proposed reforms to the city’s TSA program will call for stronger reporting requirements, begin a building apprenticeship program, guarantee livable-wage standards during and after construction, and require investments in minority- and women-owned businesses.

“There is strong support on the [City Council] for reforms, a coalition that is broader than ever and the community at large is committed to reform these agreements for the greater good,” Sabitoni said. “Practical reforms like those proposed will continue to allow TSA policies to benefit developers but in a more equitable way benefiting the public good.” ■

Karen Santilli

Andrew Schiff

Crossroads Rhode Island CEO and president

Rhode Island Community Food Bank CEO

AS A LONGTIME marketing specialist, Karen Santilli understands the value of a good message.

Add tenacity, compassion and a get-things-done attitude, and you have a nonprofit leader to be reckoned with. Would-be donors, business and community leaders and elected officials have learned that firsthand since she was elevated to CEO and president of Crossroads Rhode Island in 2015, seven years after joining the organization.

“Housing is a right; people in Rhode Island are homeless and they shouldn’t be,” she told PBN soon after that promotion. She’s been leading the fight to reduce the population of homeless Rhode Islanders ever since.

In 2016, Crossroads absorbed the programs of the Women’s Center of Rhode Island, integrating domestic violence and homeless services through Santilli’s organization.

In 2018 the nonprofit received a $5 million infusion from the

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Bezos Day One Fund.

Santilli called the grant “transformational” and immediately put it to work.

A year later, Crossroads’ family-shelter waitlist had been significantly reduced.

The funding also allowed the nonprofit to provide immediate access to permanent housing for many individuals and families.

When COVID-19 swept the nation and world in 2020, Santilli was among the most persistent local voices urging lawmakers to create a permanent funding stream for affordable housing.

And with the pandemic still raging locally the following year, she unveiled a multimillion renovation for the organization’s Broad Street building that provides supportive housing. ■

SELFLESS COMMITMENT to others is more than an aspiration for Andrew Schiff, CEO of the Rhode Island Community Food Bank – it’s his job.

Every day since joining the food bank in 2007 he’s gone to work committed to achieving what most would consider impossible – eliminating hunger in a state of 1.1 million people.

“No adult, no senior, no child should ever face hunger in this state,” he says in a food bank video explaining the purpose of the organization, which serves a network of nonprofit agencies and food pantries.

The need was exacerbated during the pandemic by a record number of layoffs statewide and a dearth of volunteers during the early months of COVID-19. Yet Schiff led an effort that distributed a record 15.1 million pounds of food in the 2021 fiscal year – 3.5 million pounds more than in 2019.

Schiff, who has a Ph.D. in clinical psychology, has deftly built a

growing list of approximately 300 corporate donors, along with countless individual contributors. But no matter how generous donors are in any given year, more is needed.

“With donations from the public,” he told PBN in 2017, “you have to try to inspire thousands of people to give to your organization.”

He also works tirelessly to keep lawmakers plugged in to the demand and importance of state funding. His annual lobbying includes a well-timed Thanksgiving report sent to each state senator and House member, outlining the need. ■

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 11:41 AM

DRIVING FORCES | PEOPLE J.L. “Lynn” Singleton

Thorne Sparkman

Providence Performing Arts Center president

Slater Technology Fund managing director

J.L. “LYNN” SINGLETON, president of the Providence Performing Arts Center, must be doing something right.

The 3,100-seat theater remained empty for more than a year after the COVID-19 pandemic began in spring 2020. Shows by the dozens had to be canceled and uncertainty reigned about when performances would return.

That’s why Singleton was stunned when the theater sought subscription renewals last fall for its Broadway series – 80% of PPAC subscribers renewed. “It’s one of those things where people know us; people trust us,” he said.

“I was very personally and professionally gratified by the loyalty.”

That’s what happens when you’ve been running a crown jewel of downtown Providence for four decades, as Singleton has.

Long before the coronavirus crisis, Singleton has steered PPAC, a restored 1920s movie palace, through other milestone moments. That includes a major expansion of the backstage in the 1990s that allowed big shows such as “Phantom of the Opera”

THORNE SPARKMAN IS constantly on the hunt.

His quarry? Entrepreneurs with transformational ideas in areas such as health care and energy and the grit to see them through to reality.

Sparkman is managing director of Providence-based Slater Technology Fund, Rhode Island’s most-active seed-stage venture investor that takes an educated chance on technology startups that demonstrate lots of promise.

The role of the nonprofit Slater fund is vital in Rhode Island, where venture capital isn’t exactly flowing.

Sparkman, who joined Slater in 2000 as executive director of what was then called the Slater Center for Interactive Technologies, says the function that the organization serves is taking that “first risk” on a startup and helping entrepreneurs get those first meetings with other investors.

And he and Slater have had success.

The most recent evidence: South Kingstown-based Arctura Inc. in July announced it had

to play in Providence for the first time.

Back in the 1980s, Broadway producers would not open in Providence ahead of Boston. Now some shows kick off national tours in Providence, and Broadway road openings in particular are huge for Providence’s economy.

The most recent sensation was “Hamilton,” which drew 73,000 people during its run between July 23 and Aug. 11, 2019. PPAC estimated $3.5 million in direct spending in Providence and $7.6 million in secondary spending.

Looking to the future, Singleton is eager to develop future patrons. In March 2019, he announced the initiative Experience PPAC, which would provide every 10th grader in R.I. a chance to see a touring Broadway performance for free. ■

won a $1.15 million federal grant to commercialize a wind turbine blade coating designed to reduce damage from lightning. Slater had been one of the early backers of Arctura in 2015.

And in late 2020, another company that had ties to Slater agreed to be acquired by Novartis in a $770 million deal.

The company that was acquired, Cadent Therapeutics, had initially been formed through a merger with a pharmaceutical company in Slater’s portfolio.

Novartis allowed Slater to cash out, the fourth time in two years Slater had made a successful exit.

“This kind of success quite literally fuels the impact that entrepreneurs ... can make by augmenting Slater’s evergreen investment in the next generation of ventures,” Sparkman said at the time. ■

Neil D. Steinberg Rhode Island Foundation CEO and president NAME A GROWING or intractable community problem or threat to public wellness in Rhode Island: You’ll find Neil D. Steinberg and the Rhode Island Foundation convening community leaders, offering ideas and money to help find solutions.

Subpar student testing in 2018 led to an earlier-than-planned task force comprised of business, community and education leaders to begin tackling systemic challenges in public education in many urban communities.

Years of rising health costs and shrinking access to care for many of the state’s most vulnerable residents led to a 30-member health planning committee. The group released a 10-year plan in 2020 to make the state the healthiest in the nation.

It was one of several major initiatives Steinberg and his foundation engaged in during the year that will forever be remembered for the emergence of COVID-19. Steinberg, who has

served as president and CEO since 2008, was among the first community leaders to spring into action. RIF joined forces with the United Way of Rhode Island to create the COVID-19 Response Fund that distributed millions of dollars to struggling nonprofits across the state.

But Steinberg didn’t stop there. In a year also marked by rising racial tensions across the nation, RIF committed $8.5 million for programs that support diversity, equity, access and inclusion.

The commitment was on top of tens of millions of annual grants the foundation provides nonprofits across the state. ■

Thank you to the Providence Business News for this honor & congratulations on 35 years of outstanding business journalism

paolinoproperties.com www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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10/22/21 11:41 AM

PEOPLE | DRIVING FORCES Bruce Van Saun

Dale Venturini

Citizens Financial Group Inc. CEO and president

Rhode Island Hospitality Association CEO and president

INVESTMENT AND GROWTH are two major elements if a banking institution is to be successful.

Bruce Van Saun has seen plenty of that over the last few years as the top executive of Citizens Financial Group Inc., which operates Citizens Bank N.A. In 2018, Citizens Bank received an “outstanding” rating from the U.S. Office of the Comptroller for the agency’s lending and investments test between January 2012 through June 2015.

In that time, Citizens extended nearly $1.5 billion to developments in local communities in the form of debt and equity and loaned more than $1 billion to small businesses and to businesses in low- and moderate-income areas.

Citizens also reported a record $2.3 billion in noninterest income in 2020, up by 24% from the previous year, due to fees generated via capital wealth, mortgage and market business.

But one of Van Saun’s crowning achievements as Citizens’ top

executive was the opening of Citizens’ new 123acre corporate campus in Johnston just off of Interstate 295.

The $285 million campus was referred to as being one of the largest single construction projects in Rhode Island in more than a decade, and approximately 3,000 employees moved from Citizens’ Providence location to the new campus.

When the COVID-19 pandemic took hold in March 2020, Van Saun saw there was a need and Citizens responded. The institution made available $5 million in commitments to support small businesses and communities affected by COVID-19. ■

AMIDST ALL THE CHANGES and challenges in Rhode Island’s hospitality industry over the past three decades, the leadership of Rhode Island Hospitality Association CEO and President Dale Venturini has been a constant.

She was hired to lead the association in 1988. Since then, its member outreach and advocacy efforts have grown with the local industry, which before the COVID-19 pandemic employed more than 87,000. According to the R.I. Department of Labor and Training, more than 40% of those jobs were at least temporarily lost in 2020.

In response, Venturini and her team worked around the clock connecting members to government support, providing free training sessions and launching the R.I. Hospitality Relief Fund to aid struggling employees in the industry.

“We simply cannot afford to not recover,” the Pawtucket native told PBN in July 2020.

Behind the scenes, the association for months lobbied state

leaders to help employers determined to survive the pandemic to get people back to work. In 2021 state leaders responded by approving unemployment changes allowing recipients to work more while continuing to collect government benefits – a limited but crucial step in ensuring the industry could take the first steps in its eventual recovery that summer.

The association at the same time unveiled a new online jobs board to help connect employers and job applicants.

Venturini, a commissioner for the R.I. Convention Center Authority, is also a national voice in her industry. In 2021 she was elected to the board of trustees of the National Restaurant Association Educational Foundation. ■

Karl Wadensten

John Hazen White Jr.

VIBCO Inc. CEO and president

Taco Comfort Solutions Owner, executive chairman

BEFORE THE PANDEMIC, Karl Wadensten was known as Rhode Island’s king of lean manufacturing. And no one who knows the outspoken CEO and president of Richmond’s VIBCO Inc. was surprised to see him immediately take a leadership role in the manufacturing community once COVID-19 hit.

“Karl is the poster child for what the manufacturing sector stands for,” David M. Chenevert, Rhode Island Manufacturers Association executive director, told PBN in 2021.

Wadensten was among the first manufacturers in the state to create blueprints for how to safely operate manufacturing facilities during the crisis. He readily shared them with the association and hundreds of other manufacturers, which helped the industry continue operating throughout the pandemic.

His selfless efforts during the crisis helped earn him PBN’s 2021 Manufacturing Champion award, based on the glowing 42 | NOVEMBER 2021

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recommendations of local manufacturing groups.

He’s long represented the industry at the state level too, as a widely respected member of the board of R.I. Commerce Corp.

Wadensten’s father, Ted, started the company in New Jersey before moving it to Rhode Island in 1974. Karl took over as CEO in 1991.

He became an early practitioner of lean manufacturing, which emphasizes efficiency to maximize productivity and minimize waste, for the company’s production of industrial, transportation and construction vibrators.

“We listen to the voices [of the customers] and that’s been the key for us,” he told PBN in 2019. ■

THE PHRASE “keeping it in the family” has a special meaning to John Hazen White Jr., executive chairman of the board and owner of Cranston-based Taco Comfort Solutions. He’s the third-generation, and perhaps most flamboyant, member of the White family to lead the maker of high-efficiency, heating, cooling and air-quality systems.

Taco celebrated its 100th anniversary in 2020. Much of its international growth into “a family of companies” has come under White’s leadership, including two stints as CEO. The family focus naturally extends to employees. White made a major investment in them, and Rhode Island, by opening the Taco Innovation and Development Center in 2012. The facility greatly expanded employee training opportunities that began years earlier.

In 2020 White appointed Cheryl Merchant to take over as CEO but he’s still involved in company strategy and strengthening

its business relationships.

He also remains an influential voice in the business community.

When Gov. Daniel J. McKee in 2021 argued for a plan to tax Paycheck Protection Program loans greater than $150,000, White was among the business leaders who fought the proposal.

“The people who took these loans, it doesn’t matter what size the loans were, they took them in good faith” expecting they would not be taxed, he said.

The lobbying helped persuade lawmakers to shift the tax to loans over $250,000.

And yes, the family legacy appears set to carry on beyond White, with two of his sons also involved in company leadership.

■

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 12:07 PM

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HEALTH CARE SERVICES: Colleen Ramos,

Women & Infants Hospital, Care New England

NONPROFIT: Suzanne Fogarty, Lincoln School PROFESSIONAL SERVICES: Connie Tang, Princess House SOCIAL SERVICES: Barbara Fields, R.I. Housing TECHNICAL SERVICES: Patricia Steere,

Steere Engineering Inc.

2019 CAREER ACHIEVEMENT: Molly Donohue Magee, CAREER ACHIEVER

MOLLY DONOHUE MAGEE | PG. 4 SHE’S A STRATEGIC ASSET FOR DEFENSE SECTOR

Presenting Sponsor

Southeastern New England Defense Industry Alliance OUTSTANDING MENTOR: Kimberly Silvestri, BOND Brothers Inc. INDUSTRY LEADERS

Partner Sponsors

CREATIVE SERVICES: Mary Jean Keany, Anamika Design FINANCIAL SERVICES: Kathleen Ryan,

Gift Sponsors

The Washington Trust Co.

HEALTH CARE SERVICES: Crista Durand, Lifespan LEGAL SERVICES: Lauren Motola-Davis,

Lewis Brisbois Bisgaard & Smith LLP

PROFESSIONAL SERVICES: Elizabeth Robson,

JF Moran Inc.

SOCIAL SERVICES: Joanne McGunagle,

Jennifer Brinton, Grey Sail Brewing Kristin Urbach, North Kingstown Chamber of Commerce Janelle Blakely Photopoulos, Blakely Interior Design Katie Schibler Conn, KSA Marketing + Partnerships Patrice Milos, Medley Genomics Melissa Denmark, Gracie’s Margaret Brooks, Rhode Island Jump$tart Coalition Kathleen Bartels, LLB Architects Shannon Shallcross, BetaXAnalytics Minnie Luong, Chi Kitchen Lisa Ranglin, Rhode Island Black Business Association Melissa Travis, R.I. Society of CPAs

Comprehensive Community Action Program

TECHNICAL SERVICES: Rachel Barber, IGT

2020

BUSINESS 2020 AWARDS

CAREER ACHIEVER PEG LANGHAMMER A believer in change

PAGE 4

PRESENTING SPONSOR

PARTNER SPONSOR

GIFT SPONSORS

2-14-07L 12-21-11

.com

C ATERING

401.383.3631

CAREER ACHIEVEMENT: Peg Langhammer, Day One MENTOR: Ann Kashmanian, Brown Medicine

INDUSTRY LEADERS SMALL BUSINESS: Lynne Diamante, OPTX Rhode Island FINANCIAL SERVICES: Rogean Makowski, Webster Bank HEALTH CARE SERVICES: Shannon Sullivan, Care New England/Kent Hospital HOSPITALITY: Lisa Mattiello, Pranzi Inc. PROFESSIONAL SERVICES: Stacie Collier, Nixon Peabody LLC SOCIAL SERVICES/NONPROFIT: Kelly Nevins, Women's Fund of R.I. TECHNICAL SERVICES: Maria Diaz-Masterson, Naval Undersea Warfare Center Division Newport

2021 CAREER ACHIEVEMENT: Brenda Seagrave-Whittle,

Neighborhood Health Plan R.I. OUTSTANDING MENTOR: Tracy McCaughey, Blue Cross Blue Shield R.I. INDUSTRY LEADERS

CREATIVE SERVICES: JoEllen Fiorenzano, F.A.F. Inc. FINANCIAL SERVICES: Mary Leach, BankNewport GOVERNMENT/QUASI-GOVERNMENT: Doris Blanchard,

R.I. Commerce Corp. SupplyRI

HEALTH CARE SERVICES: Christine Gadbois, CareLink PROFESSIONAL SERVICES: Diana Ducharme,

Cervenka Green & Ducharme

SOCIAL SERVICES/NONPROFIT: Karina Holyoak Wood,

Goldman Sachs 10,000 Small Businesses

TECHNICAL SERVICES: Rebecca Chhim,

Naval Undersea Warfare Center Division Newport

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

043_051_35years_Winners.indd 43

| 43

10/25/21 4:33 PM

AWARDS | HEALTHIEST EMPLOYERS, 2017-2021 2017 PREVENTURE

COLLETTE

GILBANE

presenting sponsor: SOUTH COUNTY HEALTH

partner sponsors:

CVS HEALTH

5,000+ EMPLOYEES 1. CVS Health Corp.

2. International Game Technology PLC 3. Cintas Corp.

4. Fidelity investments 5. UniFirst Corp.

6. United Natural Foods Inc.

2,000-4,999 EMPLOYEES 1. Gilbane Inc. 2. CBIZ & MHM 3. FM Global 4. Tufts Health Plan 5. Toray Plastics (America) Inc. 6. Benchmark Senior Living 7. Brown University 8. Amica Mutual Insurance Co.

500-1,999 EMPLOYEES 1. South County Health 2. Blue Cross & Blue Shield of Rhode Island 3. Bryant University 4. Ocean State Job Lot 5. Ryan LLC

150-499 EMPLOYEES 1. Collette 2. Dave’s Marketplace 3. Cooley Group 4. Dominion Diagnostics LLC 5. Wright-Pierce 6. Pawtucket Credit Union 7. Westview Nursing & Rehabilitation Center 8. AstroNova Inc. 9. Upserve

2-149 EMPLOYEES 1. Preventure 2. Banneker Industries

2,000-4,999 EMPLOYEES 1. CBIZ Inc. 2. FM Global 3. Brown University 4. Toray PlasticS (America) Inc. 5. Ocean State Job Lot 6. Tufts Health Plan 7. Benchmark Senior Living LLC

500-1,999 EMPLOYEES 1. South County Health 2. Neighborhood Health Plan of Rhode Island 3. Gilbane Inc. 4. Rhode Island Medical Imaging Inc. 5. Blue Cross & Blue Shield of Rhode Island 6. Bryant University

150-499 EMPLOYEES 1. Collette Travel Services Inc. 2. Dave’s Marketplace 3. Dominion Diagnostics LLC 4. Cooley Group 5. Providence Community Health Centers 6. Wright-Pierce 7. Thielsch Engineering Inc. 8. Gentle Giant Moving Co. 9. Pawtucket Credit Union 10. AstroNova Inc.

2-149 EMPLOYEES 1. Parkinson Technologies Inc. 2. Epec Engineered Technologies 3. Groov-Pin Corp.

4. Elite Physical Therapy 5. R. Keough Construction Inc.

2,000-4,999 EMPLOYEES 1. CBIZ Inc. 2. Gilbane Building Co. 3. Brown University 4. FM Global 5. Toray Plastics (America) Inc. 6. Benchmark Senior Living LLC 7. Ocean State Job Lot Inc. 8. Tufts Health Plan

500-1,999 EMPLOYEES 1. South County Health 2. Thielsch Engineering Inc. 3. Bryant University 4. Blount Fine Foods Corp.

5. Blue Cross & Blue Shield of Rhode Island

150-499 EMPLOYEES 1. Children’s Friend 2. Cooley Group 3. Dominion Diagnostics LLC 4. Pawtucket Credit Union 5. Neighborhood Health Plan of Rhode Island 6. Rhode Island Medical Imaging Inc. 7. Gentle Giant Moving Co. 8. AstroNova Inc. 9. Providence Community Health Centers

2-149 EMPLOYEES 1. Parkinson Technologies Inc. 2. R.I. Zoological Society 3. Groov-Pin Corp.

4. Narraganset Bay Insurance Co. 5. Elite Physical Therapy Inc.

2018

INTERNATIONAL GAME TECHNOLOGY PLC

SOUTH COUNTY HEALTH

PRESENTING SPO

COLLETTE TRAVEL SERVICES INC.

CBIZ INC.

NSOR

PARKINSON TECHNOLOGIES INC.

PARTNER SPON

SORS

5,000+ EMPLOYEES 1. International Game Technology PLC 2. CVS Health Corp.

3. Fidelity Investments 4. Cintas Corp.

5. U-Haul International 6. Lifespan Corp.

2019 PARKINSON TECHNOLOGIES

CHILDREN’S FRIEND

2-149

EMPLOYEES

150-499

EMPLOYEES SOUTH COUNTY HEALTH

500-1,999 EMPLOYEES

IGT

5,000+

CBIZ

EMPLOYEES

2,000-4,999 EMPLOYEES

5,000+ EMPLOYEES 1. International Game Technology PLC 2. CVS Health Corp.

3. Lifespan Corp.

4. Cintas Corp.

PARTNER SPONSORS

2020

HEALTHIEST® EMPLOYERS

of Rhode Island 2020 AWARDS

1,500-5,000+ EMPLOYEES

CBIZ Inc.

500-1,499 EMPLOYEES

South County Health

2- 499 EMPLOYEES

Children’s Friend

partner sponsor

Rhode Island Medical Imaging is proud to be a PBN Healthiest Employer Award winner for three years... and counting...

Gift sponsor

rimirad.com RIMI-37859-award-BOL-479x634.indd 1

| 401.432.2400 7/27/20 3:51 PM

5,000+ EMPLOYEES

U-HAUL INTERNATIONAL INC.

1,500-4,999 EMPLOYEES

AAA NORTHEAST

500-1,499 EMPLOYEES

1,500-5,000+ EMPLOYEES 1. CBIZ Inc. 2. Brightview Senior Living LLC 3. Gilbane Inc. 4. AAA Northeast 5. CharterCARE Health Partners 6. Tufts Health Plan 7. Ocean State Job Lot 8. Benchmark Senior Living

2-499 EMPLOYEES 1. Children’s Friend 2. Providence Community Health Centers Inc. 3. Cooley Group 4. Groov-Pin Inc. 5. Pawtucket Credit Union 6. Gentle Giant Moving Co. 7. Rhode Island Medical Imaging

2021 5,000+ EMPLOYEES 1. CVS Health Corp.

2. Lifespan Corp.

3. U-Haul

SOUTH COUNTY HEALTH

15-499 EMPLOYEES

GROOV-PIN CORP.

PARTNER SPONSOR

44 | NOVEMBER 2021

043_051_35years_Winners.indd 44

500-1,499 EMPLOYEES 1. South County Health 2. Bryant University 3. Blue Cross & Blue Shield of Rhode Island 4. Thielsch Engineering Inc. 5. Blount Fine Foods Corp.

6. Neighborhood Health Plan of Rhode Island

1,500-4,999 EMPLOYEES 1. AAA Northeast 2. CBIZ & MHM 3. Gilbane Inc. 4. Brightview Senior Living 5. Ocean State Job Lot 6. Tufts Health Plan

500-1,499 EMPLOYEES 1. South County Health 2. Blue Cross & Blue Shield of Rhode Island 3. Neighborhood Health Plan of Rhode Island 4. Toray Plastics (America) Inc. 5. The Washington Trust Co.

15-499 EMPLOYEES 1. Groov-Pin Corp.

2. Children’s Friend 3. AstroNova Inc. 4. Pawtucket Credit Union 5. Cooley Group 6. R.I. Housing and Mortgage Finance Corp.

7. Gentle Giant Moving Co. 8. Rhode Island Medical Imaging Inc.

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 4:33 PM

MANUFACTURING AWARDS, 2017-2021 | AWARDS 2017

2017

ASTRONOVA’S GREGORY A. WOODS

EMPOWERING CHANGE AGENTS Page 4

pres enting s pons or

partner s pon

s ors

STRATEGIC LEADERSHIP AWARD: Gregory Woods, CEO & President, AstroNova Inc. OVERALL EXCELLENCE AT A SMALL MANUFACTURER: AVTECH Software Inc. OVERALL EXCELLENCE AT A MIDSIZE MANUFACTURER: The Town Dock OVERALL EXCELLENCE AT A LARGE MANUFACTURER: Toray Plastics (America) Inc. EMERGING MANUFACTURER: The Beck Cos. PRODUCT INNOVATION & DESIGN: Amtrol Inc. SUPPLY CHAIN EXCELLENCE: Amgen Rhode Island EXPORTING EXCELLENCE: FarSounder WORKFORCE DEVELOPMENT & PRODUCTIVITY: Tanury Industries LEAN MANUFACTURING EXCELLENCE: VIBCO Inc. GREEN MANUFACTURING EXCELLENCE: Vacuum Processing Systems EXCELLENCE IN SAFETY PERFORMANCE & RECORDS: Taco Comfort Solutions COLLABORATION BETWEEN MANUFACTURERS: The Brickle Group / The Phoenix Partnership

2018 AMGEN’S

TIA BUSH PG. 4 LEADS BY LISTENING

PRESENTING SPONSOR

PARTNER SPONSORS

STRATEGIC LEADERSHIP AWARD: Tia Bush, VP Operations, Amgen Rhode Island OVERALL EXCELLENCE AT A SMALL MANUFACTURER: Goodwin-Bradley OVERALL EXCELLENCE AT A MIDSIZE MANUFACTURER: Epec Engineered Technologies OVERALL EXCELLENCE AT A LARGE MANUFACTURER: Bradford Soap Works OVERALL EXCELLENCE AT AN ENTERPRISE MANUFACTURER: Amgen RI WORKFORCE DEVELOPMENT & PRODUCTIVITY EXCELLENCE: Toray Plastics (America) Inc. SUPPLY CHAIN EXCELLENCE: AstroNova Inc. EXPORTING EXCELLENCE: AVTECH Software Inc. GREEN MANUFACTURING EXCELLENCE: National Marker Co. LEAN MANUFACTURING EXCELLENCE: The Town Dock PRODUCT INNOVATION & DESIGN EXCELLENCE: Cooley Group EMERGING MANUFACTURER EXCELLENCE: Sons of Liberty Beer & Spirits Co. COLLABORATION IN MANUFACTURING EXCELLENCE: William M. Davies Jr. Career & Technical High School

2019

STRATEGIC LEADERSHIP AWARD: Michael Brandmeier, CEO & President, Toray Plastics (America) Inc. MANUFACTURING CHAMPION: Dave Chenevert, Executive director, Rhode Island Manufacturers Association OVERALL EXCELLENCE AT A SMALL MANUFACTURER: Jade Manufacturing Co. OVERALL EXCELLENCE AT A MIDSIZE MANUFACTURER: Edesia OVERALL EXCELLENCE AT A LARGE MANUFACTURER: Nye Lubricants OVERALL EXCELLENCE AT AN ENTERPRISE MANUFACTURER: North Atlantic Corp.

EXCELLENCE IN SAFETY PERFORMANCE & RECORDS: Saint-Gobain SUPPLY CHAIN EXCELLENCE: Dean Warehouse Services GREEN MANUFACTURING EXCELLENCE: NFI Corp.

LEAN MANUFACTURING EXCELLENCE: International Packaging Corp.

EXPORTING EXCELLENCE: Amgen Rhode Island WORKFORCE DEVELOPMENT & PRODUCTIVITY EXCELLENCE: VIBCO PRODUCT INNOVATION & DESIGN: Response Technologies LLC EXCELLENCE AT A FAMILY-OWNED BUSINESS: Blount Fine Foods COLLABORATION BETWEEN MANUFACTURERS: Amerisewn EMERGING MANUFACTURER: Chi Foods LLC

TORAY PLASTICS (AMERI CA) INC.

MICHAEL BRANDMEIER EMPOWERING TEAM PLAYERS TO NEW HEIGHTS PG. 4

Presenting Sponsor

Partner Sponsors

2020 AWARDS

STRATEGIC LEADERSHIP AWARD WINNER

SEAN DAVIES GENERAL DYNAMICS ELECTRIC BOAT ---------------------------------------------------------TAKING AN INTERACTIVE APPROACH Page 4

PRESENTING SPONSOR

PARTNER SPONSORS

STRATEGIC LEADERSHIP: Sean Davies, VP of Operations, Quonset Point Facility; General Manager, General Dynamics Electric Boat MANUFACTURING CHAMPION: John H. Chafee Center for International Business, Bryant University OVERALL EXCELLENCE AT A SMALL MANUFACTURER: Pure Haven OVERALL EXCELLENCE AT A MIDSIZE MANUFACTURER: Yushin America OVERALL EXCELLENCE AT A LARGE MANUFACTURER: igus Inc. OVERALL EXCELLENCE AT A ENTERPRISE MANUFACTURER: Blount Fine Foods EXCELLENCE IN LEAN MANUFACTURING: Hitachi Cable America- High Performance Medical Solutions Division EXCELLENCE IN SAFETY: Finlay Extracts & Ingredients USA Inc. EXCELLENCE IN SUPPLY CHAIN: National Marker Co. EXCELLENCE IN GREEN MANUFACTURING: Hexagon Manufacturing Intelligence EXCELLENCE IN EXPORTING: Cooley Group EXCELLENCE IN WORKFORCE DEVELOPMENT & PRODUCTIVITY: NEIT / SAMI PRODUCT INNOVATION & DESIGN: Creative Conners Inc. EMERGING MANUFACTURER: SquadLocker EXCELLENCE AT A FAMILY-OWNED BUSINESS: Tedor Pharma

2021

STRATEGIC LEADERSHIP AWARD WINNER STUART BENTON Bradford Soap CEO empowers employees Page 4

THANK YOU TO OUR PARTNER SPONSORS

STRATEGIC LEADERSHIP AWARD: Stuart Benton, CEO and President, Bradford Soap Works MANUFACTURING CHAMPION: Karl Wadensten, CEO and president, VIBCO OVERALL EXCELLENCE AT A SMALL MANUFACTURER: Lumetta Inc. OVERALL EXCELLENCE AT A MIDSIZE MANUFACTURER: National Marker Co. OVERALL EXCELLENCE AT AN ENTERPRISE MANUFACTURER: Amgen Inc. EXCELLENCE IN PRODUCT INNOVATION & DESIGN: Alcor Scientific EXCELLENCE IN EXPORTING: AVTECH Software Inc. EXCELLENCE IN LEAN MANAGEMENT: Colonial Mills Inc. FAMILY-OWNED BUSINESS: Eco Global Manufacturing EXCELLENCE IN SAFETY PERFORMANCE & RECORDS: Finlay Extracts & Ingredients USA Inc. EXCELLENCE IN GREEN MANUFACTURING: Bradford Soap Works EMERGING MANUFACTURER: Vitae Industries COLLABORATION IN MANUFACTURING: William M. Davies Jr. Career & Technical High School EXCELLENCE IN WORKFORCE DEVELOPMENT & PRODUCTIVITY: Amerisewn PUBLISHER’S CHOICE AWARD FOR INNOVATION ADAPTATION: G-Form

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

043_051_35years_Winners.indd 45

| 45

10/25/21 4:34 PM

OM EL OAN VE S $75M AND ABO

AWARDS | FASTEST GROWING AND INNOVATIVE COMPANIES, 2017-2021 EL SK ON PARS

H CE RA EMB

LO GG

$25 M-$75M

C TE EAR LIFE W

25 0K -$5 M

HN OL OGI ES

A AM PREM Presen ting Spo

$

5M INC. $5M-$2

PBN'S FASTEST GROWING COMPANIES | P6 PBN'S INNOVATIVE COMPANIES | P25 Partne r

nsor

S po n

sors

CMYK

Pantone 541

2017

INNOVATIVE COMPANIES

ARCHITECTURE, CONSTRUCTION, & ENGINEERING:

Shawmut Design & Construction

BIOTECHNOLOGY & LIFE SCIENCES: BI Medical LLC EDUCATION & LEARNING: Bryant University ENERGY & THE ENVIRONMENT: PowerDocks LLC HEALTH CARE: Rhode Island Quality Institute IT SERVICES: Envision Technology Advisors MANUFACTURING: AVTECH Software Inc. NONPROFIT: Mobile Beacon PROFESSIONAL SERVICES: Citrin Cooperman TECHNOLOGY: Gulpfish Inc.

FASTEST GROWING COMPANIES $75M AND ABOVE 1. Embrace Home Loans 2. Blount Fine Foods 3. The Claflin Co. 4. Shawmut Design and Construction 5. Gilbane Inc.

FASTEST GROWING COMPANIES $5M TO $25M 1. Life Wear Technologies 2. ChartWise Medical Systems Inc. 3. Qualified Resources International 4. Envision Technology Advisors 5. Site Specific

FASTEST GROWING COMPANIES $25M TO $75M 1. ParsonsKellogg 2. SEA Corp. (Systems Engineering Associates) 3. Kahn, Litwin, Renza & Co. Ltd. 4. John Matouk & Co. 5. BankNewport

FASTEST GROWING COMPANIES $250,000 TO $5M 1. Premama 2. Building Enclosure Science 3. Predicata 4. Technology Therapy Group LLC 5. RE/MAX Flagship

PROFESSIONAL SERVICES: CrossTrainer TECHNOLOGY: Siren Marine

FASTEST GROWING COMPANIES $5M-$25M 1. ADI Energy 2. Luca + Danni 3. TribalVision 4. ChartWise Medical 5. Automated Business Solutions

2018 INNOVATIVE COMPANIES

ARCHITECTURE, CONSTRUCTION, & ENGINEERING:

BLOUNT FINE FOODS $75M & above

E.W. BURMAN $25M & $75M

ADI ENERGY $5M -$25M

PBN'S FASTEST GROWING COMPANIES | P. 6 PBN'S INNOVATIVE COMPANIES | P. 25

BUILDING ENCLOSURE SCIENCE $25OK -$5M

presenting sponsor

partner sponsors

ZDS Inc.

BIOTECHNOLOGY & LIFE SCIENCES: MedleyGenomics EDUCATION: Wheaton College ENERGY & THE ENVIRONMENT: Earthly FINANCIAL SERVICES: Capital Good Fund FOOD, BEVERAGE & AGRICULTURE: CakeSafe HEALTH & WELLNESS: BetaXAnalytics INNOVATION COLLABORATION: Ageless Innovation IT SERVICES: Carousel Industries MANUFACTURING: AVTECH Software Inc. NONPROFIT/SOCIAL SERVICES: College Unbound

FASTEST GROWING COMPANIES $75M & ABOVE 1. Blount Fine Foods 2. Carousel Industries 3. Navigant Credit Union 4. The Town Dock 5. Woodard & Curran FASTEST GROWING COMPANIES $25M-$75M 1. E.W. Burman Inc. 2. ParsonsKellogg 3. Case Snow Management 4. Starkweather & Shepley 5. KLR

FASTEST GROWING COMPANIES $250K-$5M 1. Building Enclosure Science 2. Available Staffing 3. J&B Communications 4. Best Practice Energy 5. SecurityRI.com

2019 SHAWMUT DESIGN AND CONSTRUCTION

$75M+

NFI CORP.

$5M-$25M

INNOVATIVE COMPANIES

ARCHITECTURE, CONSTRUCTION & ENGINEERING:

CASE SNOW MANAGEMENT INC.

Steere Engineering Inc.

$25M-$75M

SWOOGO

$250K-$5M

ARTS & ENTERTAINMENT: Creative Conners Inc. EDUCATION: Providence Public Library ENERGY: Aquanis Inc. ENVIRONMENT: INSPIRE Environmental FINANCIAL SERVICES:

P. 6

2019 P. 24

Presenting Sponsor

Partner Sponsors

Rhode Island Infrastructure Bank

FOOD, BEVERAGE & AGRICULTURE:

Gerbs Allergy Friendly Foods

HEALTH & WELLNESS:

Pro-Change Behavior Systems Inc. IT SERVICES: Vertikal6 MANUFACTURING:

The Original Bradford Soap Works

MARITIME: PowerDocks LLC

NONPROFIT: Gary “Tiger” Balletto Foundation SOCIAL SERVICES: RI Elder Info TECHNOLOGY: Sensata Technologies

FASTEST GROWING COMPANIES $75M AND ABOVE 1. Shawmut Design & Construction 2. Navigant Credit Union 3. BayCoast Bank 4. BankNewport 5. Igus Inc. FASTEST GROWING COMPANIES $25M TO $75M 1. Case Snow Management 2. ParsonsKellogg 3. John Matouk & Co. 4. Gem Plumbing & Heating Services 5. LaFrance Hospitality

2020

INNOVATIVE COMPANIES PARISEAULT BUILDERS INC. $25M-$75M

SHAWMUT DESIGN AND CONSTRUCTION $75M+

CREATIVE CONNERS INC. $5M-$25M

CCS PRESENTATION SYSTEMS NEW ENGLAND $250K-$5M P. 6

P. 24

PRESENTING SPONSOR

PARTNER SPONSORS

ARCHITECTURE, CONSTRUCTION, & ENGINEERING:

Shawmut Design and Construction

BIOTECHNOLOGY & LIFE SCIENCES: Phoenix NeuroStim Therapeutics (SMALL COMPANY) BIOTECHNOLOGY & LIFE SCIENCES: Amgen (LARGE COMPANY) EDUCATION/TRAINING: We Make RI ENERGY & THE ENVIRONMENT: E2SOL LLC FINANCIAL SERVICES: Providence Revolving Fund HEALTH & WELLNESS: SafeCirc INNOVATION COLLABORATION: Textron IT SERVICES: Envision Technology Advisors MANUFACTURING: AVTECH Software Inc. NONPROFIT: The Capital Good Fund

PROFESSIONAL SERVICES: Beeline TECHNOLOGY: Cloud Agronomics

FASTEST GROWING COMPANIES $75M & ABOVE 1. Shawmut Design and Construction 2. Arden Building Cos. 3. Navigant Credit Union 4. BayCoast Bank 5. BankNewport FASTEST GROWING COMPANIES $25M-$75M 1. Pariseault Builders 2. Aqueduct Technologies 3. Altus Dental Insurance 4. PACE Organization of R.I. 5. Kahn, Litwin, Renza & Co.

FASTEST GROWING COMPANIES $5M TO $25M 1. NFI Corp.

2. TribalVision 3. Belgravia Imports 4. Available Staffing Network 5. Chartwise Medical Systems FASTEST GROWING COMPANIES $250,000 TO $5M 1. Swoogo 2. Luminous Creative Agency 3. Feast & Fettle 4. Integrated Media Group 5. Building Enclosure Science

FASTEST GROWING COMPANIES $5M TO $25M 1. Creative Conners Inc. 2. Acertitude 3. Available Staffing Network 4. Vertikal6 5. EpiVax inc.

FASTEST GROWING COMPANIES $250,000 TO $5M 1. CCS Presentation Systems 2.

3.

4.

5.

Feast & Fettle Luminous Creative Agency Premama Integrated Media Group

2021 INNOVATIVE COMPANIES WINDMOELLER & HOELSCHER CORP. $75M+

J2 CONSTRUCT INC. $25M-$75M

ADCARE RHODE ISLAND INC. $5M-$25M

SIGNAL SOLUTIONS INC. $250K-$5M

ARCHITECTURE, CONSTRUCTION, & ENGINEERING:

Gilbane Building Co.

2021 PAGE 6

PAGE 23

PRESENTING SPONSOR

PARTNER SPONSORS

GIFT SPONSOR

Accounting Tax Advisory

EDUCATION/TRAINING: Integrative Healthcare

Solutions

ENERGY & THE ENVIRONMENT: Brown University HEALTH & WELLNESS: First Circle Inc. INNOVATION COLLABORATION: 401 Tech Bridge IT SERVICES: MyMOC Inc. MANUFACTURING: Lumetta Inc. NONPROFIT: Children’s Friend and Service TECHNOLOGY: Healthcentric Advisors

46 | NOVEMBER 2021

043_051_35years_Winners.indd 46

FASTEST GROWING COMPANIES $75M & ABOVE 1. Windmoeller & Hoelscher Corp.

2. Blount Fine Foods Corp.

3. FM Global 4. Ocean State Job Lot 5. BankNewport FASTEST GROWING COMPANIES $25M-$75M 1. J2 Construct Inc. 2. Centreville Bank 3. Mott & Chace Sotheby’s International Realty 4. Purvis Systems Inc. 5. ParsonsKellogg LLC

FASTEST GROWING COMPANIES $5M TO $25M 1. Adcare Rhode Island 2. Gerbs Allergy Friendly Foods 3. Automated Business Solutions Inc. 4. Available Staffing Network LLC FASTEST GROWING COMPANIES $250,000 TO $5M 1. Signal Solutions Inc. 2. Arctura Inc. 3. Feast & Fettle Inc. 4. Luna Pharmaceuticals Inc. 5. E2SOL LLC

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 4:43 PM

BEST PLACES TO WORK, 2017-2021 | AWARDS 2017 AMGEN RHODE ISLAND NAVIGANT CREDIT UNIO N

EDWARD JONES

(15-49 employees)

1.

2.

3.

4.

5.

6.

7.

8.

Vertikal6 Sansiveri, Kimball & Co. Province Mortgage Associates OSHEAN DarrowEverett LLP Rhode Island Foundation Utilidata Inc. Howland Evangelista Kohlenberg Burnett 9. Robinson + Cole 10. Bridge Technical Talent 11. Compass IT Compliance 12. Healthcentric Advisors

VERTIKAL6

Presenting Sponsor

SMALL COMPANIES

Partner Sponsors

The smarter way to bank

2018

AMGEN RHODE ISLAND

NAVIGANT CREDIT UNION

EDWARD JONES

VERTIKAL6

Presenting Sponsor

Partner Sponsors

The smarter way to bank

SMALL COMPANIES (15-49 employees)

1. Vertikal6 2. Rhode Island Foundation 3. Province Mortgage Associates 4. Bridge Technical Talent 5. DarrowEverett LLP 6. Sansiveri, Kimball & Co. 7. Barnum Financial Group 8. Envision Technology Advisors 9. Healthcentric Advisors 10. Moran Shipping Agencies 11. Compass IT Compliance

2019

Enterprise

SMALL COMPANIES

Amgen Rhode Island

(15-49 employees)

Large Navigant Credit Union

Presenting Sponsor

Midsize

K

Edward Jones

CCK K

Partner Sponsors

Small

The smarter way to bank

New England Construction Co.

2020 AWARDS

SMALL COMPANIES (15-49 employees)

ANIES LARGE COMP CREDIT UNION NAVIGANT

ANIES MIDSIZE COMP EDWARD JONES

1.

2.

3.

4.

ANIES SMALL COMP INC. COMPUCLAIM

presenting sponsor

partner sponsors

gift sponsor 2-14-07L 12-21-11

.com

C ATERING

401.383.3631

BESTPLACES WORK

2021 AWARDS

ENTERPRISE LARGE

BLUE CROSS & BLUE SHIELD OF RHODE ISLAND

MIDSIZE

New England Construction Rhode Island Foundation Vertikal6 DarrowEverett LLP Barnum Financial Group Bridge Technical Talent Rhode Island Kitchen & Bath Province Mortgage Associates Big Brothers Big Sisters of Rhode Island 10. Envision Technology Advisors 11. Connectivity Point Design & Installation

MIDSIZE COMPANIES

(50-149 employees)

1.

2.

3.

4.

5.

6.

7.

Edward Jones CBIZ Tofias Baystate Financial Hinckley Allen Elite Physical Therapy Inc. DiSanto, Priest & Co. DiPrete Engineering

12. SES AMERICA 13. Rhode Island Kitchen & Bath 14. MAS Medical Staffing MIDSIZE COMPANIES (50-149 employees)

1.

2.

3.

4.

5.

6.

7.

8.

Edward Jones Hinckley Allen EMC Insurance Cos. CBIZ & MHM DiSanto, Priest & Co. Elite Physical Therapy People’s Credit Union TribalVision

12. Carey, Richmond & Viking Insurance 13. Sweenor Builders 14. Healthcentric Advisors 15. Brokers’ Service Marketing Group II 16. Compass IT Compliance 17. Peregrine Property Management 18. Rhode Island Quality Institute 19. Davitt 20. Banneker Industries Inc. 21. MAS Medical Staffing MIDSIZE COMPANIES (50-149 employees)

1. Edward Jones 2. Sansiveri, Kimball & Co.

7. Narragansett Bay Commission 8. Providence Community Health Centers 9. Pet Food Experts 10. Children’s Friend 11. BankNewport 12. Dominion Diagnostics

8. People’s Credit Union 9. Shawmut Design and Construction 10. Performance Physical Therapy 11. Kahn, Litwin, Renza & Co. Ltd. 12. The Providence Mutual Fire Insurance Co. 13. United Way of Rhode Island 14. Marasco & Nesselbush 15. Edesia 16. Chisholm Chisholm & Kilpatrick 17. Starkweather & Shepley Insurance 18. National Marker Co. 19. Ximedica

20. Laurelmead Cooperative 21. Rhode Island Quality Institute 22. Greenwood Credit Union 23. LFI Inc. 24. MOO 25. Upserve

9. Starkweather & Shepley Insurance Brokerage Inc. 10. Shawmut Design and Construction 11. KLR 12. Chisholm Chisholm & Kilpatrick 13. National Marker Co. 14. Tides Family Services 15. Westerly Community Credit Union 16. The Providence Mutual Fire Insurance Co. 17. The Town Dock 18. LFI Inc.

19. Rhode Island Quality Institute 20. Upserve 21. Marasco & Nesselbush

3. EMC Insurance Cos. 4. Shawmut Design and Construction 5. DiSanto, Priest & Co. 6. CBIZ & MHM 7. Hinckley Allen 8. Starkweather & Shepley Insurance Brokerage Inc. 9. Providence Mutual Fire Insurance Co. 10. Marasco & Nesselbush LLC 11. People’s Credit Union 12. Narragansett Bay Insurance Co. 13. Chisholm Chisholm & Kilpatrick 14. Elite Physical Therapy 15. Custom Computer Specialists

16.

17.

18.

19.

LFI Inc. Hilb Group of New England The Town Dock Westerly Community Credit Union 20. TribalVision 21. Pariseault Builders 22. National Marker Co.

7. Pawtucket Credit Union 8. BD (formerly C.R. Bard Inc.) 9. Providence Community Health Centers 10. R.I. Housing 11. Narragansett Bay Commission 12. Embrace Home Loans 13. Children’s Friend

LARGE COMPANIES

ENTERPRISE COMPANIES

1.

2.

3.

4.

5.

6.

1.

2.

3.

4.

4. Disanto Priest & Co. 5. Rubius Therapeutics 6. Sansiveri, Kimball & Co. LLP 7. Province Mortgage Associates 8. Hinckley Allen 9. Tides Family Services 10. The Town Dock 11. Starkweather & Shepley Insurance Brokerage Inc. 12. KLR 13. Swarvoski Optik North America 14. Elite Physical Therapy 15. Big Blue Bug Solutions 16. Automated Business Solutions Inc. 17. National Marker Co. 18. The Providence Mutual Fire Insurance Co.

19. R.I. Parent Information Network 20. Pariseault Builders 21. Marcum LLP 22. LFI INC. 23. Vertikal6 24. United Way of Rhode Island 25. Ocean State Credit Union 26. Tockwotton on the Waterfront 27. Narragansett Bay Insurance Company

LARGE COMPANIES (150-499 employees)

1.

2.

3.

4.

5.

6.

Navigant Credit Union Embrace Home Loans Collette Pawtucket Credit Union Neighborhood Health Plan of R.I. West View Nursing & Rehabilitation Center

LARGE COMPANIES (150-499 employees)

1.

2.

3.

4.

5.

6.

7.

8.

Navigant Credit Union Gilbane Inc. BankNewport Embrace Home Loans Performance Physical Therapy Collette Pawtucket Credit Union Narragansett Bay Commission

(150-499 employees)

Navigant Credit Union Gilbane Building Co. Collette BankNewport Performance Physical Therapy Brown Medicine

ENTERPRISE COMPANIES (500+ employees)

1.

2.

3.

4.

5.

Amgen Amica Insurance The Washington Trust Co. Blue Cross & Blue Shield R.I. Blount Fine Foods

9. Dominion Diagnostics 10. Providence Community Health Centers 11. Rhode Island Housing 12. Brown Medicine ENTERPRISE COMPANIES (500+ employees)

1.

2.

3.

4.

5.

Amgen RI Amica Insurance The Washington Trust Co. Blount Fine Foods Blue Cross & Blue Shield of R.I.

(500+ employees)

Amgen Rhode Island Blount Fine Foods The Washington Trust Co. Amica Insurance

2020

BESTPLACES WORK COMPANIES ENTERPRISE AMGEN INC.

1.

2.

3.

4.

5.

6.

7.

8.

9.

13. Barnum Financial Group 14. Envision Technology Advisors 15. Banneker Industries 16. TribalVision 17. Software Quality Associates 18. EpiVax Inc.

RITE -SOLUTIONS INC.

SMALL

EDWARD JONES BIG BROTHERS BIG SISTERS OF RHODE ISLAND

Partner Sponsors

CompuClaim Inc. Custom Computer Specialists Barnum Financial Group Rhode Island Kitchen & Bath Design+Build 5. Nelnet 6. Rhode Island Foundation 7. Secure Future Tech Solutions 8. MAS Medical Staffing 9. Big Brothers Big Sisters of Rhode Island 10. Envision Technology Advisors 11. Banneker Supply Chain Solutions, Inc. 12. EMC Insurance Cos. 13. Brave River Solutions Inc.

14. Skills For Rhode Island’s Future 15. Compass IT Compliance 16. Oomph Inc. 17. Carey, Richmond & Viking Insurance 18. Sweenor Builders Inc. 19. Bisbano and Associates Inc. 20. Davitt Design Build 21. Duffy & Sweeney Ltd. 22. Brokers’ Service Marketing Group II LLC 23. Connectivity Point Design & Installation LLC MIDSIZE COMPANIES

(50-149 employees)

1. Edward Jones 2. CBIZ & MHM 3. Marasco & Nesselbush

7. Neighborhood Health Plan of Rhode Island 8. Narragansett Bay Commission 9. Dominion Diagnostics 10. Chisholm Chisholm & Kilpatrick ENTERPRISE COMPANIES (500+ employees)

(150-499 employees)

1.

2.

3.

4.

5.

25. Elite Physical Therapy Inc. 26. National Marker Co. 27. Banneker Supply Chain Solutions Inc. 28. Yushin America Inc.

12. Children’s Friend 13. The Narragansett Bay Commission 14. Dominion Diagnostics 15. Crossroads Rhode Island

LARGE COMPANIES

ENTERPRISE COMPANIES

1.

2.

3.

4.

5.

6.

7.

1.

2.

3.

4.

5.

6.

LARGE COMPANIES 1.

2.

3.

4.

5.

6.

Navigant Credit Union BD Embrace Home Loans BankNewport Brown Medicine Children’s Friend

Amgen AAA Northeast The Washington Trust Co. Amica Insurance The Providence Community Health Centers 6. Blount Fine Foods

2021 SMALL COMPANIES (15-49 employees)

1. Big Brothers Big Sisters of Rhode Island 2. Brave River Solutions Inc. 3. DarrowEverett LLP 4. RIKB Design Build 5. Compass IT Compliance LLC 6. AVTECH Software Inc. 7. Barnum Financial Group 8. Rhode Island Foundation 9. New England Construction 10. Secure Future Tech Solutions 11. Technology Advisory Group 12. Compuclaim Inc. 13. MAS Medical Staffing 14. Envision Technology Advisors 15. Brokers’ Service Marketing Group II LLC

16. Rhode Island Quality Institute 17. Connectivity Point Design & Installation 18. The College Crusade of Rhode Island 19. Carey, Richmond & Viking Insurance 20. Davitt Design Build 21. Vertikal6

9. CBIZ & MHM 10. Shawmut Design and Construction 11. Province Mortgage Associates 12. Pariseault Builders 13. Landings Real Estate Group 14. Rhode Island Parent Information Network 15. EMC Insurance Cos. 16. Providence Mutual MIDSIZE COMPANIES 17. The Town Dock (50-149 employees) 18. United Way of R.I. 1. Edward Jones 19. Marcum LLP 2. Sansiveri, Kimball & Co. LLP 20. Tockwotton on the Waterfront 3. Rubius Therapeutics 21. Hanna Instruments Inc. 4. Marasco & Nesselbush LLP 22. Ocean State Credit Union 5. Custom Computer Specialists 23. LFI Inc. 6. Hinckley Allen 24. Westerly Community Credit 7. DiSanto, Priest & Co. Union 8. Swarovski Optik North America

(150-499 employees)

Rite-Solutions Inc. Navigant Credit Union Gilbane Building Co. Embrace Home Loans Inc. BankNewport KLR Starkweather & Shepley Insurance Brokerage Inc. 8. R.I. Housing 9. Brown Medicine 10. Chisholm Chisholm & Kilpatrick 11. Performance Physical Therapy

(500+ employees)

Blue Cross & Blue Shield of R.I. Amgen AAA Northeast The Washington Trust Co. Amica Mutual Insurance Co. The Providence Community Health Centers Inc. 7. Blount Fine Foods 8. Neighborhood Health Plan of R.I.

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

043_051_35years_Winners.indd 47

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10/25/21 4:36 PM

AWARDS | 40 UNDER FORTY, 2017-2021 2017

Richard Baccari II,

Churchill & Banks Companies LLC, President Michael Baer, Rhode Island Infrastructure Bank, Senior Advisor to Executive Director Briannan Bintz, Semma Therapeutics, Director of Encapsulation Research Jonathan Bittner, Splitwise, CEO and Co-Founder Chad Bjorklund, Hilb Group of New England, EVP/Property & Casualty Steven Boyajian, Robinson+Cole, Counsel Laura Bozzi, Southside Community Land Trust, Director of Programs Kara Butler, Healthcentric Advisors, Director, Administrative Services Gregory Calderiso, Amica Mutual Insurance, Assistant Vice President Dee DeQuattro, Operation Stand Down RI, Director of Development Communications Christy B. Durant, Quinlan & Durant LLC, Partner

2018

Nicholas Balzano, Gilbane Building Co.,

Project Manager Greg Berard, Lighthouse Computer Services, President Kathryn Botelho, The Preservation Society of Newport County, E-Commerce Manager Michelle Carr, Leadership Rhode Island, Deputy Director Elizabeth Catucci, Batchelor, Frechette, McCrory, Michael & Co., Dir. of Marketing & Business Dev. Elizabeth Chwalk, IGT, Manager, Investor Relations Esther DeQuattro, Pane Vino and Massimo Restaurants, Proprietor Adam Dias, Custom Design Inc., President Andrew Galvin, CBRE-NE, First VP/Partner Rafaelina Gomez, Fidelity Investments, Sr. Compliance Advisor

2019

Dr. Umer Akbar, Brown Neurology, Neurologist Hasan Ali, Bristol County Savings Bank, SVP / Team

Leader - Commercial Lending Kristin Anastasiades, Lax & Co., VP of Marketing & Strategy Richard Astle, NeQter Labs LLC, CEO Sean Burgo, Wexford Science & Technology, Project Director Michael Busam, Gilbane Building Co., Operations Manager - R.I. Business Unit Jason Carosi, Webster Bank, SVP, Senior Relationship Manager Jason Case, Case Snow Management, CEO & President Brian Casey, Pariseault Builders Inc., President Caroline Chang, Rhode Island Dermatology Institute, Founder/CEO, Physician John Cooney, Aquanis Inc., CTO Lynn D’Angelo, The Miriam Hospital, Director of Professional Practice, Innovation, and Magnet

2020

Erica Busillo Adams, Providence Public Library, Director of Development Eric Army, Studio MEJA Architecture, Founder & Principal Jason Beneker, Amgen, Engineering & Maintenance Manager Justin Boudjouk, Citizens Financial Group, Senior Vice President & Senior Director of Risk

Tiffany Bumgardner-Scheffler,

Narragansett Council Boy Scouts of America, Director of Field Service/COO Dave Comella, Blue Cross & Blue Shield of Rhode Island, Chief Information Officer, Tuan Dang, IGT, Director of Corporate Finance Ryan Davis, Brown University, Associate Vice President for Institutional Equity and Diversity Gianni Del Signore, Pangaea Logistics Solutions Ltd., CFO Annie Dickson, COO, Capital Good Fund

2021

Kimberly Ahern, Office of Gov. Daniel J. McKee,

Director of Policy and Senior Counsel Sue AnderBois, The Nature Conservancy, Climate and Energy Program Manager Pierson Booher, DBVW Architects Inc., Principal Lindsey Brickle, Polaris MEP, Senior Workforce Manager Ross M. Casey, Care New England Health System, Manager of Specialty Pharmacy and 340B Paige Clausius-Parks, Rhode Island KIDS COUNT, Senior Policy Analyst Danielle Crafford, Gilbane Building Co., General Superintendent Josh Daly, R.I. Small Business Development Center, Director, Southern Region Stephanie Downey Toledo, Central Falls School District, Superintendent Dr. Sean Fine, Brown Medicine, Division of Gastroenterology Physician

48 | NOVEMBER 2021

043_051_35years_Winners.indd 48

Derek Farias, Barbara Sokoloff Associates, Vice President

Joseph Farside, Locke Lord LLP, Partner Kacey Fetcho-Phillips, Amgen,

Sr. Manager Supply Chain Dioscaris Garcia, BI Medical LLC, Chief Technology Officer Dr. Elizabeth Goldberg, Brown University, Assistant Professor of Emergency Medicine Amy Grant, Bryant University, Associate Director, Executive Dev. Center Jay Heimgartner, Blue Cross & Blue Shield RI, Managing Director of Employer Segment Sales Heather Hudson, R.I. Department of Labor and Training, Executive Director/ Governor’s Workforce Board Peter Jacavone III, Starkweather & Shepley Insurance Brokerage, VP/Sales Manager Jessie Kanter, BlumShapiro, Director

Eric P.W. Hall, R.I. Air National Guard,

143d Airlift Wing, Captain/Deputy Staff, Judge Advocate (DSJA) Merve Iplikcioglu Kirtan, Steere Engineering, Project Manager/Structural Engineer Junior Jabbie, Banneker Industries, CEO & President Christian Jenner, Duffy & Sweeney, Ltd., Partner Darren Jodoin, PMC Media Group, CEO, President and Co-founder Dr. Matthew Malek, Tri-County Community, Action Agency, Medical Director Megan McGuinness, McGuinness Media & Marketing, Owner & CMO René Moniz, Partridge Snow & Hahn, Associate Litigation Attorney Steven Mooney Jr., IGT, Sr. Technology Manager Andrew Mudra, Amica Life Insurance Co., Vice President Bridget Mullaney, Cameron & Mittleman, Partner

Eleanor Langham, Coggeshall Farm Museum,

Executive Director Carrie Majewski, Women in Leadership Nexus, Founder Elizabeth Manchester, Manchester Law LLC, Founder, Providence College Kunal Mankodiya, Wearable Biosensing Lab - URI, Director/Assistant Professor Sally McDonald, Pannone Lopes Devereaux & O’Gara LLC, Associate Katherine Messier, Mobile Beacon, Executive Director Carlos Neves, Gilbane Building Co., Project Manager Erin Pender, Lifespan Physician Group/Newport Hospital, Director of Physician Practices Diana Perdomo, United Way of Rhode Island, Director of Grants & Strategic Initiatives Zlatomir Popov, IGT, Manager Finance

Edwin Pacheco, Rhode Island College,

Exec. Dir./Interim VP of College Advancement Tom Parrish, Trinity Repertory Company, Executive Director Rebecca Plonsky, Prospect CharterCARE, National VP of Dev., PIBH Dr. Sakeena Raza, Brown Medicine, Assistant Professor Dr. Rebecca Reece, Brown Medicine, Infectious Disease Physician Rachel Reichert, The Groden Network, Director, Home-based Services Joelle Rocha, Kelly, Souza, Rocha & Parmenter P.C., Partner Christina Rouse, Sweeney Real Estate & Appraisal, Dir. of Marketing and Operations Jeff Roy, Collette, SVP Revenue, Management & Pricing

Jason DaPonte, Sansiveri, Kimball & Co., Managing Dr. Adam Levine, Brown Emergency Medicine, Partner

VNA, Physical Therapist Adam Flynn-Tabloff, Wm. M. Davies Jr. Career & Technical High School, Director David Fontes, BlumShapiro, Partner Richard Grundy, AVTECH Software Inc., President & COO Stephanie Huckel, IGT, Senior Global Program Manager, Diversity & Inclusion Andrew Jeas, Ageless Innovation LLC, Co-Founder and COO Nirva LaFortune, Providence City Councilor/Brown University, Assistant Director of Scholars Programs & Diversity Initiatives

Attending Physician and Director, Division of Global Emergency Medicine Dr. Richard Lim, Atwood Medical Associates, Our Lady of Fatima Hospital, Eleanor Slater Hospital, Kent Hospital, South County Hospital, Rhode Island Free Clinic, Sturdy Memorial Hospital, Cape Cod Hospital Jennifer Lytle, Amgen, Quality Assurance Manager Gretchen Macht, University of Rhode Island, Asst. Professor David Morgan, IGT, Sr. Director Corporate Accounting Shaun O’Rourke, Rhode Island Infrastruture Bank, Director of Stormwater and Resilience Dorca Paulino, Rhode Island Supreme Court, Rhode Island Judiciary Diversity Director Jessica Pernicone, JLL, Executive Director Alexandra Pezzello, Partridge Snow & Hahn LLP, Partner

Samuel Donabedian, Ocean State Job Lot,

Dwayne Keys, Compass Working Capital,

Erin Darmetko, Amica Mutual Insurance Co., Assistant Vice President

Ashley Erling, WPRI 12, FOX Providence, The CW Providence, 7 MyRITV, Director of Local Content

Barbara Ann Fenton, R.I. Hospital & Southcoast

Director, Business Intelligence & Analytics Derek Dubois, CVS Health, Director, Retail Finance Eugenio Fernandez, Asthenis, Owner Shaun Galligan, Finlays, Head of Environmental, Health & Safety Dr. Nicole Grenier, Brown Dermatology, Vice Chair of Clinical Operations Erica Guatieri, EHG LLC, Owner Elizabeth Henthorne, The Washington Trust Co., Vice President, Enterprise Risk Management Dr. Ross Hilliard, Brown Medicine, Associate Residency Director; Lifespan, Director of Medical Informatics Jessica Jewell, Nixon Peabody LLP, Associate Andrea Keefe, Providence College, Acting Assistant Vice President for Development, Director of Major Gifts

Dr. Wilfredo Giordano-Perez, Tri-County

Community Action Agency, Medical Director; Brown University Warren Alpert Medical School, Assistant Professor Robert Hackett, Johnson Controls Inc., Engineering Manager Dr. Helena Kuhn, Brown Dermatology, Dermatologist Mark Lacz, TyMark Restaurant Group, Partner Ivette Luna, Blue Cross & Blue Shield of Rhode Island, Manager, Consumer Engagement Giselle Mahoney, RDW Group, Partner and Senior Account Executive Creusa Michelazzo, Tech Collective, Executive Director Nick Oliveira, International Game Technology PLC, Director, Global Procurement Operations Shelly Orsi, Bank of America Corp., SVP, Client and Business Management Executive Ashley O’Shea, R.I. Executive Office of Health and Human Services, Director of Strategic Communications

Senior Financial Coach James Kwon, Figmints Digital Creative Marketing, CEO Daniel Lefkowitz, Genoa Healthcare, Pharmacy Manager Shannon Luttge, Skillsoft, Sr. Leader, Leadership Content Product Manager Kurt Mancini, Bank of America/Private Bank, SVP - Portfolio Oversight Director James McCurdy, Gilbane Development Co., Vice President of Finance Jackson Parmenter, Kelly, Souza, Rocha & Parmenter, Partner Michael Patacao, Bristol County Savings Bank, VP, Commercial Loan Officer Gina Pellicano, Citrin Cooperman & Co., Director Serena Petrucci, Centreville Bank, AVP, Deposit Operations Manager

Perry Raso, Matunuck Oyster Farm/

Matunuck Oyster Bar Owner/President

Mike Reppucci, Sons of Liberty Beer & Spirits Co., Owner/Founder

Peter Rinaudo, Webster Bank,

SVP and Sr. Relationship Manager

Nicholas Scappaticci, Tellart,

CEO & Co-Founder Shalini Singh, Neighborhood Health Plan of Rhode Island, Manager of Financial Data and Analysis Brett Smiley, Office of Governor Gina M. Raimondo, Chief of Staff Jeffrey Spratt, Peregrine Property Management, Principal & Partner Andy Trench, XactSense, CEO & Founder Kristen Whittle, Barton Gilman LLP, Partner

Michael Schmitt, Tides Family Services, Assistant VP Risk Management

Tracy Schorner, Amgen RI, Senior Manager, Product Lifecycle Management

Benjamin Scungio, Mott & Chace Sotheby’s

International Realty, Office Manager Ethan Shorey, The Valley Breeze Newspapers, Managing Editor Elizabeth Suever, Roberts, Carroll, Feldstein & Peirce Inc., Partner George Tager, Blue Cross Blue Shield of RI, Dir. of Employer Segment Sales Greg Velander, Neighborhood Health Plan of R.I., Director of Technology Innovation Deborah Viveiros, Webster Bank, VP/Relationship Manager Jeff Wilhelm, Envision Technology Advisors, Chief Technology Officer James Yaitanes, Citizens Bank, VP/Sales Manager

Christina Pitney, Blue Cross & Blue Shield

of Rhode Island, VP, Corporate Strategy and Strategic Partnerships & Chief of Staff to the CEO Jayne Senecal, Earth Care Farm LLC, Owner Elizabeth Sulock, Newport Historical Society, Curator of Living History Abby Swienton, YMCA of Greater Providence, Chief Transformation Officer James Vecchione, Bryant University, Executive Director of Facilities Mason Waring, Chisholm Chisholm & Kilpatrick, Partner Christopher Waterson, Waterson Terminal Services, General Manager Ben Willis, Union Studio Architecture & Community Design, Architect Frank Zaino, Creative Environment Corp., Associate Principal

Richard Pezzillo, New England Hemophilia Association, Executive Director

Leo Pollock, The Compost Plant,

Co-founder & Managing Partner

Kathryn Rattigan, Robinson+Cole, Associate Rob Rock, R.I. Department of State, Director of Elections

Dr. Abbas Rupawala, Brown Medicine/Brown

Physicians Inc., Gastroenterologist Julia Saulino, The Financial Lift for Young Adults with Cancer Foundation, Founder & President Matthew Sheaff, R.I. Commerce, Director of Communications & Stakeholder Engagement Jeffrey Thomas, Luxury Brand Holdings Inc., VP of Human Resources, Contact Center & Distribution Sandra Victorino, The Providence Center, Director of Acute Care Service, Kristin Zosa Puleo, Leadership Rhode Island, Director of Programs

Chris Parisi, Trailblaze Marketing, Founder and

Steve Sherman Jr., Bristol County Savings Bank,

Daniel Procaccini, Adler Pollock & Sheehan P.C.,

Josh Short, The Wilbury Theatre Group, Artistic

Mike Raia, Johnson & Wales University, Vice

Jamie Stebenne, JPS Construction and Design

John Rainone, DiSanto Priest & Co., Principal Marcy Reyes, The Financial Literacy Youth

Rita Danielle Steele, Steele Realty Consultants

President

Counsel

President of Strategic Communications

Initiative, Founder and CEO

Nishita Roy-Pope, Dell Technologies, Director;

Tribe Academy, Founder Kelsey Ryan, Coastal Medical Inc., Director of Population Health Management Jessica Savoca, Brown Medicine, Quality Initiatives/Project Manager Gregory Scorpio, G-Form LLC, CFO Claudia Scotti, Amgen Rhode Island, Manager Supply Chain Procurement Dr. Vijairam Selvaraj, Lifespan Corp./The Miriam Hospital, Internist

Vice President, Head of Cash Management

Director

Inc., President

LLC, Principal and Owner

Paige Voccia, Speech Services Rhode Island LLC, Founder and Owner

Dr. Tiffanie Waldeck-Napolitano, Wood River Health Services, Chief Dental Officer

Rebecca Webber, Cambridge Innovation Center, Providence General Manager

Nicole White, A Wish Come True, Director of Program Services

Joi-Danelle Whitehead, Brown University,

Division of Pre-College and Summer Undergraduate Programs, Director of Diversity, Equity, Inclusion and Access

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/27/21 7:39 AM

25 LEADERS & ACHIEVERS, 2019-2021 | AWARDS 2019 PBN PROVIDENCE BUSINESS NEWS

2019

Partner Sponsors

Tim Hebert, Trilix, CEO/Founder Ann Kashmanian, Brown Medicine, CEO Keith Kelly, Citizens Bank, State President for R.I. Sally Lapides, Residential Properties Ltd., CEO & President E. Paul Larrat, University of Rhode Island College of Pharmacy, Dean Dennis Littky, College Unbound, President, Russell Morin, Russell Morin Catering & Events, President, Dr. John Murphy, Lifespan, EVP of Physician Affairs Catherine Parente, Sansiveri, Kimball & Co., Partner Bob Sewall, Blount Fine Foods, Executive Vice President/Sales & Marketing Brian Spero, The Beacon Mutual Insurance Co., CEO & President Neil Steinberg, Rhode Island Foundation, CEO & President James Wilkinson, Sr., SeaScape Lawn Care, President, Ronald Yanku, Edesia, Plant Operations Director

2020

LEADERS

ACHIEVERS 2020 AWARDS

Sue Babin, R.I. Developmental Disabilities Council, Director of Special Projects Margaret Brooks, R.I. Jump$tart Coalition, President; R.I. Council for Economic Education, President; Bridgewater State University, Professor Bob Burke, Pot au Feu Restaurant, Owner; Independence Trail, Founder Richard DeRienzo, Citrin Cooperman, Partner, Advisory Services Leader John Galvin, AAA Northeast, CEO/President Marie L. Ganim, Rhode Island Health Insurance Commissioner Michael Giuttari, MG Commercial , President Dr. Peter Hollmann, Brown Medicine, Chief Medical Officer Steven Horowitz, Saint Elizabeth Community, CEO and President John MacDonald, Crossroads Rhode Island, Vice President of Adult Services Edward “Ned” McCrory, PKF O'Connor Davies, CPA/Managing Partner Avishai Nevel, Rhode Island-Israel Collaborative, Founder & CEO

GIFT SPONSORS

PARTNER SPONSOR

Vicki Comeau, NUWC Division Newport, Head Sharon Conard-Wells, West Elmwood Housing Development Corp., Executive Director Jeffrey Diehl, Rhode Island Infrastructure Bank, CEO and Executive Director Maria Ducharme, The Miriam Hospital, Senior VP and Chief Nursing Officer Jack Elias, Brown University/Warren Alpert Medical School, VP for Health Affairs/ Dean of Medicine & Bio Sciences Kenneth J. Filarski, Filarski/Architecture+Planning+Research, Principal and Founder Diana Franchitto, HopeHealth, CEO & President Gary Furtado, Navigant Credit Union, CEO/President Scott Gibbs, The Economic Development Foundation of Rhode Island, President David Gilden, Partridge Snow & Hahn, Partner, John Gregory, Northern Rhode Island Chamber of Commerce, CEO/President

Patricia Raskin, Raskin Resources Productions, Owner/CEO Brad Read, Sail Newport, Executive Director Emily Reade, Reade Advanced Materials, President Dennis Roy, East Bay Community Action, CEO & President Lauren Slocum, R.I. Central Chamber of Commerce, CEO/President Tom Stocker, Owner's Edge LLC, Managing Director Thomas Sweeney, Sweeney Real Estate , Principal Merrill Thomas, Providence Community Health Centers Inc., CEO & President Nancy Thomas, Tapestry Communications, Owner Kevin Tracy, Bank of America, Market Executive Melissa Travis, RISCPA/R.I. Business Forum, CEO/President Karl Wadensten, VIBCO, CEO/President/Coach Scott Wragg, CBIZ & MHM, Senior Manager Director

2021 Darlene Allen, Adoption Rhode Island, CEO and Executive Director Lisa Bergeron, AWE, Chief Visionary Officer William Bryan, Gilbane Building Co., Principal-in-Charge, RI PK-12 Laura Calenda, Crossroads Rhode Island, Chief Marketing and Philanthropy Officer Susan Colucci, Marriott Providence Downtown, Controller Trudy Coxe, Preservation Society of Newport County, CEO Susan Daly, Rhode Island Marine Trades Association/Composites Alliance, Vice President of Strategy Mike Falvey, Falvey Insurance Group, CEO and President Betty Galligan, Newberry Public Relations & Marketing Inc., President Harold M. Horvat, Centreville Bank, Chairman, CEO and President Joan Kwiatkowski, PACE Organization of Rhode Island, CEO

Thomas Lawson, FM Global, Chairman, CEO and President Virginia Magnan, HopeHealth, Clinical Director of the HopeHealth Hulitar Hospice Center Sylvia Maxfield, Providence College School of Business, Dean Lauren Motola-Davis, Lewis Brisbois Bisgaard & Smith LLP, Managing Partner Joseph R. Paolino Jr., Paolino Properties LP, Managing Partner John J. Partridge, Partridge Snow & Hahn LLP, Senior Counsel Leslie Pires, Care New England Pharmacy LLC, Director of Specialty Pharmacy and 340B Dr. Philip R. Rizzuto, Rizzuto Eyelid and Facial Plastic Surgery, Owner Betty Robson, JF Moran, President Lucy Rose-Correia, Children’s Friend, Chief of Talent Evan Smith, Discover Newport, CEO and President

DIVERSITY & INCLUSION, 2018-2020 | AWARDS 2018 DIVERSITY CHAMPION: Cheryl Burrell,

R.I. Department of Administration, Office of Diversity, Equity and Opportunity, Associate Director CONSTRUCTION: Shawmut Construction EDUCATION: Rhode Island Nurses Institute Middle College FINANCIAL: Bank of America

OVERALL DIVERSITY CHAMPION:

CHERYL BURRELL

Devotion to opportunity P.6

Presenting Sponsor

GOVERNMENT: Rhode Island Judiciary HEALTH CARE: Blue Cross & Blue Shield of Rhode Island PROFESSIONAL/INSURANCE SERVICES:

Amica Mutual Insurance Co.

SOCIAL SERVICES AGENCY: Social Enterprise Greenhouse

Partner Sponsors

State of Rhode Island Office of Diversity, Equity & Opportunity

2019 2019

DIVERSITY CHAMPION: Linda Holmes Newton,

Diversity & Inclusion Professionals, Founder EDUCATION: Roger Williams University HEALTH CARE: CVS Health NONPROFIT: Amos House

FINANCIAL SERVICES: Fidelity Investments INSURANCE SERVICES: MetLife Auto & Home LEGAL SERVICES: Nixon Peabody

overall diversity champion

LINDA HOLMES NEWTON Pushing for equality P.6

partner sponsors

State of Rhode Island Office of Diversity, Equity & Opportunity

2020

SUMMIT & AWARDS DIVERSITY & INCLUSION 2020

DIVERSITY CHAMPION: Stephanie Huckel, IGT,

Senior Global Program Manager of Diversity and Inclusion GOVERNMENT: Office of Rehabilitation Services HEALTH CARE: Providence Community Health Centers IT / TECHNOLOGY: Cox Communications NONPROFIT: Women’s Fund of Rhode Island

Overall diversity champion Stephanie Huckel

Her life’s work is helping others Pg. 5

SOCIAL SERVICES AGENCY:

Big Brothers Big Sisters of Rhode Island

EDUCATION: Rhode Island for Community and Justice ACCOUNTING: Ernst & Young LLP INSURANCE SERVICES: Amica Insurance DIVERSITY TRAINING: The Wilson Organization LLC

PBN FILE PHOTO/MICHAEL SALERNO

PARTNER SPONSORS

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

043_051_35years_Winners.indd 49

| 49

10/25/21 4:41 PM

AWARDS | BUSINESS EXCELLENCE AWARDS, 2016-2020 BUSINESS EXCELLENCE AWARDS

HEALTHCENTRIC ADVISORS’

H. JOHN KEIMIG A MISSION TO EMPOWER PAGE 6

Presenting Sponsor:

Partner Sponsors:

BUSINESS EXCELLENCE

2 0 1 7AWARDS

EMBRACE HOME LOANS

KURT NOYCE

PEOPLE-FIRST APPROACH LEADS TO GROWTH, FOR BUSINESS LEADERSHIP WINNER PAGE 6 | INNOVATION

PRESENTING SPONSOR

PARTNER SPONSORS

2016 CORPORATE CITIZENSHIP: Edward O. “Ned” Handy III BUSINESS LEADERSHIP: John Keimig EXCELLENCE AT A SMALL COMPANY: Province Mortgage Associates EXCELLENCE AT A MIDSIZE COMPANY: Ximedica EXCELLENCE AT A LARGE COMPANY: Neighborhood Health Plan of Rhode Island EXCELLENCE AT AN ENTERPRISE COMPANY: Shawmut Design and Construction EXCELLENCE AT A NONPROFIT: Providence Warwick Convention & Visitor Bureau EXCELLENCE IN EDUCATION & LEARNING: Highlander Institute EXCELLENCE AT A SOCIAL SERVICE AGENCY: Sojourner House ENTREPRENEURSHIP: A2B Tracking Solutions EXCELLENCE IN DIVERSITY: Tufts Health Plan COMMUNITY INVOLVEMENT: Pawtucket Red Sox

2017 CORPORATE CITIZENSHIP: Dennis Keefe, CEO, Care New England BUSINESS LEADERSHIP: Kurt Noyce, President, Embrace Home Loans ENTREPRENEURSHIP: John D. Jarrell, PhD, PE EDUCATION & LEARNING: The Academy for Career Exploration DIVERSITY: Neighborhood Health Plan of R.I. COMMUNITY INVOLVEMENT: Blue Cross Blue Shield of R.I. EXCELLENCE AT A NONPROFIT: Year Up EXCELLENCE AT A SOCIAL SERVICE AGENCY: St. Mary’s Home for Children EXCELLENCE AT A SMALL COMPANY: Fish Advertising EXCELLENCE AT A MIDSIZE COMPANY: Coastway Community Bank EXCELLENCE AT A LARGE COMPANY: The Original Bradford Soap Works Inc. EXCELLENCE AT AN ENTERPRISE COMPANY: Lifespan

2018 CORPORATE CITIZENSHIP: Dr. Timothy J. Babineau, CEO & President, Lifespan BUSINESS LEADERSHIP: Christina H. Paxson, President, Brown University ENTREPRENEURSHIP: Renaud Megard, CEO & President, NFI Corp.

EDUCATION & LEARNING: Project GOAL Inc. COMMUNITY INVOLVEMENT: National Grid FAMILY-OWNED BUSINESS: Ocean State Job Lot WORKFORCE DEVELOPMENT: William M. Davies Jr. Career and Technical High School WOMEN-OWNED BUSINESS: Gil’s Appliances EXCELLENCE AT A NONPROFIT: LISC EXCELLENCE AT A SOCIAL SERVICE AGENCY: Adoption Rhode Island EXCELLENCE AT A SMALL COMPANY: Capital Good Fund EXCELLENCE AT A MIDSIZE COMPANY: Trinity Repertory Company EXCELLENCE AT A LARGE COMPANY: Starkweather & Shepley Insurance Brokerage Inc. EXCELLENCE AT AN ENTERPRISE COMPANY: Blue Cross & Blue Shield of R.I.

BROWN UNIVERSITY’S

CHRISTINA H. PAXSON

PAGE 6

PEOPLE-FIRST APPROACH LEADS TO GROWTH, INNOVATION FOR BUSINESS LEADERSHIP WINNER

PRESENTING SPONSOR

PARTNER SPONSORS

2019

GREATER PROVIDENCE CHAMBER OF COMMERCE’S

LAURIE WHITE THE MASTER ADVOCATE PG. 4

PARTNER SPONSOR

BUSINESS BUSINESS EXCELLENCE EXCELLENCE 2020 AWARDS

20

CELEBRATING

YEARS

20

2020 AWARDS CELEBRATING YEARS

DR.Business JAMESLeadership E. FANALE award winner

Moving health care ahead page 4

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2020

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Girl Scouts of Southeastern New England

SENIOR VICE PRESIDENT, PUBLIC COMPANY: Wendy Montgomery,

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NONPROFIT/SOCIAL SERVICE AGENCY: Christopher Earle,

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10/25/21 4:42 PM

STORIES GUEST COLUMN |

KEITH KELLY

Rhode Island can keep getting better RHODE ISLAND HAS COME a long way in the past 35 years and has unlimited potential to keep getting better.

We are extremely fortunate to live in a state with an economy built on a strong foundation of higher education that sparks the entrepreneurial spirit and keeps us on the cutting edge.

Before the pandemic wreaked havoc on the hospitality industry, Rhode Island’s natural beauty and the culinary acumen we developed locally helped make the state a popular destination for tourists and food lovers from around the world.

In addition to our deep roots as a hub for medical research and defense contracting, we are also staking out a position as a leader in the alternative energy space, including solar and offshore wind support and development.

As we move forward, we should draw on lessons from these challenging times and set future generations up for a brighter tomorrow.

This is such a pivotal moment in our history.

Discussions are under way about how to invest $1.1 billion in federal American Rescue Plan Act funds that will help shape the future of Rhode Island for years to come. We need to make long-term investments that will strengthen our state’s economy so that never again will we be the first state to go into a recession and the last state to come out of it.

Just as we look back over PBN’s 35-year history, we must look ahead to the next 35 years. I hope we’ll be able to say that Rhode Island’s civic and business leaders came together and made the tough decisions when it mattered most.

Several opportunities stand out as

we consider the next 35 years.

We have a generational opportunity to invest in K-12 education and help our students prepare for whatever comes next. And whatever comes next does not necessarily need to be a four-year college degree. We can – and should – do a better job of promoting trade schools and other alternatives as options.

The pandemic brought into sharp focus the makeup of our workforce and the need to ensure we all have the necessary skills to survive and thrive in an evolving economy. The challenges caused by the pandemic may abate, but the disruption caused by technological changes likely will not.

Rhode Island residents need solid, transferable skills and training to keep pace with the ever-changing landscape.

Another policy decision that may help foster growth for Rhode Island is the proposed plan to bring Lifespan Corp. and Care New England Health System together, under one umbrella, along with Brown University’s Warren Alpert Medical School in an effort to build a fully integrated academic

health care system.

We are currently the only state in the country that does not have an integrated academic health care system.

Finally, we need to work together to create a more business-friendly environment in Rhode Island. Size matters, and it could be to our competitive advantage if we all row in the same direction and focus on ways to promote smart business growth and lower barriers for entrepreneurs and businesses looking to create jobs and invest in the state and its residents.

Citizens Bank has played an important role in the Rhode Island economy since 1828. This is our home.

And as we grow and expand, we view ourselves as a Rhode Island success story. Like many businesses, banking is changing, but our commitment to the communities where our colleagues live and work has never been stronger.

When I look around at the many homes and buildings, the small businesses creating jobs, I see examples of how Citizens has helped customers reach their potential and made their dreams come to life.

We celebrate PBN for telling the stories of our business community for the past 35 years. I look forward to working with all of you to help build a Rhode Island economy that thrives for another 35 years and beyond. ■ (Keith Kelly is Rhode Island president of Citizens Bank.)

Size matters, and it could be to our competitive advantage.

Stories | Page 54 Main Street: | Page 67 52 | NOVEMBER 2021

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10/22/21 1:20 PM

STORIES | EDUCATION Lessons in changing leadership

BY JAMES BESSETTE

|

Bessette@PBN.com

THE EDUCATION SECTOR across Rhode Island and southeastern Massachusetts has transformed in numerous ways in recent years, ranging from new leadership taking over at several local colleges to the state of Rhode Island taking over Providence’s failing school district.

Change at the top isn’t unusual, but since 2018, eight local colleges hired a new president, in some cases replacing people who had served for more than a decade.

In June 2018, John J. Bowen retired as Johnson & Wales University’s chancellor, CEO and president after 44 years with the university.

Mim L. Runey, JWU’s Providence Campus president, was named the chancellor.

The Rev. Kenneth R. Sicard was appointed Providence College’s president in 2019 after the Rev. Brian Shanley’s 15-year tenure.

At Salve Regina University, Kelli J. Armstrong became the university’s first lay president in 2019 after the retirement of Sister Jane Gerety, who was Salve’s president for 10 years.

Ioannis M. Miaoulis began his tenure as Roger Williams University’s president in August 2019, filling in a vacancy left by the death of Donald J. Farish.

In 2020, Ross Gittell filled the shoes of retiring Ronald K. Machtley at Bryant University in Smithfield. Machtley had been Bryant’s president for 26 years.

Rhode Island’s state university also saw a change at the top. Marc B. Parlange, the former provost and senior vice president of Monash University in Melbourne, Australia, became the University of Rhode Island’s president on Aug. 1. He succeeded David M. Dooley, who retired in June after 12 years.

Rosanne Somerson called it a career at the Rhode Island School of Design in June after close to 36 years working at the arts school, the last six as president. David Proulx became RISD’s interim president.

And the changes didn’t stop

at the state border. In September 2020, Robert E. Johnson stepped down as the University of Massachusetts Dartmouth’s chancellor after three years to take the president’s job at Western New England University. Mark Fuller has been serving as UMass Dartmouth’s interim chancellor.

COVID-19 forced its own kind of changes on higher education when it reached pandemic status in March 2020.

Institutions such as Rhode Island College and the Community College of Rhode Island saw decreases in enrollment and employee layoffs. Across the sector in Rhode Island, losses were projected at $200 million in 2020 due to unplanned spending on COVID-19 protocols and the loss of room and board revenue, according to estimates from Daniel P. Egan, president of the Association of Independent Colleges and Universities of Rhode Island.

State elected officials and education leaders are urging for some of the new stimulus money to be invested into higher education.

Rhode Island also made pushes to address school building infrastructure. In 2018, voters approved a $250 million bond to make repairs to school buildings across the state. In addition, General Treasurer Seth Magaziner said in April that the state has invested $1.3 billion to either repair or replace 160 school buildings in the state.

North Providence, Barrington, East Providence, Smithfield and Newport are among the commu-

CHANGE MAKER? R.I. Education Commissioner Angélica Infante-Green, who was appointed in March 2019, has been in charge of the state’s takeover of Providence public schools.

PBN FILE PHOTO/MICHAEL SALERNO

nities that are planing to build or have built new schools.

Some changes in education, though, will be a significant process. The Johns Hopkins Institute for Education Policy released a scathing report in 2019 about the Providence Public School District, concluding that the city’s schools were failing.

R.I. Education Commissioner Angélica Infante-Green, hired in 2019, used the findings to justify taking over control of the struggling district, but problems continued. In January 2020, Harrison Peters was appointed Providence’s school superintendent, but he was forced to resign 15 months later when Providence administrator Olayinka Alege was arrested for allegedly taking a juvenile’s shoe off at a Warwick gym and forcefully massaging his foot without consent.

Peters acknowledged knowing that Alege had been accused of doing something similar in the past but hired him anyway.

An angered Providence Mayor Jorge O. Elorza also expressed frustration about the slow pace

of PPSD’s turnaround. He urged the R.I. Department of Education to invoke the Crowley Act, a state law that he asserted could be used

by RIDE to alter the contract with the Providence Teachers Union.

The focus on public education has gone beyond Providence. In early 2020, the Rhode Island Foundation established a fund to accept donations from individuals, businesses and nonprofits to help improve public education across the state. Then, it committed $1 million and introduced a 10-year plan offering recommendations and strategies to improve K-12 education in Rhode Island.

“Imagine 10 years from now, we have a world-class education for our students, and we have one of the healthiest states in the U.S.,” said Neil D. Steinberg, foundation CEO and president. “We would then not have to do major recruiting, in my mind. Companies would flock here. It’s that important to the students that are here today. It’s that important to the future of the state that we be competitive, provide the workforce.” n

‘It’s that important to the future of the state that we be competitive.’

NEIL D. STEINBERG, Rhode Island Foundation CEO and president

54 | NOVEMBER 2021

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10/25/21 2:46 PM

STORIES | ENERGY/ENVIRONMENT State is banking on power boost

BY NANCY LAVIN

|

Lavin@PBN.com

CHANGE USUALLY HAPPENS SLOWLY, especially when government gets involved.

But in the last five years, the nascent renewable energy sector has exploded in the United States, with many considering Rhode Island at the forefront.

The Ocean State staked its claim as a pioneer with the Block Island Wind Farm from Deepwater Wind LLC. The five turbines began spinning in December 2016, earning national acclaim – including a tweet from then-president Barack Obama – as the nation’s first offshore wind farm.

That was just the start. The race to develop renewable energy alternatives has since kicked into high gear, spurred by the promise of economic opportunity, the dire consequences of climate change and political will.

While the actual turbines have yet to go up, the federal agency in charge of carving up federal waters has signed 16 project leases as of August 2020, each for a massive array of dozens of turbines. Some projects would have 20 times the output of the Block Island t­ urbines.

State officials insist Rhode Island is still leading the way, with Orsted A/S playing a role in many of these projects, including the Revolution Wind Farm, which will also provide power to Rhode Island.

Yet the lofty economic transformation promised when these projects were first being proposed has yet to materialize, in part, according to some, because of the unknown nature of this industry.

“Part of the problem of building a workforce for wind energy is that there’s not a lot of context for what this workforce would look like,” Nina Pande, executive director of the job-training nonprofit Skills for Rhode Island’s Future, told PBN in an August 2021 story.

“People don’t know much about what this work entails because it’s a new job type.”

But pressure is mounting, in part because of the increasingly ambitious decarbonization goals adopted by the state. In June 2016, the state aimed to generate 38.5% of its energy from renewable sourc-

es by 2035, a major increase over the 3% target it began with in 2007.

Lawmakers have continued to up the ante, with former Gov. Gina M. Raimondo in January 2020 setting a goal to have 100% of the state’s electricity come from renewable sources by 2030.

The 2021 General Assembly went even further, updating the state’s decarbonization goals to reach net-zero emissions by 2050.

The rapidly changing targets drew concern from some in the

business community who feared additional costs, even though many of these same business owners have historically been burned by rate hikes on natural gas and electricity.

Most significant was National Grid Rhode Island’s winter rate hike in 2017, which increased bills for small-business customers by 30%, prompting a wave of backlash.

Natural gas is not always reliable either, as customers on Aquidneck Island learned firsthand during a weeklong winter gas outage in 2018 caused by high demand and equipment and programming failures.

Indeed, catastrophe in some shape or form has also spurred many more environmentally focused policies and protections.

Take coastal flooding, which after years of the R.I. Coastal Resources Management Council’s alarm bells going unheard, has begun to take hold amid increasingly severe and frequent flood damage.

“Most people don’t believe in preparedness until they get burned,” Peter Gaynor, director of the R.I. Emergency Management Agency, said in 2018.

R.I. LARGE SCALE: Matthew Morrissey, head of Northeast markets for Orsted U.S. Offshore Wind Power, stands in the company’s office in Providence in March 2020.

PBN FILE PHOTO/MICHAEL SALERNO

After losing a combined $8 million due to flood damage from events in 2005 and 2010, the leaders of international manufacturer Hope Global applied for and received $1.5 million in federal funding to protect its Cumberland factory along the Blackstone River against floods.

Meanwhile, the toll of 2010 floods in Warwick prompted the city to take measures such as buying vulnerable coastal property and converting it to protected land, PBN reported in 2018.

By 2019, even the capital city had started to wake up, with a coalition of property owners, community groups, environmentalists and government officials known as the Providence Resilience Partnership leading efforts to better understand and address flooding, not only from the Providence and Woonasquatucket rivers but also less-obvious causes such as poor stormwater drainage systems.

Environmentalists have largely embraced and led many of these efforts. Yet certain types of projects have also put green advocates in the opposition camp.

Among them are the increasing number of commercial-scale solar arrays, which developers built upon open farms and forestland, cutting down trees and disrupting wildlife from their native ­environments.

The state has started several incentive programs to encourage solar arrays elsewhere: parking lots, gravel pits and rooftops. Yet the pilot programs are still new and have not seen much activity.

Also a source of contention within the environmental community are some of the proposed offshore wind farms. The South Fork Wind Farm slated for nearby federal waters was particularly controversial because the turbines are to be built in a unique area of biodiversity known as Cox Ledge.

Fishermen, too, decry offshore wind farms, fearing the noise and presence of the massive turbines would disrupt the species on which their livelihoods – and a significant portion of the regional economy – depend.

These tensions will continue to play out as the state forges ahead with its economic and environmental goals. n

‘There’s not a lot of context for what this [offshore wind] workforce would look like.’

NINA PANDE, Skills for Rhode Island’s Future executive director

56 | NOVEMBER 2021

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:21 PM

FINANCIAL SERVICES | STORIES Cashing in on digital options

BY NANCY LAVIN

|

Lavin@PBN.com

PERHAPS NOTHING HAS transformed banking more than technology.

Online and mobile banking are certainly not new.

Websites, for example, first came on the scene in the late 1990s, while mobile apps ramped up with the smartphone debut circa 2007.

How comfortable and ready people were to adopt these technologies, however, was a very different story.

A combination of culture shift and necessity has trumped that hesitancy in recent years, particularly over the course of the COVID-19 pandemic as branch closures and stay-at-home orders forced the remaining holdouts to embrace the digital era.

Indeed, a July 2020 survey by Citizens Financial Group Inc. found the coronavirus crisis helped spur a 30% increase in digital banking among retail and business users.

But even before COVID-19 became a household name, financial institutions large and small were looking to technological innovations to better serve their customers and compete against the countless fintech players and nontraditional banks looking to take virtual market share.

Amy Martel, executive vice president and chief operating officer for People’s Credit Union in Middletown, joked in 2018 that technology played such a big part in the industry that financial companies would perhaps also categorize themselves as technology companies.

That same year Bank of America Corp., long-recognized as an industry technology leader, overtook Citizens for the top share of in-market deposits in the state, though it has since fallen back to second place. Now-retired Bank of America Rhode Island Market President William F. Hatfield chalked up the massive $4.8 billion year-over-year deposit growth to better mobile banking, including its new, artificial-intelligence-powered virtual assistant Erica.

Also in 2018, Citizens Bank rolled out a Venmo-copycat

person-to-person payment system known as Zelle, letting customers send and receive money using an email address or phone number.

National banks may have had the initial leg-up on cutting-edge technology, but smaller, local players are holding their own.

In fact, the increasing reliance on mobile and digital banking may have actually helped make these technologies more affordable for smaller, cash-limited companies, including banks, according to Margaret Hartigan, founder and CEO of Providence-based fintech firm Marstone Inc. Financial institutions across the board agree that the digital world will be key to future growth.

But when it comes to brick-andmortar branches, their strategies diverge.

TD Bank, Citizens Bank, Webster Bank and Berkshire Bank all announced plans to close some New England branches in 2021, citing the increasing shift to online and mobile banking. This continues a longer trend of national and regional players shrinking their regional footprints, though the latest wave of closures was more significant, in some cases slicing off almost a fifth of area branches.

Some community banks and credit unions are doing the opposite. Centreville Bank and The Washington Trust Co. opened new branches during the pandemic.

Navigant Credit Union and BankNewport also expanded their physical presence in recent years. In Navigant’s case, the credit union filled two spots left empty after a series of Webster Bank branch closures in 2017.

SITE VISIT: Mark K. W. Gim, president and chief operating officer of Westerly-based Washington Trust Bancorp., demonstrates the bank’s website technology on his iPad in 2018. But the regional bank didn’t abandon its brick-and-mortar strategy, opening several new branches in recent years.

PBN FILE PHOTO/MICHAEL SALERNO

Smaller institutions see new branches as a way to grow, and they insist the human element of bank services is still needed and wanted.

“Obviously there’s about a million people in Rhode Island, and I’m guessing there will be about a million people here in 10 years,” said Gary E. Furtado, Navigant CEO and president. “Do we need to steal the business from someone else to grow? Yes. It’s sad to say, but that’s where we get some of our business.”

Where to fall between the “high touch” and “high tech” is a balancing act financial institutions will continue to grapple with.

Also a challenge: hiring or training workers to support these technology-driven services.

The finance industry in particular has struggled with an aging workforce, with a higher percentage of workers at or over 55 compared with the state’s overall labor force. Among the benefits younger employees may offer is that they’re generally comfortable with technology.

Then there are the computer savants, those skilled in complex

coding and data analytics.

Citizens in 2019 announced plans to hire hundreds of software engineers to upgrade its digital offerings, at least a portion of which would work at its new Johnston campus. Fidelity Investments Inc. was also on the prowl for tech gurus, with plans to add 50 technology-specific positions such as software engineers and data scientists to its Rhode Island labor force in 2021.

But of course, the rush for technology across industries means companies are competing for the same prospective employees, who so far have been few and far between.

In the interim, many financial services companies are partnering with the R.I. Department of Labor and Training or creating their own programs to bring workers up-tospeed on the latest software and technology – skills that will be an increasing part of any finance job into the future.

“The skills required tomorrow are different than the skills required today,” said Susan LaMonica, Citizens’ chief human resources officer. n

‘The skills required tomorrow are different than the skills required today.’

SUSAN LAMONICA, Citizens Financial Group Inc. chief human resources officer www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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STORIES | GOVERNMENT Faces change, conflict remains

BY CASSIUS SHUMAN

|

Shuman@PBN.com

TALK ABOUT A SUDDEN TURN. For six years, the General Assembly – or at least one chamber of it – was controlled by House Speaker Nicholas A. Mattiello, a conservative-leaning Democrat, much like the Cranston district he represented.

And then there was then-Gov. Gina M. Raimondo, a Democrat with more liberal leanings who had been in the state’s top office since 2015. Raimondo and Mattiello, the two most powerful politicians in Rhode Island government, were often at odds on budgetary priorities and policy decisions.

Now they’re both gone.

Wounded by several controversies during his tenure, Mattiello was unseated in November 2020

by Republican challenger Barbara Ann Fenton-Fung. A term-limited Raimondo left office in early 2021 to take the job as U.S. commerce secretary under President Joe Biden.

They left behind new House leadership, a new group of progressive lawmakers, a new governor and a state that’s still trying to recover from the COVID-19 pandemic.

With Mattiello, who stood in the way of legalized recreational marijuana for years, out of office, state leaders looked poised to make legalization happen. House

Speaker K. Joseph Shekarchi, Senate President Dominick J. Ruggerio and Gov. Daniel J. McKee have each backed different versions of legislation that would accomplish essentially the same thing: The establishment of a system that will allow for the regulation of legalized recreational marijuana.

Agreements between the executive branch and the legislative branch have been rare in recent years. despite all top political seats in Rhode Island being controlled by Democrats.

One of the more high-profile examples of disagreement in recent years came when state leaders attempted to negotiate a plan to keep the Pawtucket Red Sox in Rhode Island. In 2017, Raimondo backed a deal for a new $83 million stadium paid for mostly with bonds, spreading the costs between the state, the city of Pawtucket and the team.

While the Senate approved the agreement, Mattiello stalled the decision in the House, saying he wasn’t comfortable with some

MOVING ON: Pawtucket Mayor Donald R. Grebien talks with then-Gov. Gina M. Raimondo at an August 2018 press conference at Slater Mill to discuss the Pawtucket Red Sox’ decision to move to Worcester, Mass.

PBN FILE PHOTO/MICHAEL SALERNO

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aspects of the deal.

By August 2018, with no agreement finalized between the team and the state, the team announced that it was moving to Worcester, Mass. The Worcester Red Sox – the WooSox – started playing at Polar Park in spring 2021.

As a consolation prize, the R.I. Commerce Corp. board of directors gave the go-ahead in February 2021 to provide more than $46 million in public, tax-increment financing and tax credits to a proposed Pawtucket development project that will include a minor league soccer stadium.

Another public dust-up took place in 2019, when Raimondo agreed to a deal that would keep International Game Technology PLC in the state and a promise of increasing the number of jobs based here in exchange for a 20year contract to oversee the state’s massive lottery system.

The problem: The deal was negotiated without input from state legislators and had casino operator Twin River Worldwide Holdings Inc. – now called Bally’s Corp. – publicly unhappy, so much so that it made a similar offer to run the lottery system.

Legislative leaders delayed approving the agreement, and eventually a compromise was hammered out that satisfied IGT, Bally’s and most lawmakers. Because of the COVID-19 pandemic, it wasn’t approved by the General Assembly until the spring of 2021.

The political discord was mostly put on hold when the pandemic arrived in March 2020. The General Assembly largely went into hibernation, clearing the way for Raimondo to take nearly full command of the response to the crisis.

Declaring a state of emergency, Raimondo ordered the shutdown of schools, restaurants, bars and

other businesses that were not deemed essential. In daily briefings from the Statehouse, Raimondo gave updates on case counts and fatalities, and to those who were gathering in groups without masks, she had a message that went viral: “Knock it off.”

By the end of 2020, masked lawmakers felt more comfortable meeting face to face, as long as the proper precautions were taken – the Senate met during the 2021 session at an auditorium at Rhode Island College, the House at Veterans Memorial Auditorium. Both venues allow for social distancing, unlike the chamber at the Statehouse.

But even with new faces in the leadership positions – namely McKee and Shekarchi – the disagreements continued.

Leaders generally agreed that legalizing recreational marijuana must move forward, or the state will see potential revenue flow across the border into Massachusetts, where recreational marijuana has been legal for years. But by the fall of 2021, they still didn’t see eye to eye on how to tax and regulate it. Measures included various methods of oversight and different rates of taxation.

Another simmering issue was the spending of the state’s slice of federal funding from the American Rescue Plan Act – about $1.1 billion. As of late October, Rhode Island remained the only state in the Northeast that had not spent a dollar of the recovery funds.

McKee has lobbied to tap into the federal funds but had been rebuffed by the General Assembly.

In early October, the governor unveiled a proposal to spend 10% of Rhode Island’s ARPA funds on short-term needs. The plan was submitted to the General Assembly as a supplemental state budget amendment that needed the approval of legislators. n

Agreements between the executive branch and the legislative branch have been rare in recent years.

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:22 PM

HEALTH CARE | STORIES A time of upheaval and recovery

BY MARY MACDONALD

|

Contributing Writer

THE HEALTH CARE SYSTEM in Rhode Island, transformed by expanded health care insurance access, is preparing for further change as 2021 draws to a close.

Lifespan Corp. and Care New England Health System, the state’s largest hospital systems and among its largest private employers, finalized an agreement to merge into a single entity in early 2021 and were awaiting several governmental reviews.

The health care community was beset by the COVID-19 pandemic, which hit Rhode Island in early 2020 and remained a public health emergency into 2021. Along with the deaths of more than 2,800 Rhode Islanders by late October, the pandemic put great strain on the health care system.

It led directly to renewed talks among Brown University, Lifespan and Care New England about a merger after the executives for the two health systems said they realized what they had gained by partnering in responses to the pandemic.

If approved, the two health care systems would combine forces and partner with Brown, leading to what proponents say will be improved health care options, less duplication and more innovation that will help the Rhode Island economy.

The merger, sought on and off for more than two decades, requires approval by the R.I. Department of Health, the R.I. Office of the Attorney General and the Federal Trade Commission. State legislators are also keeping a keen eye on the process. Many are concerned that the merger would lead to a loss of jobs and potentially cutbacks in services, particularly at community hospitals.

Starting in 2017, the closure of most services at Memorial Hospital in Pawtucket, then a Care New England holding, led to increased emergency room wait times at the next-closest hospital, The Miriam Hospital in Providence. Pawtucket residents and city leaders, frustrated at the loss of jobs and activity in one of its largest neighborhoods, argued unsuccessfully to keep Memorial open.

By early 2020, the COVID-19 pandemic was consuming all public attention and focus. Hospital and nursing home staffs struggled in the early months of the pandemic to secure enough personal protective equipment to prevent infection.

Nursing homes suffered

through large outbreaks of the disease among patients and staff.

By mid-July, the Department of Health reported about 1,500 deaths attributed to COVID-19 were reported at the state’s nursing homes, about 55% of the state’s total pandemic-related deaths at the time. Nearly 5,800 nursing home residents had reported infections.

By the spring of 2021, with access to approved vaccines, the situation had stabilized across much of the state. But state leaders have continued to keep tabs on the health care response and capacity.

Three field hospitals were opened in the fall of 2020 by thenGov. Gina M. Raimondo to accept hospital patient overflow. But the need for COVID-19 hospitalizations didn’t materialize as much as state officials initially feared.

As the infections subsided and hospitalizations decreased, the auxiliary hospitals were decom-

‘The patients deserve to receive medical care in a facility that is well-maintained.’

GOV. DANIEL J. MCKEE

missioned.

The pandemic put a large strain on other health care providers. For a period early in the pandemic, dentists, physical therapists and other health care practices were ordered shuttered to conserve PPP and avoid infection. Many older practitioners retired.

Long after businesses were allowed to reopen fully, the backlog of nonemergency services was still being addressed into 2021.

Nursing homes have continued to struggle with inadequate staffing.

The pandemic exacerbated already existing shortages in staff, according to the health care executives. And additional costs to fight the pandemic and the loss of new residents put nursing home operators in a financial vise.

At Bethany Home of Rhode Island, a nonprofit, 33-bed facility, administrator Elizabeth “Libby”

TAKING NO CHANCES: In November 2020, Elizabeth “Libby” Sarro, right, administrator at Bethany Home of Rhode Island, helps office manager Linda Wilson, center, and David Bragga, director of therapy, don protective equipment at the entrance of the Providence nursing home.

PBN FILE PHOTO/MICHAEL SALERNO

Sarro reported that staff had shrunk in 2020 from 80 in February to 57 in November, just as COVID-19 cases in the state were climbing.

She used a state grant of $21,000 to provide raises for her staff.

“They’re exhausted. And they deserved it,” she told PBN. By the summer of 2021, the pandemic’s impact on the health care system seemed to be in check.

Although cases were continuing to be reported, hospitalizations had plummeted.

Now led by Gov. Daniel J. McKee, the state was looking internally at its own state hospital system.

The Eleanor Slater Hospital, a system of four separate hospital buildings in Cranston and Burrillville, was in danger of losing its accreditation through the Joint Commission, a nonprofit organization that oversees accreditation at 22,000 hospitals in the U.S. Its initial report found deficiencies in the hospital facilities, including torn pavement that had ensnared a patient in a motorized wheelchair.

In June, McKee announced a state investigation into management and facility practices at the hospital. An initial review found patient care was not compromised, but it also found administrators were disorganized and the facilities were in disarray and poor condition.

Additional reviews are under way, including by the attorney general’s office.

McKee, in July, promised that, if need be, the state would fix the problems by providing more capital funds to improve the hospitals.

“Just like any other hospital, patients at Eleanor Slater Hospital deserve the highest levels of care,” McKee said at a press conference.

“The patients deserve to receive medical care in a facility that is well-maintained, where repairs are addressed in a timely manner.”

The hospital received accreditation from the Joint Commission in September. n

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STORIES | MANUFACTURING Making the sector more resilient

BY MARY MACDONALD

|

Contributing Writer

THE TRENDS IN MANUFACTURING over the past decade, including lean processes and increased efficiency, took a back seat in the last two years. Innovation and resilience instead became the drivers for many manufacturers.

Even before the COVID-19 pandemic, employment in the industry that once dominated Rhode Island had been declining. In 2020, the state had 37,414 people in manufacturing jobs, down almost 6% from 2019, according to the R.I. Department of Labor and Training.

The number has been falling for the last five years, although it has bounced back somewhat in 2021.

Manufacturing now accounts for less than 10% of all private jobs in Rhode Island.

This runs counter to the national outlook, in which manufacturing has experienced slow growth.

Despite the tightening of employment, the industry enters 2021 more resilient, say leaders. Many manufacturers had to reboot themselves in the pandemic, after supply chains dwindled, or demand dried up for traditional products.

A few closed or had significant layoffs.

But many others saw gains in demand – and challenges that were associated with those, including finding enough employees.

The broader trends of the past five years remain in place.

The workforce is aging and will have to be replenished.

Twenty-five percent of all manufacturing employees in Rhode Island are 55 or older, eligible to retire within 10 years or so, according to 2019 data. About 31% are in their 20s and early 30s, which has resulted in a labor force dominated by the relatively young and old.

Wages are increasing. A public database maintained by Polaris MEP reported that the average hourly manufacturing wage was $28.98 in 2019.

Partnerships among manufacturing sectors are increasingly influential. Several emerged in the past five years.

They include 401 Tech Bridge, an initiative launched in 2019 to help connect the textile, composites and undersea technology industries to the U.S. Navy, local universities, nonprofits and businesses.

Another alliance among industry members is the Rhode Island Textile Innovation Network, which has joined together a cross-section of advanced textile manufacturers and suppliers to promote ­opportunities.

And We Make RI, a nonprofit that provides training, worked to train new employees for manufacturers having trouble finding experienced talent, including Amerisewn of Cranston, which needed industrial, professional stitchers.

Another emergent trend: the state of Rhode Island has become a more active partner in encouraging manufacturing growth.

General Dynamics Corp., which operates the Electric Boat submarine manufacturing facility in North Kingstown, credited workforce development initiatives, including Skills for Rhode Island’s Future, Back to Work RI and P-TECH, with shepherding 1,400 workers to its site at Quonset Point. The manufacturer of nuclear submarines expects its workforce in Rhode Island to grow from 4,000 to 6,000 over the next several years.

Other state activities have been aimed at encouraging innovation and development of the manufacturing industry.

In 2020, the state revised its Rebuild Rhode Island tax credit program to provide flexibility and more funding for smaller manufacturers. The reworked requirements removed the threshold for manufacturing projects. Under the original program, Rebuild RI would only help an employer with at least 25 employees, planning to spend at least $5 million on a project. Another government program, Innovation Vouchers, has been used heavily by manufacturers.

Since January 2016, more than $1.9 million has been awarded through the Innovation Vouchers program to manufacturers to help them expand innovative technologies or products.

Manufacturers can use up to $50,000 in innovation grants to fund research and development

COMMITTED TO COLLABORATION: Mary Johnson, left, program manager for Polaris MEP and the Rhode Island Textile Innovation Network, speaks with Michael Woody, president of Trans-Tex LLC and RITIN, in 2018. In the background is Tanya Dumrongmanee, Polaris program ­consultant.

PBN FILE PHOTO/MICHAEL SALERNO

internally, or to partner with a university.

Through the pandemic, many manufacturers found their markets shifted.

Some, such as WaterRower Inc., a manufacturer of rowing exercise machines, saw its sales expand because of the increase in at-home, personal fitness and the closure or restriction of traditional gyms.

Other manufacturers added new product lines or shifted work to meet new markets, including the needs of the health care industry or consumers. Aidance Scientific Inc., of Woonsocket, normally a manufacturer of topical medications, shifted into hand sanitizer.

Manufacturers who were reliant on industries hit hard by the pandemic were initially hit by lagging sales. Those industries have since started to recover.

And manufacturers that beefed up production in the pandemic, for products such as face shields, medical gowns and gloves or face masks, have since recalibrated. Honeywell International Inc., which has a factory in Smithfield, brought on 500 new manufacturing employees to produce N95 masks in March 2020, when the supplies were critically low. But by May of 2021, the company had announced

those numbers would be cut, as it stopped local production due to decreased demand.

Before the pandemic, tariffs and trade restrictions, particularly with China, were vexing to many Rhode Island manufacturers whose products include materials and components sourced overseas.

The tariffs imposed in 2018 by the Trump administration caused price increases for materials, including Chinese-sourced aluminum and steel.

Manufacturers, such as ­­VIBCO Inc., of Richmond, which had already relied on American suppliers for its aluminum and steel, faced price increases as more manufacturers sought to avoid the tariffs and get their supplies from U.S. sources.

Manufacturing companies that used steel and aluminum in their products, and which used U.S. plants, adapted to the new demands on their supply chain. Yushin America Inc., a Cranston-based subsidiary of a Japanese manufacturer that makes industrial robots, took the long view.

“In the short run, it may cause some pain,” said Michael Greenhalgh, Yushin America’s director of operations. “In the long run, it’s better for us as a country.” n

Rhode Island has become a more active partner in encouraging manufacturing growth.

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:22 PM

NONPROFIT | STORIES Creative ways to generate funds

BY JAMES BESSETTE

|

Bessette@PBN.com

NONPROFIT ORGANIZATIONS ARE LIFELINES for communities, helping those in need with food, medical services, education services and other community programs. Those organizations were critical during the COVID-19 pandemic that turned life in Rhode Island and southeastern Massachusetts upside down beginning in March 2020.

But, in turn, those organizations need assistance from the community.

Despite the significant services that nonprofits provide, funding such nonprofits has become a challenge of late. The Rhode Island Foundation, the state’s largest nonprofit funder, and Champlin Foundation have seen year-to-year increases in charitable giving from 2017 through 2020.

However, other organizations such as the van Beuren Charitable Foundation went from giving $10.7 million in the 2017 fiscal year to $6.3 million in 2018. United Way

of Rhode Island has seen similar decreases, going from giving $18.4 million in 2016 to just $9.1 million in 2020.

Myriad reasons factor into why nonprofit giving is on the decline in the area. Some nonprofit leaders said most monetary donors are older, and younger generations want to donate their time to causes in lieu of money. Another issue is a limited supply of qualified fundraisers.

“There’s just not enough [fund-

raisers] around with the skills and experience,” said Christine Pellegri, past president of the Association of Fundraising Professionals Rhode Island Chapter and senior philanthropic adviser for the Rhode Island Foundation.

“Every time there’s a job that’s open, people call me all the time, ‘Do you know anyone? I have this position.’ ” However, local organizations have recently taken alternative steps to help local nonprofits and give their bank accounts a much-needed shot in the arm.

In March 2020, right at the pandemic’s onset, the United Way created the 401Gives Day online fundraiser. Every April 1, for 24 hours, the public can donate any amount to their favorite charities.

United Way CEO and President Cortney Nicolato first experienced this unique initiative when she worked in Texas to assist nonprofits and highlight their work supporting the community. Nicolato, upon returning home to Rhode

‘This isn’t just about a day; it’s about a movement.’

CORTNEY NICOLATO, United Way of Rhode Island CEO and president

VIRTUAL ACT: Brien Lang, right, and Dave Carney perform “Miss You Like Hell,” a musical adaptation of the movie “Road House,” linked via Zoom with fellow Wilbury Theatre Group cast members for a 401Gives Day online performance in 2020 at the theater in Providence.

PBN FILE PHOTO/DAVE HANSEN

Island, brought that fundraising idea from Texas.

There were some initial questions as to whether the inaugural 401Gives Day would reach its fundraising goal given the losses that were incurred due to the pandemic. But the event has exceeded United Way’s expectations and greatly supported nonprofits when they needed it most.

In two years, 401Gives Day has raised $3.4 million for several hundred nonprofits, including $2.1 million in 2021. Nicolato previously said 401Gives Day is significantly beneficial for smaller nonprofits because $5,000 for them can be life-changing.

“This isn’t just about a day; it’s about a movement,” she said.

“Recognizing the incredible amount of work they do each day.

Our goal is to continue to build that movement and continue to give nonprofit organizations the tools to be successful in the day.”

Both United Way and Rhode Island Foundation also jointly started in March 2020 the COVID-19 Response Fund, which provided grants to local organizations helping on the front lines combating the health crisis. Rhode Island Foundation subsequently took over the relief fund’s operations solely, and the fund distributed more than $8 million to nonprofits to help their operations.

And the state has made efforts to help nonprofits. In July 2021, Gov. Daniel J. McKee, along with the help of the Rhode Island Foundation and R.I. Commerce Corp., created the RI Gives Vax Challenge vaccine incentive program.

The program was introduced to both help increase Rhode Island’s vaccination rate that had slowed over the summer while also giving nonprofits a financial boost. It was also a unique incentive program, as other states gave incentives directly to individuals to motivate them to get vaccinated.

The five-round program, which lasted until the end of August, distributed $750,000 in grants to 75 small nonprofits on the front lines of the pandemic. Each round distributed $10,000 grants each time the state recorded 5,000 first doses of the COVID-19 vaccine.

“It [was an] opportunity to do two good things. The first is to encourage people to get vaccinated for their health and the well-being of the community,” Rhode Island Foundation CEO and President Neil D. Steinberg said. “It’s coupled with doing good by supporting the hardworking nonprofits that are boots on the ground.” n

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10/22/21 1:23 PM

STORIES | REAL ESTATE Sky the limit for R.I. developers

BY MARY MACDONALD

|

Contributing Writer

REAL ESTATE HAS TAKEN center stage in Rhode Island as a form of economic development.

After a slow start, the long-vacant I-195 Redevelopment District has come alive with new buildings and active construction. Developers are actively competing now for the vacant parcels.

Full-service hotels and boutique hotels have popped up across the state, occupying former office buildings and filling in former parking lots.

Modern industrial properties, such as warehouses, usually in short supply in the state, are now being planned or under construction for the first time in years.

And in residential real estate, home prices have soared since 2016, creating newfound wealth for property owners but highlighting a need for more affordable housing.

In the I-195 district, four projects have been completed since 2015.

Another three are under construction. On-site work hasn’t started on two others that have been approved by the commission that oversees development in the district.

No project has been more controversial than the residential high-rise sought by The Fane Organization, which has negotiated a purchase and sale agreement for Parcel 42, overlooking the Providence River.

As of late October, the project remained just a proposal. Fane, a New York-based developer, has recently submitted design drawings to the commission.

The modern-looking tower, with 46 floors, would be the tallest building in the state if it is constructed.

As those plans proceed, downtown Providence has been transformed. Mostly vacant Class-B or Class-C office buildings have been purchased, renovated and reopened as mixed-use apartment buildings.

Westminster Street has seen much change since 2016. The Kinsley Building, the Lapham Building, the Wit Building, the Tilden-Thurber Building have been renovated and converted to a mix of apartments, retail and restaurants.

New buildings have been

created, occupying entire blocks downtown, including the 143-unit Nightingale apartment building that will feature an organic grocery store on its ground floor along Washington Street.

The trend is expected to continue in the years ahead, as demand for city living and apartments continues.

Providence is now reviewing final plans for a 12-story residential building, over retail, on a site just outside the I-195 district. It is an example of the development interest in Providence that officials had hoped to encourage by investing in an innovation district.

Still, one of the city’s tallest buildings, Industrial Trust Co. Building – also known as the “Superman” building – has remained empty since Bank of America Corp. moved out in 2013, leaving the owner, High Rock Development LLC, and city and state officials to figure out its fate.

In the meantime, hotels have expanded in number and size across the state, with eight regional or boutique hotels having opened in downtown Providence or Warwick since 2015. One of the state’s largest hotels, the Graduate Providence – formerly known as the Biltmore Hotel – was substantially renovated and rebranded following a change in ownership.

In Newport, The Wayfinder opened in 2020 following a sale and a substantial renovation, one of five hotels in that city that has undergone substantial renovations since 2016. In addition, several new hotels have opened, including two – Hammetts Wharf Hotel LLC and the Brenton Hotel LLC – on the Newport waterfront.

Providence has multiple new options aimed at business travelers and families visiting colleges.

The Aloft Hotel is scheduled to open by year’s end in the I-195

EVOLVING DISTRICT: The $20 million Providence River Pedestrian Bridge completed in 2019 is part of the changing landscape in the I-195 Redevelopment District.

PBN FILE PHOTO/ARTISTIC IMAGES

Redevelopment District.

Its owner, Richard Galvin, CEO and president of CV Properties LLC, remained bullish on Providence, even though the COVID-19 pandemic left many office buildings and hotels empty. “I’ve been in the real estate development and investment business for 30 years,” he said. “We have these shocks along the way, for a variety of reasons. In the end, the No. 1 factor in long-term success is having a little patience.”

Several smaller, unique, boutique hotels have also opened in the state. In Providence, the Dye House opened in May 2021 in the Olneyville neighborhood. The Beatrice, a downtown hotel fashioned from a historical bank and office building, opened in September. The Dean, meanwhile, was a trend-setter when it opened in 2015.

Industrial development has slowly climbed. The Quonset Development Corp., which operates the Quonset Business Park, invested in the construction of several flexible-space warehouse and industrial buildings, which have started to lease with new tenants following a pandemic lull.

One of the most significant turnarounds in real estate in the last five to six years came in residential sales.

The residential market remained sluggish following the Great Recession, but prices started to escalate around 2016.

For the past several years, the residential market, including condos and single-family homes, has experienced less supply than demand. This forced prices upward, and they then became exaggerated by the pandemic when more people started leaving larger cities and seeking out properties in smaller communities, including in Rhode Island.

In July, the state broke a record for the median cost of a single-family home, at $384,000.

For owners, this has meant a windfall of equity that they can cash out if they sell and relocate or downsize. But for many buyers, and in particular people trying to break into the market for the first time, the escalating prices have put homeownership out of reach.

And renters in nearly every community are finding fewer options for leasing a home.

The demand for affordable housing protection reached a pitch in 2021, inspiring the General Assembly to approve for the first time a dedicated fund for affordable housing creation. The fund is fed by a tax on real estate sales of more than $800,000. n

‘In the end, the No. 1 factor in long-term success [in real estate] is having a little patience.’

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:23 PM

SMALL BUSINESS | STORIES Lending some help to little guys

BY NANCY LAVIN

|

Lavin@PBN.com

ASK ANY RHODE ISLAND SMALL-BUSINESS owner if they could use more help – loans, grants, coaching, training programs – and it’s safe to assume they would all say “yes.”

While additional incentives will always be at the top of the wish list of small businesses, the array of programs available has expanded dramatically in recent years.

The revamp of R.I. Commerce Corp. under former Gov. Gina M. Raimondo was intended to lure major companies to the state. But it also brought a host of new funding options and other programs that benefited much smaller employers, too. In 2016, for example, the state launched a Small Business Assistance Program, offering microloans to the smallest of businesses. Over the last five years, the program has doled out $4 million to businesses that might otherwise struggle to secure lending from traditional financing institutions.

The so-called “small-business friendliness omnibus” included in the governor’s fiscal 2019 budget sought to further ease the bureaucratic burden by eliminating several fees and registration and license renewal requirements.

Meanwhile, some private and nonprofit groups have emerged on the scene with everything from startup support to expert coaching and, of course, money.

In 2016, Goldman Sachs debuted a state chapter of its national 10,000 Small Businesses program.

As of May 2021, more than 350 small-business officials have graduated from the training program aimed at helping existing entrepreneurs expand.

Also in 2016, the Rhode Island Hispanic Chamber of Commerce opened its doors, and, thanks to its services during the COVID-19 pandemic, has increased membership from 70 before the pandemic to 700 as of July, according to Executive Director Oscar Mejias.

Still, problems persist. Minority businesses continue to face obstacles to funding, both through traditional lenders and state government, an inequity that attract-

ed new attention amid the racial reckoning prompted by the killing of George Floyd by a police officer in Minnesota in 2020.

How to address racial disparities in the business community is also a source of debate; an economist who authored a 2020 report on Rhode Island’s economic growth suggested a minority business accelerator program as a solution.

But others say the problem is not about lack of programs but about connecting business owners to what’s out there already.

“Our early experience shows there are a lot of business owners and entrepreneurs who are just not connected to all the support that exists,” Kelly Ramirez, CEO of Social Enterprise Greenhouse, told PBN in 2020.

Those same concerns were part of the reason for revamping the R.I. Commerce department in 2016 – to improve outreach and communication with the business community as a whole. But the outlets through which those efforts have been channeled may not be the right ones to reach minority business owners.

“If SEG or Commerce R.I. have a new program, they go to [TV news] or The Providence Journal, and Latinos don’t read The Providence Journal,” Mejias said.

Also lacking, according to some, are the investors to support a burgeoning startup community.

The state’s vibrant university scene and a growing number of incubator programs offer a launching pad for entrepreneurs to get their innovations off the ground.

But when it comes to equity or venture capital to turn ideas into bona fide businesses – and keep them in-state – options remain

SMALL-BUSINESS STARTER: Providence-based Maternova Inc. was the first medtech venture to complete an accelerator program at Social Enterprise Greenhouse. The company’s founder, Meg Wirth, foreground, is now SEG’s director of health and wellness.

PBN FILE PHOTO/ELIZABETH GRAHAM

scarce.

A few firms are making waves: Slater Technology Fund, for instance, has invested more than $37.5 million in technology-focused startups since 2005, PBN reported in 2019.

But businesses continue to bemoan a lack of investors, particularly in industries outside of technology. The General Assembly in 2019 sought to fill the gap by offering investment companies tax credits in return for pumping money into local businesses. The controversial legislation, which the Raimondo administration warned was overly risky, has not seen the kind of uptake proponents hoped, in part because of additional limitations R.I. Commerce tacked on once the bill passed.

Only a single investment company, Enhanced Capital, has been approved to accept applications for potential businesses, according to Commerce spokesman Brian Hodge. Two other investment firms were turned down under the initial regulations, and no new companies have since sought to join the program, Hodge said.

How the state spent its feder-

al stimulus money during the pandemic also remains a sore spot among small-business owners, even after the virus began to weaken its grip on the economy.

Commerce Secretary Stefan Pryor said the $125 million from the Coronavirus Aid, Relief and Economic Security Act that the state spent specifically on small businesses – equal to 10% of the state’s total funding – was much higher than what neighboring Massachusetts or Connecticut doled out to their business communities.

But whether that was enough to stave off the storm of health and economic consequences was unclear. Numerous restaurants, retail shops and other small businesses have already shuttered – though there’s no comprehensive data source to track how many – and some believe the fallout isn’t over.

“We expect to see another round of closures happening after the summer season,” said Sarah Bratko, lobbyist for the Rhode Island Hospitality Association. “They scraped it together but they’re operating on a shoestring. It can’t last.” n

‘There are a lot of business owners and entrepreneurs who are just not connected to all the support that exists.’

KELLY RAMIREZ, Social Enterprise Greenhouse CEO www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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STORIES | TECHNOLOGY Building on promise of biotech

BY ANDY SMITH

|

Contributing Writer

WITH HELP FROM COMPANIES ranging from global corporations to local startups, Rhode Island has had its share of victories in the biotech sector in recent years.

And the indications are the momentum will continue.

Among the recent successes is the completion of a $200 million biomanufacturing plant at Amgen Rhode Island’s West Greenwich campus. The 120,000-square-foot facility was built amid the COVID-19 pandemic in 2020, and the multinational biopharmaceutical company hired more than 150 people to staff it.

Another recent success story is Rubius Therapeutics Inc., which established a pharmaceutical manufacturing plant in Smithfield, using an existing 135,000-squarefoot building. In 2018, the R.I. Commerce Corp. approved a package of tax credits and incentives worth up to $9 million.

On a smaller scale, Bristol-based biomedical startup Lenoss Medical LLC announced in May that it had raised $1.3 million in funding for its research into spinal fractures, partly with the assistance of the New England Medical Innovation Center and RI Bio, a nonprofit designed to grow the life science economy in Rhode Island.

“We can’t compete head to head with Kendall Square [in Cambridge, Mass.],” said Hilary Fagan, executive vice president for business development at R.I. Commerce. But, she said, Rhode Island can take advantage of its expertise in design and manufacturing.

Rubius, for example, has its corporate headquarters in Cambridge but chose Smithfield for its latest manufacturing plant.

And it’s not just biotech that is offering promise for Rhode Island.

The state has turned its focus to ocean-based technology, particularly offshore wind power. And the advanced materials manufacturing with both civilian and defense applications is getting a share of the attention, building on Rhode Island’s long tradition of textile and marine innovation.

The information technology sector in Rhode Island has seen growth, too. Most visible was the arrival of global tech company Infosys Ltd. in downtown Providence, setting up its Design and Innovation Center in 2019 and pledging to hire as many as 1,000 workers in Rhode Island by 2023.

All this is supported by the growth of an entrepreneurial ecosystem that encompasses state and local government, nonprofits and major universities such as Brown 64 | NOVEMBER 2021

052_069_35years_Stories.indd 64

University, the University of Rhode Island and Rhode Island School of Design.

“We’re at a moment in time when there’s an explosion of resources poised to help industry develop in the state,” Fagan said.

A symbol for new development in the state is the Wexford Science & Technology LLC complex, part of which is located on land opened up after the relocation of Interstate 195. The complex consists of three buildings: South Street Landing, home to several Brown University administrative departments and the Rhode Island Nursing Education Center, the newly renovated Davol Square, and a new building called Point 225.

Gregory Herlong, director of development for Wexford developments in Providence and Baltimore, acknowledged that the top two floors of Point 225 – about 62,000 square feet – remain empty.

Herlong said that space was intended for life science companies, with the infrastructure of those floors designed to handle their needs.

“That’s where the focus is right now, going after the life sciences user,” Herlong said. There’s been some interest, he said, but it would be premature to say anything more.

“I’m optimistic about the next year,” Herlong said. “The transformation in the [Providence

‘The transformation in the [Providence Innovation and Design District] in the past three years has been remarkable.’

GREGORY HERLONG, Wexford Science & Technology LLC director of development Innovation and Design District] in the past three years has been remarkable. There are some incredible opportunities as the 195 land opens, and there is so much state and local support for development.

Providence represents a tremendous opportunity.”

One component of Wexford is CIC Providence, about 60,000 square feet of coworking space with about 100 client companies. Danish offshore wind company Orsted A/S has opened a U.S. innovation Hub at the CIC Providence to investigate companies interested in developing new technology to advance offshore wind development.

In April, Orsted, operator of the five-turbine Block Island Wind Farm, joined with its partner Eversource Energy to announce plans to construct an assembly facility at the Port of Providence to make foundation platforms for more than 100 wind turbines. These would support the development

CLEAN ENVIRONMENT: An Amgen employee works inside the next-generation biomanufacturing plant built in West Greenwich in 2020.

COURTESY AMGEN RHODE ISLAND/AL WEEMS

of larger wind projects that would supply power for Rhode Island, Connecticut and New York.

At the same time, there are about a dozen companies working on various aspects of offshore wind power based at CIC Providence.

(Another wind technology company, Arctura Inc., is located in South Kingstown.)

Michael Katz, executive director of the URI Research Foundation, also known as URI Ventures, said ocean technology, or “the blue economy,” is a logical growth area for the Ocean State and one in which URI, with its Graduate School of Oceanography, is poised to play a key role.

Katz also mentioned the 401 Tech Bridge initiative, which is bringing together a wide variety of players, including URI, to develop advanced textiles, composites and marine technology. During the pandemic, 401 Tech Bridge was asked by the state to help local manufacturers to produce and supply personal protective equipment.

401 Tech Bridge operates with $6 million in operating capital from federal, state and private sources, including the U.S. Economic Development Administration, which gave the organization a $724,674 grant in April.

Now 401 Tech Bridge is building an Advanced Materials and Technology Center in Portsmouth, a partnership among URI, Polaris MEP, the Composites Alliance of Rhode Island, the Rhode Island Textiles Innovation Network and the U.S. Office of Naval Research.

It’s designed for short-term lab projects where collaborators can conduct research and development. “It’s really a collaboration space, where companies will be able to show their products to potential partners on a small scale,” said Mary Johnson, Tech Bridge manager. n

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:23 PM

TOURISM | STORIES R.I. branding has been hit or miss

BY CASSIUS SHUMAN

|

Shuman@PBN.com

WHEN R.I. COMMERCE CORP. DECIDED to hire a chief marketing officer in late 2015, it made sense – bring in a person to guide efforts to rebrand Rhode Island as a place for tourists to spend money and businesses to set up shop.

And when Betsy Wall – the former head of the Mass.

Office of Travel and Tourism – was appointed, it seemed like a coup.

But just a few months later, a failed “Rhode Island: Cooler & Warmer” slogan led to Wall’s resignation, and the position has felt unsettled ever since.

Yes, Lara Salamano gained recognition as CMO for being an artful professional with the talent for collaborating with local tourism officials. She was also credited with the launch of the attention-garnering “Fun-Sized” state-marketing campaign. But she left after 2½ years for a job in the private sector, and her replacement, Heather Evans, stepped down after a year.

Matthew Sheaff, R.I. Commerce’s director of communications and stakeholder outreach, stepped in, and served as interim CMO for more than a year.

In September, R.I. Commerce hired its fourth CMO since 2016, and state officials are hoping the effort to raise Rhode Island’s profile will be on more-stable footing.

Anika Kimble-Huntley, who earned an MBA from Simmons College Graduate School of Management, has more than 20 years of

marketing experience and recently served as vice president of marketing for the Hard Rock Hotel & Casino Sacramento at Fire Mountain.

Kimble-Huntley takes over as the state’s tourism industry is still recovering from the effects of the COVID-19 pandemic, which shut down hotels statewide and closed the R.I. Convention Center in Providence. While tourist destinations such as Newport, Block Island and South County have bounced back, curtailed business travel has drained a lot of visitor spending from the Providence area, which relies heavily on meetings and conventions.

Kristen Adamo, CEO and president of the Providence Warwick Convention & Visitors Bureau, said R.I. Commerce was doing fine in marketing with Sheaff temporarily running things, but a permanent CMO will be helpful in the recovery.

With a decimated hospitality industry, thousands left jobless, tens of millions of dollars lost, recovery planning highlighted the need for a permanent CMO to provide

EMPTY FEELING: Kristen Adamo, CEO and president of the Providence Warwick Convention & Visitors Bureau, stands in the barren lobby at the Crown Plaza Providence-Warwick in Warwick in March 2020, after the COVID-19 pandemic caused a massive amount of canceled trips.

PBN FILE PHOTO/MICHAEL SALERNO

‘I feel we’re going to need a strategic, big-picture thinker.’

KRISTEN ADAMO, Providence Warwick Convention & Visitors Bureau CEO and president direction and leadership.

“It’s a full-blown crisis in Providence,” said Adamo earlier this year, before Kimble-Huntley’s hiring. Adamo said there was a need for a CMO “who can hit the ground running. I feel we’re going to need a strategic, big-picture thinker, and someone who can outline a tourism strategy.”

Even before the COVID-19 pandemic struck in March 2020, there were signs of turbulence at T.F. Green Airport, the gateway for many of the state’s visitors.

In October 2017, state and federal officials gathered at the end of Runway 5 to celebrate the completion of a runway extension that promised more international flights and, eventually, new nonstop trips to the West Coast.

At the time, optimism was high.

It seemed that new air carriers were adding flights at Green every month, such as Norwegian Air offering trans-Atlantic routes starting in 2017. But the momentum didn’t last. Norwegian Air canceled its routes two years later, and discount carrier Sun Country Airlines scrapped plans for a Dominican Republic connection before it got off the ground.

The problem, in part, was related to the grounding of the 737 MAX aircraft in 2019 after two overseas crashes. The Boeing airliner had been a workhorse for many lowcost carriers.

As a result, the number of passengers passing through the airport sagged in 2019. When the pandemic arrived in March 2020, the daily passenger count dropped to a trickle – 200 passengers each day compared with 5,000 before the pandemic.

The crisis served as the impetus to make a name change that airport officials had sought for years.

Iftikhar Ahmad, CEO and president of the R.I. Airport Corp., the quasi-public agency that operates the state airports, had long argued that few travelers outside the region recognized the name T.F. Green Airport or its location in

New England.

In travel planning, a name matters. The airport should have a name that identifies its location, showing travelers there are ways to get to New England other than through Boston’s Logan International Airport.

After years of failed attempts, the General Assembly approved a name change in 2021: In June, the state’s largest airport was renamed Rhode Island T.F. Green International Airport.

The pandemic also put a severe damper on what was already a sad occasion – the Pawtucket Red Sox’ last season at McCoy Stadium in 2020.

The team, which had called Pawtucket home since the 1970s, decided in 2018 to move to Worcester, Mass., after team executives and state leaders couldn’t reach an agreement on a deal that might have kept the PawSox in Rhode Island.

The blame fell largely on then-House Speaker Nicholas A. Mattiello, who opposed a proposal that would have had the state contributing $23 million for a new stadium and Pawtucket adding $10 million with the PawSox covering the rest of the $83 million cost.

The PawSox had drawn as many as 400,000 fans to Pawtucket annually in recent years, but after the team announced it was leaving, attendance plummeted in 2019. Now the team is the WooSox and plays at the new $159 million Polar Park in Worcester.

All may not be lost, however.

Developers are finalizing plans for a $284 million mixed-use complex that will feature an 11,000-seat soccer stadium along the riverfront just south of downtown Pawtucket.

The Tidewater project is being helped financially by a $50 million incentive package offered by the state and city, including $14 million in state construction tax credits.

Planners are hoping to bring in a second-tier professional soccer team. n

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10/25/21 9:38 AM

STORIES | WORKFORCE Reversal of fortune on jobs front

BY CASSIUS SHUMAN

|

Shuman@PBN.com

AFTER WORKING FOR YEARS to create new jobs in Rhode Island, state labor officials have been faced with an unusual problem recently. In some sectors, employers are desperate to find help.

An example: Todd Blount, CEO of Fall River-based Blount Fine Foods Corp., which has a production facility in Warren, orchestrated an odd promotional campaign to attract new workers, something that his operation drastically needed to meet the demand for Blount’s products.

Needing to fill 30 positions at the Warren plant, Blount offered as a hiring bonus a year’s worth of free clam cakes and chowder.

“This is definitely the most unusual thing we have done,” Blount said.

The need for workers was evident in data compiled by the U.S. Bureau of Labor Statistics, which noted that there were a record 9.2 million job openings at the end of May. BLS records show job openings nationwide had been on an upward trajectory from 2011 to 2019, peaking at over 7 million in 2019, and then dropped precipitously to under 5 million in 2020 before reaching 9 million earlier this year.

AnnElizabeth Konkel, an economist at job search website Indeed. com, said that through the week ending June 18, 4.1% of job postings featured hiring incentives.

That is more than double the 1.8% offering incentives a year earlier.

With the COVID-19 pandemic upending the labor market, more companies than just Blount Fine Foods were forced to be creative to lure candidates to fill positions.

Cole DeSanty, director of client development at Providence recruitment firm The Hire LLC, said that companies were bending over backward like never before to attract workers. DeSanty, who has worked in the recruiting business for 14 years, said some companies offered large signing bonuses upfront, remote work, schedule flexibility, free lunches, and transportation passes.

“I don’t think I have ever seen such an aggressive candidate

market,” he said. “Candidates are dictating what is happening.”

Rhode Island has seen its trials and tribulations over the years, as it faced industrial challenges that shifted the sands under the feet of its workers.

The state’s unemployment rate had been on a steady decline when Gina M. Raimondo became governor in 2015, and that continued until the pandemic hit in the spring of 2020. The jobless rate dropped from 6.6% to 3.4% between January 2015 and February 2020, before skyrocketing to 18.1% two months later after the COVID-19 crisis struck.

At the same time, nonfarm jobs in the state grew by more than 20,000 over five years prior to the pandemic, to about 508,400 in February 2020, according to U.S. Bureau of Labor Statistics data.

Those gains were quickly erased by the shutdowns ordered to slow the spread of the virus during the pandemic. As of December 2020, there were 461,900 nonfarm jobs in Rhode Island, the BLS said.

Edinaldo Tebaldi, Bryant University professor of economics, said Raimondo’s reengineered economic development programs and the R.I. Commerce Corp. helped the state recover from the doldrums following the Great Recession in 2008 by adding jobs.

“That is something we should celebrate,” he said. “R.I. Commerce is important and has positioned the state to compete.”

But Tebaldi pointed to other data that indicates the state continues to be plagued by a problem that has lingered for years – a relatively stagnant gross state product, a measure of the state’s economic output.

With the departure of Raimondo, who became U.S. commerce secretary under President Joe Biden, Gov. Daniel J. McKee has stepped in to implement his own brand of economic development, one that he says is focused on the

FUTURE WORKFORCE? Rhode Island high school students participating in a career pathway program for offshore wind jobs ride in a boat circling a Block Island Wind Farm turbine.

COURTESY LUCKY DAWG PHOTOGRAPHY/DOUG LEARNED

state’s small businesses.

McKee saw the labor shortage as a serious issue, convening a panel of experts in July to discuss workforce issues during his Rhode Island 2030: Community Conversations meetings held live weekly on Facebook.

The panel, including Commerce Secretary Stefan Pryor and Matthew Weldon, director of the R.I. Department of Labor and Training, said the state had seen a transition over time from an industrial industry to a digital and technology-based environment. The panel thought training and funding would be needed to support the growth of the state’s workforce in the burgeoning digital sector.

The panelists discussed the inability of employers to hire workers to meet demand, which they felt was a complex issue. They also felt that the transition the labor shortage presented was a unique opportunity for the state.

“It means exciting new opportunities,” said Nina Pande, executive director of Skills for Rhode Island’s Future, who noted that workers could reside in Rhode Island and work remotely for global companies. “What we have, and because Rhode Island is so small, is an amazing moment in time to figure out how to do this well.”

Pande said the state needs to

look at digital technology across all industries in the state and provide the resources needed to support it.

Her organization sees about 1,000 job seekers per week, she said.

Meanwhile, state officials also are prepping thousands of jobs that could be created by the emerging offshore wind sector. The Biden administration has set a target of establishing 30,000 megawatts of offshore wind energy by 2030, which the federal government estimates will trigger more than $12 billion per year in capital investments and create 44,000 new jobs directly in the offshore wind sector.

With several wind projects planned in waters off the Rhode Island coast, officials think many of those jobs will be created here.

Plans are underway at the Community College of Rhode Island to offer a program to provide safety certifications that will be required of offshore wind workers of the future. And there’s an education program created by the North Kingstown Chamber of Commerce as a career pathway initiative. So far, about 250 high school students have participated.

“It’s going to be a very bright future for a young person getting into this field,” said James Halley, North Kingstown Chamber ­chairman. n

‘I don’t think I have ever seen such an aggressive candidate market.’

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:24 PM

MAIN STREET | STORIES Applied Science Associates (PUBLISHED AUG. 1, 1988) YEAR ESTABLISHED: TYPE OF BUSINESS:

1979 Computer modeler of marine and freshwater environments

THEN: Malcolm L. Spaulding, founder LOCATION: Narragansett EMPLOYEES: 16 ANNUAL SALES: WND OWNER:

NOW:

RPS OWNER/MANAGER IN RHODE ISLAND: Kelly Knee, executive director of Ocean Science Division LOCATION: South Kingstown EMPLOYEES: 51 in Rhode Island; around 5,000 globally ANNUAL SALES: 542.1 million pounds ($744.3 million) in 2020

THOUGH THE ENVIRONMENTAL research firm Applied Science Associates was acquired by global firm RPS Group a decade ago, the business retains a strong presence in Rhode Island, where it now operates as the United Kingdom-based firm’s Ocean Science Division.

For nearly three years, Executive Director Kelly Knee has led the division. Knee started as

an intern at Applied Science Associates in 2004 and has worked in a variety of positions at the business.

In the past five years, the Ocean Science Division has increased its global scope, taking on more projects that extend beyond New England. The Ocean Science Division’s technology has also evolved to meet climate change and sustainability challenges. The division also ramped up its renewables work, according to Knee, with the offshore wind industry growing “exponentially” in recent years.

Other technology it developed includes OILMAP, an oil-spill model system that provides rapid, 3D predictions of how oil will move and resulting damage. Another application, OceansMap, uses real-time data and models to present environmental data for water quality monitoring and search-and-rescue efforts.

The organization has also adapted to the pandemic, allowing workers more flexibility with remote work. While a handful of employees used to work from home, RPS now includes

Palmer Spring Co. (PUBLISHED NOV. 20, 1995) 1849 (in Boston) Brake, front-end suspension parts and service for all vehicles YEAR ESTABLISHED:

remote work in its recruitment package. This change has allowed the Ocean Science Division to pull from a wider candidate pool, according to Knee, with around seven of the division’s employees not living locally. The business plans for local employees eventually to have one day of required in-person work per week. ■

Something Fishy Aquarium Service 1993 Aquarium design, installation and maintenance YEAR ESTABLISHED: TYPE OF BUSINESS:

THEN: OWNERS: Douglas, Reggie and Chris Palmer (brothers and co-owners) LOCATION: Providence EMPLOYEES: 21 ANNUAL SALES: WND

THEN: Kurt Harrington Charlestown EMPLOYEES: 5 ANNUAL SALES: WND OWNER/CEO: LOCATION:

NOW:

NOW:

OWNERS:

DOUGLAS PALMER, a fifth-generation co-owner of Palmer Spring Co., thinks of the longtime, family-owned business as a fruit tree: His parents nurtured the business and passed it on to him and his brothers, and as his own tenure goes on, he is preparing to pass ownership of the company to his own son, Ryan. The younger Palmer already “has the reins” of the business.

This family-held value has kept the business going since the mid19th century, according to Palmer.

While business has taken some hits during the COVID-19 pandemic, Palmer Spring Co. continues to make and install suspension systems for trucks and other transit in Rhode Island, Massachusetts and Connecticut, in addition to sales, repairs and making custom parts.

Due to the pandemic, the business closed its Couet Spring

PBN PHOTO/ELIZABETH GRAHAM

(PUBLISHED JAN. 22, 2001)

TYPE OF BUSINESS:

Douglas and Reggie Palmer LOCATION: Providence EMPLOYEES: 18 ANNUAL SALES: WND

MODEL EMPLOYEE: Kelly Knee, who started at Applied Science Associates as an intern in 2004, is now executive director of RPS Group’s Ocean Science Division, the organization that was once Applied Science Associates.

Something Fishy Inc. KEEPS ON TRUCKING: Palmer Spring Co. was busy in 1930, when this photo was taken, and it remains busy as the next generation of the Palmer family prepares to take over.

COURTESY PALMER FAMILY

Division in New Bedford, which also dated back to the 1800s. The business could no longer generate enough work for the two employees there, which Palmer attributes to COVID-19 shutdown measures. One employee at that location was laid off, while the second joined the Providence team. Palmer said a decrease in profits compared with five years ago also stems to the pandemic shutdown.

Among its services, Palmer Spring Co. also maintains brakes for vehicles used by government agencies such as Rhode Island Public Transit Authority, Massachusetts Bay Transit Authority, as well as business companies such as First Student. ■

Kurt Harrington Warwick EMPLOYEES: 12 ANNUAL SALES: WND OWNER/CEO: LOCATION:

AT SOMETHING FISHY INC., CEO Kurt Harrington operates on the belief that everyone would be happier with an aquarium in their home or office.

The business, which Harrington founded in 1993, aims

WATER FEATURE: Something Fishy Inc. CEO Kurt Harrington has more emphasis in getting aquariums into health care settings because of the potential health benefits.

PBN FILE PHOTO/BRIAN MACDONALD

to make this vision a reality for clients across a range of professional and home settings. In recent years, the company has emphasized the value of aquariums in health care settings, where studies have shown they can reduce stress and promote health benefits such as lowered blood pressure. About 40% of the business now caters to this market.

The business has narrowed its focus to aquarium design and maintenance over the years, having sold an outdoor water features arm of the company in 2013.

Despite this downscaling into a niche market and selling two retail locations, revenue is higher now than it was five years ago, according to Harrington.

After new sales and installations virtually hit zero in April 2020 due to the COVID-19 pandemic, the business began a rebound three months later in July. A new franchise model operation has increased technician efficiency by 70%, Harrington said, and workers are embracing new perks such as unlimited personal time off for salaried employees and the flexibility to work from any location at any hours so long as they meet work targets.

The business is also gearing up for a move from its current location to Metro Center Boulevard, also in Warwick, which will provide significantly more space. ■

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STORIES | MAIN STREET New England Construction

Public Archeology Laboratory

(PUBLISHED MARCH 25, 2006)

(PUBLISHED DEC. 1, 2007)

1985 Preconstruction consulting, design and building company

1982 A private nonprofit organization specializing in terrestrial and marine archaeology, historical research, and documentation and preservation planning

YEAR ESTABLISHED:

YEAR ESTABLISHED:

TYPE OF BUSINESS:

TYPE OF BUSINESS:

THEN: David A. Sluter, CEO and president LOCATION: East Providence EMPLOYEES: 32 ANNUAL SALES: WND OWNER:

NOW: The Sluter Family LOCATIONS: East Providence, Boston EMPLOYEES: 63 ANNUAL SALES: $85 million OWNERS:

WHEN COVID-19 STRUCK in spring 2020, a strong company culture left employees at New England Construction better prepared to meet the challenges posed by the pandemic, said Kim Sluter, company vice president.

The business, now owned by the second generation of the Sluter family, continues to provide construction services for a variety of markets, including retail, multiunit housing, hospitality, life science, education and corporate offices.

Over the last few years, the business has worked on solidifying its core values, Sluter said, emphasizing support for fellow employees while remaining focused on other core tenets such as “obsess over client success.” Additionally, the business has added employee perks such as unlimited personal time off.

The company has also increased gender diversity on its staff. In an industry workforce that is typically made up of about

THEN: Deborah Cox Lonsdale Avenue, Pawtucket EMPLOYEES: 47 ANNUAL SALES: $3.8 million PRESIDENT: LOCATION:

A FAMILY AFFAIR: New England Construction has remained in control of the Sluter family since its founding in 1985. In 2006, company founder and CEO David A. Sluter talks with then-President John D. Pignataro. Now a second generation of the Sluter family oversees the operation.

PBN FILE PHOTO/FRANK MULLIN

10% women, 35% of New England Construction’s employees are women, including two of the five members of the business’s senior leadership team.

Notable ongoing projects include a new location of the Providence Community Health Centers and a mixed-use development in Providence’s I-195 Redevelopment District that includes 62 residential units and a grocery store.

The business has also expanded to a second location in Boston. While 75% to 85% of the business’s employees are Rhode Island-based, the Boston location will provide easier access to its projects in the Boston area, Sluter said, such as a senior housing development in the works in East Boston. ■

NOW: Deborah Cox 26 Main St., Pawtucket EMPLOYEES: 63 ANNUAL SALES: $6 million PRESIDENT: LOCATION:

AFTER OUTGROWING TWO locations on Lonsdale Avenue, Public Archeology Laboratory now works out of an ideal setting, said President Deborah Cox: a historic building that the nonprofit purchased and rehabilitated.

In 2011, with the support of the city of Pawtucket, PAL acquired the former To Kalon Club on Main Street, built in 1911 as a prominent men’s social club. The restoration was recognized with a 2013 Rhody Historic Preservation Award and attracted widespread public attention, Cox said, with over 600 people visiting the building when it was opened to the public for a day in 2019.

PAL helps clients comply with state and federal historic preservation standards, which are in place to ensure that projects aren’t harming cultural resources such as historic buildings or archeological sites. Clients range

DIGGING UP THE PAST: Deborah Cox, president of Public Archaeology Laboratory, in 2007 with some artifacts recovered from a worksite.

PBN FILE PHOTO

from corporations to state and federal agencies that request assistance for projects such as mill redevelopment or offshore wind farms.

The organization has increased its staffing and sales as the demand for these services continues to rise, according to Cox. Current projects include archeological investigations into Manton Farm, which was for three generations owned by a family of color in Little Compton beginning in the 1800s; and Snowtown, a predominantly Black neighborhood in Providence that white rioters targeted in the first half of the 1800s, and which was eventually overtaken by urban development. ■

Performance Physical Therapy (PUBLISHED FEB. 1, 2014) YEAR ESTABLISHED: TYPE OF BUSINESS:

1999 Outpatient physical therapy

THEN: Michelle E. Collie LOCATION: Flagship clinic at 129 School St. in Pawtucket, nine locations in Rhode Island EMPLOYEES: 70, including 65 full time and 5 part time ANNUAL SALES: WND OWNER:

AS PERFORMANCE PHYSICAL THERAPY extends its reach throughout Rhode Island and Massachusetts, the reasons why patients seek out physical therapy are also evolving, according to owner Michelle E. Collie.

More patients come to Performance Physical Therapy for preventative services, Collie said, which she attributes to a better understanding of how exercise can address disease and injury.

The practice has also seen an increase in patients coming in for physical therapy for issues they would typically take to a primary care 68 | NOVEMBER 2021

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NOW: Michelle E. Collie 15 locations: 13 in Rhode Island, 2 in Massachusetts EMPLOYEES: 250 ANNUAL SALES: WND OWNER:

LOCATION:

physician, according to Collie.

The practice has steadily added new locations over the past seven years, including expansions into Massachusetts, and the practice’s staff has also grown by 180. Performance Physical Therapy expanded its locations to meet community needs, Collie said, while growth opportunities within the business have helped to retain and attract staff.

Performance Physical Therapy and the entire industry were heavily impacted by COVID-19, Collie said. The practice went all-vir-

GROWTH MODE: Founded in 1999, Performance Physical Therapy now has 15 sites in Rhode Island and Massachusetts. Pictured in 2014 are Clinical Director Andrea Mitchell, left, and owner Michelle Collie.

PBN FILE PHOTO/RUPERT WHITELEY

tual early in the pandemic, retaining about 40% of its patients during this time. But in-person visits resumed in early April, with extra precautions. By the end of 2020, the practice rebounded to nearly the same number of patients served prior to the pandemic. ■

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:24 PM

MAIN STREET | STORIES Lotuff Leather (PUBLISHED DEC. 16, 2016) YEAR ESTABLISHED: TYPE OF BUSINESS:

2011 Leather goods

THEN: Joe and Rick Lotuff 1 Sims Ave., Providence EMPLOYEES: 18 ANNUAL SALES: WND OWNERS:

LOCATION:

NOW: Joe and Rick Lotuff 1 Sims Ave., Providence EMPLOYEES: 12 ANNUAL SALES: WND OWNERS:

LOCATION:

WHILE A FOCUS ON quality, long-lasting leather products remains a constant at Lotuff Leather, the business has seen “a tremendous amount of change” throughout the COVID-19 pandemic, according to CEO Mary Lotuff Feeny. Lotuff Feeny, the sister of co-founders Joe and Rick Lotuff, began working with the company when her brothers asked her to join them on a project shortly before the pandemic hit. In April 2021, Lotuff Feeny took the reins as CEO. Soon after the pandemic arrived, the business repurposed its studio to make personal protective equipment, producing over 30,000 plastic face shields that they sent to hospitals in Rhode Island and Massachusetts and to various other hospitals around the country.

The business also sold thousands of face coverings to online customers, according to

FASHION ON DISPLAY: Leather bags and suitcases surround former Lotuff Leather executives Lindy McDonough, left, and Ellen McNulty-Brown in this photo taken in 2016.

PBN FILE PHOTO/MICHAEL SALERNO

Lotuff Feeny. The company returned to producing leather products, such as bags, wallets and briefcases, in August 2020.

Since 2016, the business has shifted its focus from wholesale to 70% direct-to-consumer sales. These direct-to-consumer sales make up a “super majority” of the business, Lotuff Feeny said, and the business is not currently seeking new wholesale clients. Lotuff maintains relationships with some wholesalers, but many companies the business once worked with shuttered during the pandemic.

Most employees are new since the start of the pandemic, Lotuff Feeny said, and the

business has also shifted to train the artists while also evolving its preexisting standards to meet new fashion approach and market week qualifications. The business grew to 22 employees then shrunk during the depths of the pandemic. It is back to seeking new team members and plans to eventually grow beyond its former employee count.

Since the business established itself on Sims Avenue eight years ago, Lotuff Feeny noted that several new businesses have opened in the area, making the location “vibrant with entrepreneurial energy.” ■

American Muscle Car Restorations Inc. (PUBLISHED JULY 20, 2018) YEAR ESTABLISHED: TYPE OF BUSINESS:

2010 Vintage car restoration

THEN: Michael Mancini 65 Foliage Drive, North Kingstown EMPLOYEES: 17 ANNUAL SALES: $2 million OWNER:

LOCATION:

NOW: Michael Mancini 65 Foliage Drive, North Kingstown EMPLOYEES: 17, including 5 at Instrument Specialties ANNUAL SALES: $2.2 million

only been achieved two other times in the show’s decade-plus history.

The business regularly works on cars featured at shows around the country, which Mancini said contributes to the business’s rising profile.

American Muscle Car Restorations has so far navigated the COVID-19 pandemic apparently unscathed, according to Mancini, with

much of the business’s clientele seemingly avoiding the economic consequences of the coronavirus.

The business’s sister company, Instrument Specialties Inc., saw an influx of business, leading to an increase in demand for mail-order components. Mancini speculates that lockdown measures may have given clients more time to focus on delayed restorations. ■

OWNER:

LOCATION:

BUSINESS AT American Muscle Car Restorations Inc. was booming from the start, according to owner Michael Mancini. Over a decade later, the vintage care restoration service has only gotten busier.

The hobby-turned-business has attracted increasingly prestigious jobs in the past five years, Mancini said. Many of the cars the business works on are extremely rare, with only a few examples of that particular car in existence.

In recent years, the business restored a 1971 Plymouth Hemi ’Cuda, one of the rarest muscle cars in existence. The car restored by American Muscle Car Restorations earned a perfect score at the annual Muscle Car and Corvette Nationals in Chicago, which had

SERIOUS WORK: For Michael Mancini, owner of American Muscle Car Restorations in North Kingstown, pictured here in 2018, restoring cars began as a family hobby that has turned into a fulltime career.

PBN FILE PHOTO/RUPERT WHITELEY

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

052_069_35years_Stories.indd 69

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10/25/21 9:39 AM

DATA GUEST COLUMN | EDINALDO TEBALDI

From crisis to growth: Leverage skills to prosper A LOOK AT RECENT ECONOMIC DATA – along with an analysis of industry, technology and workforce trends – reveals that Rhode Island is falling behind and faces a steep road to full economic recovery. There is a path for Rhode Island to increase productivity and economic growth, however, and shift from falling behind to surging ahead.

NOT “V”, NOT “U.” IT’S A SQUARE-ROOT RECOVERY! Many economists and business leaders anticipated a “V” or “U” shaped recovery, but recent data suggest that both Rhode Island and the nation are experiencing a square-root-shaped recovery – a deep decline in GDP and employment, followed by a quick partial recovery and then slower growth to reach the same economic trend as before the pandemic. The data also show that the rate of job creation lags

the rate of output growth in Rhode Island, New England and in the nation.

THE PACE OF GDP AND EMPLOYMENT GDP has returned to pre-pandemic levels in Rhode Island, New England and in the U.S. [See Figure 1]. The pandemic, however, created a “missedgrowth” gap as shown by the trend line depicting what GDP would have been if the pre-pandemic growth rate [U.S. rate is used as a benchmark] had been sustained in 2020 and 2021. It is also worth noting that from Q1 2020 to Q1 2021, Rhode Island’s GDP increased 0.2% compared with an average GDP growth of 0.4% in New England and the United States. This pattern of relatively small, but slower difference in the pace of GDP growth has been observed over the last 20 years for Rhode Island. This has long-term implications

GDP Index (q1 2020=100)

FIGURE 1: GROSS DOMESTIC PRODUCT (INDEX= Q1 2020=100) GDP Index (Q1 2019=100) 104.0 102.0 100.0 98.0 96.0 94.0 92.0 90.0 88.0 86.0 84.0 2019.1 2019.2 2019.3 2019.4 2020.1 2020.2 2020.3 2020.4 2021.1 RI

New England

US

Pre-Pandemic Trend

SOURCE: AUTHOR’S COMPILATION USING DATA FROM THE U.S. BUREAU OF ECONOMIC ANALYSIS

CONTINUES ON PAGE 79

FIGURE 2: NONFARM EMPLOYMENT INDEX (FEB 2020=100) Non-Farm Employment Index (Feb 2020=100) Non-Farm Employment Index (Feb 2020=100)

We have a once-in-a-lifetime opportunity to tap into federal resources we can use to leverage collaboration between industry, education and community organizations to develop strategies, allocate resources, educate and train a workforce to meet market demands, and create a thriving economy that will benefit all.

for the economy and income creation.

The state must break this cycle of relative slower growth.

Nonfarm employment is still below pre-pandemic levels in Rhode Island, New England and the United States.

[See Figure 2]. In Rhode Island, total nonfarm employment was 507,200 in February 2020, declined to a trough of 399,200 in April 2020 and then started to recover, reaching 463,200 in January 2021 and 477,900 in August 2021. Like GDP, the pace of employment recovery has been slower in Rhode Island. As of August 2021, total nonfarm employment was still 5.8% below pre-pandemic levels in Rhode Island, compared with 5.5% in New England and 3.5% in the nation.

Improvements in economic activity supported job creation across most sectors of the economy, reducing the unemployment rate in Rhode Island.

The unemployment rate decreased significantly from a high peak in March 2020, but rates are still significantly higher than those pre-pandemic, and the pace of decline has slowed dramatically in Q2 2021. In Rhode Island, the unemployment rate decreased from 17.4% in April 2020 to 7.2 % in

102 100 95 90 85 80 75 70 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul

2019 RI

2020 New England

070_079_35years_Data.indd 70

2021 Pre-Pandemic Trend

SOURCE: AUTHOR’S COMPILATION USING DATA FROM THE U.S. BUREAU OF LABOR STATISTICS

Lists | Page 72 By the Numbers | Page 78 70 | NOVEMBER 2021

US

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DATA ACCOUNTING FIRMS, then and now (ranked by number of CPAs) 1991 RANK

1 2 3 4 5

FIRM

MANAGING PARTNERS(S)

CPAs

TOTAL STAFF

Ernst & Young

Harry A. Schult

84

125

Peat, Marwick, Main & Co.

Joseph M. Cianciolo

60

85

Price Waterhouse

Charles N. Coates

55

110

Lefkowitz, Garfinkel, Champi & DeRienzo

Gerome Lefkowitz

42

60

Sansiveri, Ryan, Sullivan & Co.

Jerry A. Sansiveri

29

43

MANAGING PARTNER(S)

CPAs

TOTAL STAFF

1 2 3

Kahn, Litwin, Renza & Co. Ltd.

Alan H. Litwin

102

194

CBIZ & Mayer Hoffman McCann PC

Scott A. Wragg

65

258

Blum, Shapiro & Co. PC

Brian Renstrom

47

101

4

DiSanto Priest & Co.

Emilio Colapietro

44

83

Sansiveri, Kimball & Co. LLP

Jason DaPonte

32

54

2020 RANK

FIRM

5

BANKS BASED IN RHODE ISLAND, then and now

(ranked by total assets) 1988 RANK

INSTITUTION

TOTAL ASSETS 1987

LOANS 1987

DEPOSITS 1987

1 2 3 4 5

Fleet/Norstar Group

$24.5 billion

$16.1 billion

$17.5 billion

Old Stone Bank

$4.4 billion

$3.8 billion

$2.9 billion

Hospital Trust National Bank

$3.1 billion

$1.9 billion

$2.5 billion

Citizens Financial Group

$2.6 billion

$1.6 million

$1.8 billion

Bank of New England/Old Colony

$991.3 million

$756.1 million

$912.3 million

2020 RANK

1 2 3 4 5

INSTITUTION

TOTAL ASSETS 2020

LOANS 2020

DEPOSITS 2020

Citizens Financial Group Inc.

$179.8 billion

$128.8 billion

$146.5 billion

The Washington Trust Co.

$5.9 billion

$4.3 billion

$4.1 billion

Bank Rhode Island

$2.5 billion

$1.9 billion

$2.3 billion

BankNewport

$2 billion

$1.5 billion

$1.6 billion

Centreville Bank

$1.9 billion

$1.3 billion

$1.4 billion

BUSINESS AND PROFESSIONAL ASSOCIATIONS, then and now (ranked by number of members) 1991 RANK

ASSOCIATION

MEMBERS

ANNUAL DUES

1 2 3 4 5

Rhode Island Bar Association

3,893

$90-$175

Rhode Island Association of Realtors

3,700

NA

Greater Providence Chamber of Commerce

2,200

$225 and up

Rhode Island Builders Association

1,900

$190-$250

Newport Collaborative Architects Inc.

1,500

$400

72 | NOVEMBER 2021

070_079_35years_Data.indd 72

2020 RANK

ASSOCIATION

MEMBERS

ANNUAL DUES

1 2 3 4 5

Rhode Island Bar Association

6,496

$125-$250

AWE - Advancing Workplace Excellence

6,360

Varies

Rhode Island Association of Realtors

5,428

Varies

Tech Collective

4,500

Varies

Leadership Rhode Island

2,505

$100 and up

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 2:57 PM

PBN TOP LISTS PBN publishes TOP LISTS in our bi-weekly publication, complete with contacts and relevant data. Once a year, the lists are compiled and published in our BOOK OF LISTS, the most comprehensive resource for connecting with and understanding the business community in Rhode Island and southeastern Massachusetts.

CORPORATE GIVING

(ranked by total contributions to R.I. charities in 2019)

CORPORATE GIVING (ranked by total contributions to R.I. charities in 2019) 2020 rank

1

ACCESS THE LISTS

2019: 2

2

2019: 5

FIND THE RIGHT LEADS FOR YOUR BUSINESS IN MINUTES. Download verified data and intelligence on businesses and decision-makers in Rhode Island’s business community.

Purchase the entire book, as a PDF, Excel file or hard copy.

Order now at PBN.com/lists/

3

2019: 4

CLOSER LOOK

Company | Website CEO/President

Address Phone

Total contributions in 2019

Cash

In-kind

R.I. employee volunteer hours

Ocean State Job Lot | oceanstatejoblot.com Marc Perlman, principal owner and CEO; Alan Perlman, principal owner; Steve Aronow, principal owner

375 Commerce Park Road North Kingstown, R.I. 02852 (401) 295-2672

$6.36 mil.

$4,949,000

$1,406,000

NA

Last year’s top 3:

Blue Cross & Blue Shield of Rhode Island | bcbsri.com Kim A. Keck 1

500 Exchange St. Providence, R.I. 02903 (401) 459-1000

$1.73 mil.

NA

NA

11,159

Charitable Trust Total giving: $10.02 million

Bank of America Corp. | bankofamerica.com Brian Moynihan, chairman and CEO; William Hatfield, Rhode Island president

100 Westminster St. Providence, R.I. 02903 (800) 432-1000

$1.6 mil.

NA

NA

30,097

Tufts Health Plan | tuftshealthplan.com Thomas A. Croswell

75 Fountain St. Providence, R.I. 02902 (401) 272-3499

$1.15 mil.

$1,114,263

$38,467

268

Santander Bank N.A. | santanderbank.com Timothy Wennes, CEO and president; Yajaira Lopez, region president, tri-state and Rhode Island

1 Financial Plaza Providence, R.I. 02903 (877) 768-2265

$512,125

NA

NA

1,002

HarborOne Mortgage | harboronemortgage.com James Blake, CEO, HarborOne Bank; Camille Madden, president, HarborOne Mortgage

650 Elm St., 6th Floor Manchester, N.H. 03101 (603) 625-1498

$388,411

$356,911

$31,500

1,710

1 Capital Way Cranston, R.I. 02910 (401) 272-5600

$360,000

$104,000

$256,000

612

630 Currant Road Fall River, Mass. 02720 (774) 888-1300

$352,671

NA

$1,370,645

NA

4,702

1 The Textron

2 Ocean State Job Lot Total giving: $5.72 million

3 Hasbro Inc.

Total giving: $1.73 million

4

2019: 6

LIST RESEARCHED BY Cassius Shuman

5

2019: NL

FASTEST GROWINGPRIVATE PRIVATE COMPANIES, $75 MILLION AND ABOVE6 FASTEST GROWING COMPANIES, $75 MILLION AND ABOVE

2019: 10

(rankedbybyrevenue-growth revenue-growth percentage) (ranked percentage)

CLOSER LOOK

Company | Website CEO/President

Address Phone

Revenue 2019 Revenue 2017 FY ends

Growth percentage Revenue growth

1

Shawmut Design and Construction | shawmut.com Les Hiscoe, CEO

3 Davol Square, Suite A275 Providence, R.I. 02903 (401) 752-6500

$149 mil. $99.3 mil.

November

50.1% $49.7 mil.

Construction

2

Arden Building Cos. LLC | ardenbuildingcompanies.com Robert Bolton, CEO

505 Narragansett Park Drive Pawtucket, R.I. 02861 (401) 727-3500

$168 mil. $121 mil.

December

38.8% $47 mil.

Construction, design and engineering firm

2020 rank

Type of business

Average three-

Blum, Shapiro & Co. PC 7 year Briangrowth: Renstrom

2019: 7

104.8%

Blount Fine Foods Corp. | blountfinefoods.com 8 Last Toddyear’s Blount, president

2019: 8

top 3:

1 Swoogo

Navigant Credit Union | navigantcu.org Gary E. Furtado

1005 Douglas Pike Smithfield, R.I. 02917 (401) 233-4700

$107 mil. $77.4 mil.

December

38.3% $29.6 mil.

Credit union

4

BayCoast Bank | baycoastbank.com Nicholas M. Christ

330 Swansea Mall Drive Swansea, Mass. 02777 (888) 678-7641

$110 mil. $80.7 mil.

December

36.3% $29.3 mil.

Financial institution

5

BankNewport | banknewport.com Sandra J. Pattie

10 Washington Square Newport, R.I. 02840 (401) 846-3400

$97.9 mil. $73.6 mil.

December

33.1% $24.3 mil.

Financial institution 2019: 12

6

Pawtucket Credit Union | pcu.org George J. Charette III

1200 Central Ave. Pawtucket, R.I. 02861 (401) 722-2212

$93 mil. $72.6 mil.

December

28.1% $20.4 mil.

Credit union

7

Blount Fine Foods Corp. | blountfinefoods.com Todd Blount, president

630 Currant Road Fall River, Mass. 02720 (774) 888-1300

$432.4 mil. $338.3 mil.

September

27.8% $94.1 mil.

Manufacturing

Gilbane Inc. | gilbaneco.com Thomas F. Gilbane Jr., chairman and CEO

7 Jackson Walkway Providence, R.I. 02903 (401) 456-5800

$6.4 bil. $5 bil.

December

27.7% $1.4 bil.

Construction and real estate development

WANT TO JOIN? For more information about participating in Engineering, science PBN’s Top Lists, or to make and operations Keller Williams Realty Leading additions corrections, call Edge |orkellerwilliamsleadingedge.com 2019: NL(401)John 680-4884 write to Somyk, or broker/owner; Kimberly Foley, team leader Shuman@PBN.com.

Webster Bank N.A. | websteronline.com 9 446.5% John Ciulla, chairman, CEO and president; Douglas Scala, growth

2019: 9

regional president, southern Massachusetts and Rhode Island

2 Luminous Creative Agency 445% growth

10

Baystate Financial | baystatefinancial.com David Porter, managing partner

3 Feast & Fettle Inc. 350.4% growth

11

2019: 11

KPMG LLP | kpmg.com Kristin L. Fraser

LIST RESEARCHED BY Cassius Shuman NEED A COPY? To purchase a copy of this

8 9 10 11 12

Woodard & Curran | woodardcurran.com Douglas McKeown, CEO

33 Broad St., Floor 7 Providence, R.I. 02903 (401) 273-1007

$246.3 mil. $203.1 mil.

December

21.3% $43.2 mil.

Fidelity Investments Inc. | fidelity.com Abigail P. Johnson, chairman and CEO

900 Salem St. Smithfield, R.I. 02917 (401) 292-5000

$20.9 bil. $18.2 bil.

December

14.8% $2.7 bil.

FM Global | fmglobal.com Thomas A. Lawson, chairman and CEO

Bristol County Savings Bank 1 | bristolcountysavings.com Patrick J. Murray

270 Central Ave. Johnston, R.I. 02919 (401) 275-3000

35 Broadway Taunton, Mass. 02780 (508) 824-6626

$6.1 bil. $5.3 bil.

December

$107.8 mil. $96.6 mil.

October

13.9% $743.9 mil.

11.7% $11.3 mil.

12

Arden Building Cos. LLC list, call (401) 273-2201 or | ardenbuildingcompanies.com Bolton, CEO 2019: 14visit Robert PBN.com/lists for more

information.

13

50 Kennedy Plaza Providence, R.I. 02903 (401) 228-2000

$269,672

NA

NA

501 Wampanoag Trail, Suite 200 East Providence, R.I. 02915 (401) 434-7560

$252,000

$197,000

$55,000

RHODE ISLAND EMPLOYERS

Financial institution

 Also known as SEA CORP.

Lifespan Corp. 2 | lifespan.org Dr. Timothy J. Babineau

167 Point St. Providence, R.I. 02903 (401) 444-3500

$2.4 bil. $2.2 bil.

September

11.2% $241.6 mil.

Health care

14

Dimeo Construction Co. | dimeo.com Bradford S. Dimeo

75 Chapman St. Providence, R.I. 02905 (401) 781-9800

$531.8 mil. $479.2 mil.

June

11% $52.6 mil.

Pre-construction, construction services

15

Carousel Industries of North America Inc. | carouselindustries.com Jeff Gardner, CEO

659 South County Trail Exeter, R.I. 02822 (800) 401-0760

$560 mil. $506.2 mil.

December

10.6% $53.8 mil.

Communication and network technologies, IT services, visual communications and AV integration

16

Ocean State Job Lot | oceanstatejoblot.com Marc Perlman, principal owner and CEO; Alan Perlman, principal owner; Steve Aronow, principal owner

375 Commerce Park Road North Kingstown, R.I. 02852 (401) 295-2672

$725 mil. $664 mil.

December

9.2% $61 mil.

Retail

17

Thielsch Engineering Inc. | thielsch.com Thomas Lent

195 Frances Ave. Cranston, R.I. 02910 (401) 467-6454

$185.1 mil. $170 mil.

December

8.9% $15.1 mil.

Systems Engineering Associates Corp. 3 | seacorp.com Brian Gilligan, owner and CEO; David Lussier, president

62 Johnnycake Hill Road Middletown, R.I. 02842 (401) 847-2260

$76.8 mil. $74.9 mil.

December

2.5% $1.9 mil.

Construction and engineering

Engineering services

1 Bristol County Savings Bank acquired Freedom National Bank on July 31, 2020.

2 Lifespan Corp. includes Emma Pendleton Bradley Hospital, Newport Hospital, Rhode Island Hospital/Hasbro Children's Hospital and The Miriam Hospital.

20 JANUARY 2021 3 Also| known as SEA CORP.

NA

NA

NA

$13,331

$7,532

| PROVIDENCE BUSINESS NEWS ■ BOOK OF LISTS | www.pbn.com

Employees, 2020 Employees, 2019

Type of business/entity

Year founded

13,695 13,720

State government and public colleges

1636

167 Point St. Providence, R.I. 02903 (401) 444-3500

13,001 13,177

Health care system

1994

1 CVS Drive 40 Woonsocket, R.I. 02895 (401) 765-1500

8,600 8,300

Retail pharmacy and pharmacy benefit chain

1962

45 Willard Ave. Providence, R.I. 02905 (401) 453-7900

7,549 6,295

Health care system

1996

No. of employees: 950

Bruce Van Saun, chairman and CEO; Keith Kelly, president, Rhode Island

1 Citizens Plaza Providence, R.I. 02903 (401) 456-7000

4,976 5,100

Financial institution

1828

3 Amgen Inc.

2019: 7

6

Providence | providenceri.gov Jorge O. Elorza, mayor

25 Dorrance St. Providence, R.I. 02903 (401) 680-5000

4,758 4,243

Municipal government services, public safety and public schools

1636

7

Brown University | brown.edu Christina H. Paxson, president

1 Prospect St. Providence, R.I. 02912 (401) 863-1000

4,310 4,147

Higher education

1764

2019: 6

8

General Dynamics Electric Boat | gdeb.com Phebe Novakovic, chairman and CEO; Kevin M. Graney, president

165 Dillabur Ave. North Kingstown, R.I. 02852 (401) 268-2300

4,000 4,595

Submarine construction, design and life cycle maintenance

1899

2019: 9

9

Naval Undersea Warfare Center | navsea.navy.mil/nuwc/newport Capt. Chad Hennings, commanding officer

1176 Howell St. Newport, R.I. 02841 (401) 832-7742

3,481 3,373

U.S. Navy development, engineering and fleet support for submarines, and undersea weapon systems

1869

10

Fidelity Investments Inc. | fidelity.com Abigail Johnson, chairman and CEO

900 Salem St. Smithfield, R.I. 02917 (401) 292-5000

3,100 3,200

Financial services

1946

2

2019: 2

Lifespan Corp. | lifespan.org Dr. Timothy J. Babineau

2 Charles St. Providence, R.I. 02904 $1,500 CVS Health Corp. | cvshealth.com (401) 333-4900 Larry J. Merlo 1 2019: 3

3

5 2019: 5

2019: 10

NA

NA

11

2019: 11

Roman Catholic Diocese of Providence | dioceseofprovidence.org Most Rev. Thomas Tobin, bishop

1 Cathedral Square Providence, R.I. 02903 (401) 278-4500

3,000 3,000

Roman Catholic Church and related schools, organizations and services

1872

12

CharterCARE Health Partners | chartercare.org Jeffrey H. Liebman, CEO

825 Chalkstone Ave. Providence, R.I. 02908 (401) 456-2001

2,794 2,830

Health care system

2010

13 2019: 13

University of Rhode Island | uri.edu David M. Dooley, president

35 Campus Ave. South Kingstown, R.I. 02881 (401) 874-2116

2,673 2,592

Higher education

1892

Bank of America Corp. | bankofamerica.com Brian Moynihan, chairman and CEO; William Hatfield, Rhode Island president

100 Westminster St. Providence, R.I. 02903 (800) 432-1000

2,500 2,500

Financial services

1784

Ocean State Job Lot | oceanstatejoblot.com Marc Perlman, principal owner and CEO; Alan Perlman, principal owner; Steve Aronow, principal owner

375 Commerce Park Road North Kingstown, R.I. 02852 (401) 295-2672

2,333 1,395

Retail

2004

14

15

2019: 22

16

2019: 15

18

2019: 18

19

Warwick | warwickri.gov Joseph J. Solomon, mayor

3275 Post Road Warwick, R.I. 02886 (401) 738-2000

2,016 2,032

Municipal government and services, public schools

1642

Twin River Casino Hotel/Tiverton Casino Hotel 2 | twinriver.com Soohyung Kim, chairman, Twin River Worldwide Holdings Inc.; George Papanier, CEO and president, Twin River Management Group; Marc Crisafulli, executive vice president, strategic development and government affairs, and president of Twin River Casino Hotel and Tiverton Casino Hotel

100 Twin River Road and 777 Tiverton Casino Blvd.

Lincoln and Tiverton, R.I. 02865 and 02878 (401) 723-3200 and (401) 816-6000

1,930 1,930

Gaming and entertainment complex

1947

Amica Mutual Insurance Co. | amica.com Robert DiMuccio, chairman, CEO and president

100 Amica Way Lincoln, R.I. 02865 (800) 242-6422

1,700 1,663

Insurance

Cranston Public Schools | cpsed.net Jeannine Nota-Masse, superintendent

845 Park Ave. Cranston, R.I. 02910 (401) 270-8000

1,673 1,680

Public schools

NA

20 2019: 19

The Jan Cos. | jancompanies.com William N. Janikies, president

35 Sockanosset Cross Road Cranston, R.I. 02920 (401) 946-4000

1,642 1,650

Fast food, full-service dining, doughnut, ice cream and country club operations

1969

21

2019: 20

22

23

Hasbro Inc. | hasbro.com Brian Goldner, chairman and CEO

1027 Newport Ave. Pawtucket, R.I. 02862 (401) 431-8697

1,600 1,600

Developer of toys and games, branded entertainment

1923

Nelipak Healthcare Packaging 3 | nelipak.com Roger Prevot, chairman and CEO; Pat Chambliss, chief operating officer

21 Amflex Drive Cranston, R.I. 02921 (401) 946-2699

1,400 NA

Medical trays and pharmaceutical packaging

1953

FM Global | fmglobal.com Thomas Lawson, chairman and CEO

270 Central Ave. Johnston, R.I. 02919 (401) 275-3000

1,281 1,204

Commercial property insurer of multinational organizations

1835

2019: NL

Santander Bank N.A. | santanderbank.com Timothy Wennes, CEO and president; Yajaira Lopez, region president, tri-state and Rhode Island

1 Financial Plaza Providence, R.I. 02903 (877) 768-2265

1,160 1,151

Banking and financial services

1857

25

Blount Fine Foods Corp. | blountfinefoods.com Todd Blount, president

630 Currant Road Fall River, Mass. 02720 (774) 888-1300

1,081 754

Manufacturing

1946

2019: 24

24

2019: NL

1 Providence College 2 National Grid

No. of employees: 908

LIST RESEARCHED BY Cassius Shuman NEED A COPY? To purchase a copy of this list, call (401) 273-2201 or visit PBN.com/lists for more information.

WANT TO JOIN? For more information about participating in PBN’s Top Lists, or to make additions or corrections, call (401) 680-4884 or write to Shuman@PBN.com.

NL = Not listed last year.

FOOTNOTES  Karen S. Lynch will replace Larry J. Merlo, who plans to retire Feb. 1, 2021.  Twin River Worldwide Holdings Inc. changed its name to Bally’s Corp. on Nov. 9, 2020.  Nelipak Healthcare Packaging was acquired by Kohlberg & Co. LLC of Mt. Kisco, N.Y., on July 3, 2019.

The company merged with Bemis Healthcare Packaging Europe on Aug. 8, 2019, and the combined company will operate under the Nelipak Healthcare Packaging brand.

1907

2019: 17

2019: NL

Just missed the list: No. of employees: 978

2019: 12

17

SEE HOW YOUR COMPANY RANKS AMONG YOUR COMPETITION.

CLOSER LOOK

Address Phone

2019: 16

GET ON A LIST

23

1 Capitol Hill 300 Providence, R.I. 02908 (401) 222-2280

1

2019: 14

18

$138,850

Employer | Website 2020 rank CEO/President 505 Narragansett Park Drive Pawtucket, R.I.Rhode 02861Island | ri.gov $43,539 (401) 727-3500 Gina M. Raimondo, governor 2019: 1

2019: 8

13

 Also known as blumshapiro. Blum Shapiro & Co. PC joined forces with Minneapolisbased accounting firm CliftonLarsonAllen LLP in a deal that closed on Jan. 1, 2021.

(ranked by number of FTE employees in 2020)

4

 Lifespan Corp. includes Emma Pendleton Bradley Hospital, Newport Hospital, Rhode Island Hospital/ Hasbro Children's Hospital and The Miriam Hospital.

FOOTNOTES  Kim A. Keck was expected to leave Blue Cross & Blue Shield of Rhode Island at the end of 2020.

RHODE ISLAND EMPLOYERS (ranked by number of FTE employees in 2020) 1 Financial Plaza Providence, R.I. 02903 (401) 421-6600

FOOTNOTES Care New England Health System | carenewengland.org Financial services  Bristol County Savings Dr. James Fanale 2019: 4 of 2020.

1 Kim A. Keck was expected to leave Blue Cross & Blue Shield of Rhode Island at the end acquired Freedom 134 | Bank JANUARY 2021 | PROVIDENCE BUSINESS NEWS ■ BOOK OF LISTS | www.pbn.com 2 Also known as blumshapiro.

National Bank on July 31, 2020.

Citizens Financial Group Inc. | citizensbank.com Commercial property insurer of multinational organizations

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2 Twin River Worldwide Holdings Inc. changed its name to Bally’s Corp. on Nov. 9, 2020. | The BOOK OFmerged LISTSwith■Bemis PROVIDENCE BUSINESS NEWS 3 Nelipak Healthcare Packaging was acquired by Kohlberg & Co. LLC of Mt. Kisco,www.pbn.com N.Y., on July 3, 2019. company Healthcare Packaging Europe on Aug. 8, 2019, and the combined company will operate under the Nelipak Healthcare Packaging brand.

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www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

070_079_35years_Data.indd 73

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10/22/21 1:40 PM

DATA COLLEGES AND UNIVERSITIES, then and now (ranked by number of full-time undergraduates) FULL-TIME UNDERGRADUATES *

OTHER STUDENTS

TOTAL STAFF

1992 RANK

SCHOOL

1

University of Rhode Island

10,685

5,370

3,212

2

Rhode Island College

7,149

3,674

900

3

Johnson & Wales University

6,841

882

1,003

4

Community College of Rhode Island

5,465

11,866

666

5

Brown University

5,168

1,623

2,500

FULL-TIME UNDERGRADUATES **

OTHER STUDENTS

TOTAL STAFF

2020 RANK

SCHOOL

1

University of Rhode Island

12,596

4,869

3,164

2

Brown University

7,160

3,173

3,124

3

Johnson & Wales University

6,138

565

1,238

4

Community College of Rhode Island

6,096

18,684

848

5

University of Massachusetts Dartmouth

5,465

2,689

1,349

*Numbers are for fall 1991.

**Numbers are for fall 2019.

COMMERCIAL REAL ESTATE BROKERAGE FIRMS IN RHODE ISLAND, then and now (ranked by total square feet handled) PRESIDENT/ PRINCIPAL

TOTAL SQUARE FEET HANDLED 1991

LARGEST PROPERTY 1991

1991 RANK

FIRM

1

Ryan Elliot & Co.

Charles T. Francis, president

581,884

Sold 200,000 s.f. shopping center

2

JW Riker Commercial

Geoffrey Riker, principal

500,000

Sold 200,000 s.f. shopping center

2

Rodman Real Estate

Sheldon Rodman

500,000

NA

4 5

Hayes & Sherry

Peter C. Hayes and Karl Sherry Jr., owners

205,000

NA

Paramount Properties

Michael Giuttari, president

159,441

Leased 60,000 s.f. at 314 Woodbine St., Pawtucket

PRESIDENT/ PRINCIPAL

TOTAL SQUARE FEET HANDLED 2020

LARGEST PROPERTY 2020

2020 RANK

FIRM

1

CBRE Inc.

Alden M. Anderson

1,808,114

200 Frenchtown Road, North Kingstown, 228,088 sq. feet

2

Hayes & Sherry Real Estate

Peter C. Hayes and Karl Sherry Jr., owners

1,304,803

550 Waterfront Drive, East Providence, 100,000 sq. feet

3

MG Commercial Real Estate Services Inc.

Michael Giuttari

1,065,044

111-115 Dupont Drive, Providence, 76,660 sq. feet

4 5

Sweeney Real Estate & Appraisal

Thomas O. Sweeney

298,661

100 Park Place, Pawtucket, 35,524 sq. feet

Capstone Properties

Paul E. Griesinger and Chris Greenman, co-owners

202,334

20 Thames St., Newport, 57,935 sq. feet

CREDIT UNIONS IN RHODE ISLAND, then and now

(ranked by assets) 1987 RANK

CREDIT UNION

ASSETS*

SHARES AND DEPOSITS 1987

LOANS 1987

1 2 3 4 5

Marquette Credit Union

$277.7 million

$246.9 million

$242.4 million

Rhode Island Credit Union

$172.5 million

$152.3 million

$155.3 million

Central Falls Credit Union

$171.6 million

$136.3 million

$80.6 million

Pawtucket Credit Union

$120.8 million

$100.1 million

$80.2 million

Davisville Credit Union

$104.6 million

$96.4 million

$93.3 million

2020 RANK

CREDIT UNION

ASSETS**

SHARES AND DEPOSITS 2021

LOANS 2020

1 2 3 4 5

Navigant Credit Union

$2.7 billion

$2.3 billion

$2.1 billion

Pawtucket Credit Union

$2.6 billion

$2 billion

$2.2 billion

Greenwood Credit Union

$617.3 million

$556.5 million

$518.5 million

People’s Credit Union

$557 million

$484 million

$446.5 milliom

Westerly Community Credit Union

$366.3 million

$326.5 million

$297.1 million

*Assets as of Dec. 31, 1987 **Assets as of June 30, 2020

74 | NOVEMBER 2021

070_079_35years_Data.indd 74

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:42 PM

DATA

EXECUTIVE COMPENSATION, then and now

(ranked by total compensation) 1988 RANK

TOTAL COMPENSATION 1987

CHANGE (86-87)

$6,838,806

70.1%

EXECUTIVE

TITLE

COMPANY

1

Bruce G. Sundlun

CEO

Outlet Communications

2

J. Terrance Murray

President

Fleet/Norstar

$3,205,643

100.3%

3 4

Beverly F. Dolan

CEO

Textron

$2,511,725

71.3%

David E. Henderson

President

Outlet Communications

$1,798,157

-7.1%

5

William A. Anders

Senior executive vice president

$1,022,011

Textron

17.1%

2020 RANK

TOTAL COMPENSATION 2019

CHANGE (18-19)

EXECUTIVE

TITLE

COMPANY

Larry J. Merlo

CEO and president

CVS Health Corp.

$36,451,749

66%

2

Thomas M. Moriarty

Executive vice president, chief policy and external affairs officer, general counsel

CVS Health Corp.

$23,154,934

111%

3 4

Scott C. Donnelly

Chairman, CEO and president

Textron Inc.

$18,921,598

36%

Brian Goldner

Chairman and CEO

Hasbro Inc.

$17,960,878

111%

5

Jonathan C. Roberts

Executive vice president and chief operating officer

CVS Health Corp.

$15,048,380

-6%

1

FOREIGN-OWNED COMPANIES, then and now

(ranked by number of R.I. employees) 1991 RANK

COMPANY

LOCAL EXECUTIVE

NO. R.I. EMPLOYEES

PARENT COMPANY

1

Cookson America

Richard Oster

5,000

Cookson Group PLC

London

2

Citizens Bank

George Grayboys

1,000

Royal Bank of Scotland PLC

Edinburgh, Scotland

Swarovski Jewelry US Ltd.

Donald Stevens

800

Swarovski International Holding

Zurich

4

Hoechst Celanese

Darrell Nordeen

750

Hoechst AG

Frankfurt

5

The PW Group

Michael Hogue

626

Baloise Holding

Basel, Switzerland

3

HEADQUARTERS

2020 RANK

1 2 3 4 5

COMPANY

LOCAL EXECUTIVE

NO. R.I. EMPLOYEES

PARENT COMPANY

Santander Bank N.A.

Yajaira Lopez

1,151

Banco Santander S.A.

Madrid, Spain

International Game Technology PLC

Robert Vincent

1,051

NA

London

National Grid

Terence Sobolewski

950

National Grid PLC

London

Sensata Technologies Inc.

Jeffrey Cote

900

Sensata Technologies Holding N.V.

The Netherlands

Toray Plastics (America) Inc.

Michael Brandmeier

705

Toray Industries Inc.

Tokyo

HEADQUARTERS

GENERAL CONTRACTORS, then and now

(ranked by total billing value; ranked by number of regional employees) 1994 RANK

1 2 3 4 5

GENERAL CONTRACTOR

CEO/PRESIDENT

TOTAL VALUE, 1992 BILLINGS

Gilbane Building Co.

Paul J. Choquette Jr.

$1.15 billion

Marshall Contractors

John L. Marshall III

$350 million

Dimeo Construction Co.

Thomas M. Dimeo

$118 million

Cardi Construction Corp.

Antonio B. Cardi

$65 million

Homar Inc.

Bernard Hodess

$20 million

2020 RANK

1 2 3 4 5

GENERAL CONTRACTOR

CEO/PRESIDENT

REGIONAL EMPLOYEES

A/Z Corp.

Perry Lorenz, president

546

H. Carr & Sons Inc.

James Carr Jr.

490

Gilbane Inc.

Thomas F. Gilbane, chairman and CEO

434

Cardi Corp.

Antonio Cardi, president

425

Arden Building Cos. LLC

Robert Bolton, CEO

421

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

070_079_35years_Data.indd 75

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10/25/21 9:40 AM

DATA LABOR UNIONS, then and now

(ranked by number of members) 2000 RANK

1 2 3

TOP ELECTED OFFICER

UNION United Food and Commercial Workers Local 328

Lee Delorio

Rhode Island Federation of Teachers & Health Professionals

Marcia B. Reback

National Education Association Rhode Island

Lawrence E. Purtill

NATIONAL AFFILITATION

MEMBERS

14,000

United Food and Commercial Workers International Union, AFL-CIO

10,000

American Federation of Teachers

9,500

National Education Association

4

Rhode Island Council 94

John Furia

8,000

American Federation of State, County and Municipal Employees

5

Teamsters Local 251

Stuart Mundi

5,000

International Brotherhood of Teamsters, AFL-CIO

2020 RANK

1 2 3 4 5

UNION National Education Association Rhode Island

TOP ELECTED OFFICER Lawrence E. Purtill

MEMBERS

NATIONAL AFFILITATION

12,000

National Education Association

United Food and Commercial Workers Local 328

Timothy Melia

11,000

United Food and Commercial Workers International Union

Rhode Island Federation of Teachers & Health Professionals

Frank Flynn

10,000

American Federation of Teachers

Rhode Island Laborers’ District Council

Michael F. Sabitoni

10,000

Laborers’ International Union of North America

United Nurses & Allied Professionals

Linda McDonald

7,500

NA

LAW FIRMS IN RHODE ISLAND, then and now

(ranked by number of local attorneys)

NO. OF LOCAL ATTORNEYS

PARTNERS/ ASSOCIATES/ COUNSEL

1991 RANK

FIRM

MANAGING PARTNER(S)

1 2

Edwards and Angell

Deming E. Sherman

171

78/77/16

Hinckley, Allen & Snyder LLP

Michael A. Silverstein

140

67/69/4

3

Tillinghast, Collins & Graham

NA

57

29/21/7

4 5

Adler Pollock & Sheehan PC

Gary R. St. Peter

51

21/28/2

Licht and Semonoff

Norman G. Orodenker

37

23/11/3

MANAGING PARTNER(S)

NO. OF LOCAL ATTORNEYS

PARTNERS/ ASSOCIATES/ COUNSEL

2020 RANK

FIRM

1 2

Adler Pollock & Sheehan PC

Robert Brooks

52

25/17/10

Hinckley Allen & Snyder LLP

David Rubin

51

34/13/4

Chisholm Chisholm & Kilpatrick Ltd.

J. Scott Kilpatrick and Robert V. Chisholm, founders and managing partners

41

4/37/0

Locke Lord LLP

Christopher Graham, Providence office managing partner

33

15/12/6

Pannone Lopes Devereaux & O’Gara LLC

Gary Pannone, managing principal

32

18/7/7

3 4 5

MANUFACTURERS, then and now (ranked by number of employees) 1988 RANK

COMPANY

NO. OF EMPLOYEES

PRODUCT

1 2 3 4

General Dynamics Corp.

5,000

Submarine hull components

Raytheon Co.

3,500

Oceanographic instrumentation for the defense industry

Hasbro Inc.

2,200

Toys, games and branded entertainment

Providence Journal Co.

1,800

Newspaper publishing, cable television service, cellular radio/paging

5

Leviton Manufacturing Co. Inc.

1,620

Electrical wiring devices

76 | NOVEMBER 2021

070_079_35years_Data.indd 76

2020 RANK

COMPANY

NO. OF EMPLOYEES

PRODUCT

1 2 3 4

General Dynamics Electric Boat

4,200

Design and construction of submarines

Hasbro Inc.

1,600

Toys, games and branded entertainment

International Game Technology PLC

1,051

Gaming technology and lottery products

Raytheon IDS

1,039

Electronic and weapons systems

5

Blount Fine Foods Corp.

946

Gourmet soup, sides and meals

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/25/21 2:39 PM

DATA RHODE ISLAND EMPLOYERS, then and now

(ranked by number of employees)

NO. OF EMPLOYEES

1991 RANK

COMPANY

TYPE OF BUSINESS

1 2 3 4 5

Employee Staffing of America

5,500

Employee staffing services

Rhode Island Hospital

5,000

Hospital and health care services

Electric Boat

4,300

Navy submarine manufacturing

Almacs

3,300

Supermarket chain

Brown University

3,000

Higher education

2020 RANK

COMPANY

NO. OF EMPLOYEES

TYPE OF BUSINESS

1 2 3 4 5

Rhode Island

13,695

State government

Lifespan Corp.

13,001

Health care system

CVS Health Corp.

8,600

Retail phaymacy and insurance services

Care New England Health System

7,549

Health care system

Citizens Financial Group Inc.

4,796

Financial institution

TOP PRIVATE COMPANIES, then and now

(ranked by revenue) 1993 RANK

PRESIDENT/ CEO

COMPANY

REVENUE

EMPLOYEES

1

Gilbane Building Co.

Paul D. Choquette, president

$1.1 billion

925

2

Amica Mutual Insurance Co.

Joel N. Toby, president

$788 million

1,200

Blue Cross & Blue Shield of Rhode Island

Douglas J. McIntosh, president

$698.1 million

1,800

Warren Equities

Herbert M. Kaplan, president

$575.4 million

1,627

Almacs

Thomas Ireland

$504.5 million

3,765

3 4 5

2020 RANK

1 2 3 4 5

COMPANY

PRESIDENT/ CEO

REVENUE

EMPLOYEES

Fidelity Investments Inc.

Abigail P. Johnson, chairman and CEO

$20.9 billion

3,100

Gilbane Inc.

Thomas F. Gilbane Jr., chairman and CEO

$6.4 billion

434

FM Global

Thomas A. Lawson, chairman and CEO

$6.1 billion

1,281

Amica Mutual Insurance Co.

Robert A. DiMuccio, chairman, CEO and president

$2.8 billion

1,778

Lifespan Corp.

Dr. Timothy J. Babineau

$2.4 billion

13,008

WOMEN-RUN BUSINESSES, then and now (ranked by number of employees) 2002 RANK

COMPANY

LOCAL EXECUTIVE

NO. OF EMPLOYEES

TYPE OF BUSINESS

1 2 3 4 5

MetLife Auto & Home

Catherine A. Rein

3,953

Insurance

Hope Global

Cheryl Merchant

700

Textile manufacturer

Bancorp Rhode Island Inc.

Merrill W. Sherman

240

Banking

R.I. Temps Inc.

Diane SeabackMartin

196

Temporary employment services

Ashway Line & Twine Co.

Kathryn Crandall

80

Manufacturer

2020 RANK

1 2 3 4 5

COMPANY

LOCAL EXECUTIVE

NO. OF EMPLOYEES

TYPE OF BUSINESS

Brown University

Christina H. Paxson

4,310

Higher education

General Dynamics Electric Boat

Phebe Novakovic,

4,200

Submarine manufacturer

Fidelity Investments Inc.

Abigail P. Johnson

3,100

Financial services

Health Concepts Ltd.

Kelly Arnold

1,300

Health care, nursing

Diocesan Health Facilities

Joanne Roque

1,262

Care homes and health programs

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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DATA | BY THE NUMBERS HELP WANTED

The fastest-growing construction jobs in Rhode Island all have a projected 2026 employment level of 800 or more and a growth rate of at least 10%.

OPENINGS DUE TO

EMPLOYMENT 2016

2026

% CHANGE

EXITS

TRANSFERS

GROWTH

TOTAL

Plumbers, Pipefitters & Steamfitters

2,006

2,443

21.8

807

1,488

437

2,732

Carpenters

4,956

5,982

20.7

1,880

3,040

1,026

5,946

Electricians

2,323

2,646

13.9

865

1,846

323

3,034

First-Line Supervisors of Construction Trades & Extraction Workers

2,201

2,459

11.7

746

1,470

258

2,474

Construction Laborers

3,765

4,143

10

1,379

2,606

378

4,363

Heating, Air Conditioning & Refrigeration Mechanics & Installers

750

825

10

218

528

75

821

SOURCE: R.I. DEPARTMENT OF LABOR AND TRAINING

TOTAL PASSENGERS AT RHODE ISLAND T.F. GREEN INTERNATIONAL AIRPORT Passenger traffic at Rhode Island’s largest airport fell dramatically during 2020, the first year of the COVID-19 pandemic.

6,000,000

QUONSET GROWTH 12,000

JOBS

10,000

5,000,000 4,000,000

8,000

STEADY GAINS: The Quonset Point business park and port added 2,639 jobs between 2010 and 2018, a 30% increase fueled largely by gains at General Dynamics Electric Boat.

3,000,000 2,000,000

250

1,000,000 0

2010 2011 2012 2013 2014 2015 2016 2017 2018

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

COMPANIES

200

SOURCE: R.I. AIRPORT CORP.

WHERE HAVE ALL THE HOUSES GONE?

Rhode Island’s residential market, already a seller’s market for several years, had a sharp drop in listed properties through the spring and early summer of 2020, compared with the previous year, which is increasing competition for available homes. Listings of single-family houses dropped 36% in June 2020, compared with a year prior. Condo listings were down 22%, while multifamily listings fell by 25%.

4,000

■■■■■■ NUMBER OF LISTINGS

■■■■■■ NUMBER OF SALES

3,500

150 2010 2011 2012 2013 2014 2015 2016 2017 2018 ROOM FOR MORE? Thirty-five more companies operated at Quonset in 2018 than in 2010, when business-park operators switched to the current system for tracking annual data. That’s a 21% increase, though growth has been stagnant since 2014. $350M

3,000

$300M

2,500

$250M

2,000

$200M $150M

1,500

$100M

1,000

$50M

500 0

PRIVATE INVESTMENT

0

June 2018 June 2019 June 2020 June 2018 June 2019 June 2020 June 2018 June 2019 June 2020 SINGLE-FAMILY

MUTLIFAMILY

CONDOMINIUMS

SOURCE: RHODE ISLAND ASSOCIATION OF REALTORS DATA

78 | NOVEMBER 2021

070_079_35years_Data.indd 78

2010 2011 2012 2013 2014 2015 2016 2017 2018

EB BOOST: Private investment at Quonset ranged from $16 million to $94 million between 2010 and 2017, before spiking to $340 million in 2018. Much of the increase was tied to three projects, including Electric Boat’s $792 million expansion.

SOURCE: QUONSET DEVELOPMENT CORP.

| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

10/22/21 1:46 PM

DATA CONTINUED FROM PAGE 70

January 2021 and to 5.8% in August 2021. Rhode Island’s current unemployment rate is, however, higher than the average of 5.3% in New England and 5.2% in the nation. Current unemployment rates are also much higher than those observed pre-pandemic, which ranged from 3.1% in New England to 3.6% in Rhode Island during Q1 2020.

Unemployment Rate (%)

FIGURE 3: UNEMPLOYMENT RATE (%) Unemployement Rate, %, 2014-2021 18 16 14 12 10 8 6 4 2 0

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul

2019 RI

2020 New England

US

2021 Pre-Pandemic Trend

SOURCE: AUTHOR’S COMPILATION USING DATA FROM THE U.S. BUREAU OF LABOR STATISTICS

The employment and GDP data above are encouraging, but they also show that there is a need to confront long-term structural problems that have held Rhode Island’s economy back. The focus should be on the root cause of long-term economic prosperity and productivity growth: workforce skills and innovation.

The areas identified as opportunities to improve skills for workers in Rhode Island are all linked to the skills for the 21st-century workforce: the ability to lead and innovate; problem-solving and analysis; interpersonal and communication skills; computer-based skills, including programming and data analysis; business management capabilities in finance, accounting, project management, budgeting and business processes; customer experience and sales; and health care competence, from nursing to caregiving to health care management.

Workers with these skills are in high demand and will benefit from significant wage growth. In addition, these skills are aligned with a much broader trend determined by a technology-driven economy.

This simple figure shows the dauting task that current and aspiring workers face to build skill sets needed to navigate and successfully build a career in the increasingly digital economy. It is not enough to have technical science, technology, engineering and math skills, coding or data-analysis skills. The workforce of the present and future must be innovative, understand business, be technically and computer competent and, more importantly, be capable of leading, innovating, analyzing and solving problems, and effectively communicating with peers.

What is clear from this analysis is that the workforce of the future will need a combination of business, liberal arts and STEM skills, including in health care.

FIGURE 4: OPPORTUNITIES TO BOOST SKILLS IN R.I. (JANUARY-AUGUST 2021) 60.0% Communication

PANDEMIC-DRIVEN STRUCTURAL CHANGES

WORKFORCE DEVELOPMENT OPPORTUNITY The analysis of over 218,000 unique job postings posted from January 2021 to August 2021 [see Figure 4] and workers’ profiles provide important insights on career pathways and areas to foster improved workforce skills in Rhode Island. The y-axis of Figure 4 shows the percentage of all job postings that a specific type of skill appeared on a job posting, which could be interpreted as the demand for a specific skill. The x-axis reports the percentage of times that a specific skill appears on the profile of workers seeking jobs, and thus, can be interpreted as supply of a specific skill.

Key skills-focused areas that are located above the 45-degree line are listed in Figure 4. These skills are not only the most sought by employers, but the data shows that demand for workers with those skills surpasses current supply.

Demand for skills (Job Postings)

Economist Joseph Schumpeter eloquently demonstrated that market-driven economies are dynamic and bastions of creative destruction. That means that people, businesses and governments must be attuned to and looking for new ways to operate, innovate and best position themselves to take advantage of opportunities created by inherent changes in markets.

Crises such as the COVID-19 pandemic, however, accelerate processes that eliminate less efficient businesses and organizations or those that, by force of changes caused by a crisis, become irrelevant or obsolete. This time is no different. We are just starting to see changes that will be felt for years or decades. Some noticeable changes that are taking place right now include increased supply of online public services, acceleration of consumer-behavior change toward online retailing and learning, and the shift in workforce location from on-site to working from home, with many businesses now choosing hybrid models.

Taken together, these changes will have a long-lasting effect in the workforce. More specifically, they have accelerated a fundamental change in skill sets demanded from workers that was already underway.

Effective communication and computer literacy became one of the most relevant talents/skills required from students and workers to perform their tasks and jobs. There is a huge role public sector and institutions of education [from kindergarten to higher ed] must play to ensure that students are prepared for this new economy. The future of education and economy will be a mix of 2019 and 2020. In the business sector, improving workforce skills and hiring workers with 21st-century skills will be critical for survival.

50.0% Leadership & Innovation Advanced Business Management

40.0%

30.0%

Software and Programming Language

Sales

20.0% Problem Solving & Analytical Skills

10.0% Healthcare

0.0% -10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Supply of Skills (Profiles) SOURCE: AUTHORS’ COMPILATION USING DATA FROM EMSI BURNING GLASS

The size of the bubble denotes (in relative terms) the number of times that a skill appeared in job postings. For instance, communication appeared in over 26,500 job postings, while health care-related skills appeared in approximately 8,000 job postings from January 2021 to August 2021 in Rhode Island.

PARTNERSHIP FOR WORKFORCE DEVELOPMENT AND ECONOMIC GROWTH This is the time to invest in people to unleash innovation and foster job and income growth in Rhode Island. About two-thirds of Rhode Island’s labor force has no college education. This indicates an urgent need to find ways to retrain noncollege educated workers, as well as tap into the pool of college-educated workers to ensure that the entire workforce is prepared to contribute to and secure jobs in a highly competitive and dynamic labor market and increasingly digital economy.

It is time to leverage partnerships with our public and private institutions of higher education to provide the training that our workforce urgently needs. For example, professional certification can quickly improve skills and prepare workers for jobs in this highly connected economy. Let’s tap into over $1 billion in pandemic funds allocated by the federal government to provide meaningful training to Rhode Island’s workers.

Let’s not ask tech giants to do it again, but instead engage and task our institutions of higher education to develop and provide 21st-century training to our workforce. n (Edinaldo Tebaldi is an economics professor at Bryant University.)

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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10/22/21 4:17 PM

VOICES GUEST COLUMN |

KARINA HOLYOAK WOOD

Catalyzing the big power of small business FIVE YEARS AGO, Jhonny Leyva, of Heroica Construction in Providence, was one of 30 Rhode Island small-business owners enrolled in the first cohort of the Goldman Sachs 10,000 Small Businesses program at the Community College of Rhode Island.

Thanks to then-Gov. Gina M. Raimondo, in 2016, Goldman Sachs and the Goldman Sachs Foundation committed $10 million over five years to support Rhode Island’s small-business owners to grow, create more jobs and access capital.

Leyva applied to this new program to learn how to grow his business from a residential subcontractor to a commercial general contractor. He credits the 10KSB program with helping him develop a five-year growth plan that transformed his company.

“Before the program, we were getting $5,000 contracts,” he said. “After graduating the program, we were running $500,000 projects, our revenue [was] up 70% and we had our most successful year since starting Heroica in 2007.”

Since graduating the program five years ago, Leyva says his employees have grown from 10 to 25, and annual revenue has more than tripled.

His small business outperformed the national average small-business growth rate for revenue and job creation. Surveys completed by thousands of 10KSB graduates nationwide, including Rhode Island’s, consistently show stronger revenue growth and hiring rates among 10KSB graduates than the small-business national average.

The most recent survey found: ■ 66% of participants reported increasing their revenue just six months after graduating, which rose to 76% after 18 months. That’s compared to 45% of U.S. small businesses, according to the National Small Businesses Association.

■ 47% of participants reported creating net new jobs just six months after

graduating, which rose to 57% after 18 months, compared to 22% of U.S. small businesses, according to that same survey by NSBA. The success of Goldman Sachs 10,000 Small Businesses lies in the approach: That greater access to a combination of education, capital and support services best addresses barriers to growth facing established small businesses.

10KSB’s growth-oriented, practical, peer-learning classroom experience, together with business support services, including one-on-one advising, provides program participants with a new mindset and skill set that streamline their business practices, expand their aspirations and produce significant growth.

Rhode Island small businesses employ 52.6% of the private workforce, and in 2019, created 3,186 net jobs. Job creation and economic growth in our state is driven by the growth of our small businesses.

To date, our R.I. 10KSB program has supported over 350 Rhode Island small businesses.

Collectively, our 10KSB graduates employ over 5,000 Rhode Islanders, generate nearly $1B in annual revenue and make significant, positive impacts on our local communities. Our 10KSB grads truly represent the big power of small business!

In 2020, during the COVID-19 shutdown, our program doubled down on advising and business support services to all of our graduates as they overhauled their operations and revenue strategies to adjust to ever-changing circumstances.

We helped them to pivot their growth plans, connected them to resources and referred them to local bankers and accountants for help with funding applications.

“10KSB gave me the confidence and the foundation to survive the pandemic,” said graduate Minnie Luong, owner of Chi Kitchen Foods in Pawtucket.

Asher Schofield, owner of Frog & Toad stores in Providence, told us: “10KSB ... gave me the tools to grow and adapt, and with the extreme challenges we’ve faced this past year, those tools have been invaluable.”

In March 2020, right as the COVID-19 shutdown struck, graduate Christine Paige worked with her 10KSB business adviser on a pivot plan to transition her existing Bliss Salon business to Bliss Medical Hair Replacement Center: rebranding, moving locations, developing new marketing strategies and making new hires.

When U.S. Vice President Kamala Harris visited Providence a year later to meet with women-led small businesses, she asked them, “How did you survive the pandemic?”

Paige simply replied: “Goldman Sachs 10,000 Small Businesses.” ■ (Karina Holyoak Wood is executive director of Goldman Sachs 10,000 Small Businesses at the Community College of Rhode Island.)

Job creation and economic growth … [are] driven by the growth of our small businesses.

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HIGHLIGHT AND PROMOTE YOUR COMPANY’S NEWS, AWARDS, ANNOUNCEMENTS, JOB OPENINGS, PRESS RELEASES & MORE.

PBN CONNECT provides exposure for your company to a targeted audience of local business readers — executives and decision makers. With guaranteed promotion online, our high exposure platform increases your brand awareness and improves search engine visibility.

VISIT PBN.COM/PBNCONNECT

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PRESS RELEASE:

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• Includes 1 photo, 90-100 words of text, clickable links to your website, social media sharing and keywords to optimize search.

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VOICES PBN’S TOP QUOTES 1986-1990 “I think downtown [Providence] could be something and it’s not.

It’s a big mistake that people don’t live here because it does become dead at night. It’s dead during the day even.

There are probably a lot of spaces that FOOD LEGACY: Johanne Killeen and the late George Germon could be utilized for artists … and I think founded Italian restaurant Al Forno in Providence on Jan. 2, 1980. that is in Providence’s interest to explore.”

Germon died in 2015. Killeen JOHANNE KILLEEN, Al Forno restaurant co-owner, Aug. 1, 1988

continues to operate Al Forno.

COURTESY AL FORNO

“It’s a nutty business. It’s not like buying loaves of bread. You’re dealing with a lot of wild people and musicians.”

RICHARD LUPO, Lupo’s Heartbreak Hotel owner, Sept. 22, 1986

“I am a lawyer. And that doesn’t make a lawyer any better than the person he’s sitting with, whether he’s a bus driver or a worker at a factory or a mill.”

“What do I owe to my country?

To do the right thing.

To be the vehicle for opening doors of the opportunity for women.”

RAUL L. LOVETT, Lovett, Schefrin & Gallogly Ltd. founding partner, May 18, 1987

GERALDINE FERRARO, former U.S. representative and unsuccessful candidate for the U.S. vice presidency in 1984, April 4, 1988

“There are no women on the [state licensing] board.

It is an issue that needs to be addressed by the governor and by our gubernatorial candidates.”

JOANN ZINGONI, Rhode Island Pharmaceutical Association president, Aug. 6, 1990

“I couldn’t sit by and let other people do this task: If not me, then who?

Why not me? There was no good answer to that, so I got off my ass and I did something.”

KENNETH E. FISH, Rhode Island Project/AIDS chairman of the board, April 25, 1988

“I think it’s fundamental that the government should get more involved. The richest country in the world should not have people who are going hungry.”

ALAN SHAWN FEINSTEIN, investor, July 25, 1988

“The sanity of America is the security of the world. And I believe so today.”

JOHN O. PASTORE, former R.I. governor and U.S. senator, Sept. 1, 1986

“We would create one of the greatest conventionentertainment complexes on the East CHAMPIONING CAPITAL CITY: Paolino Properties LP Coast. The mayor of Providence would no longer managing partner Joseph R. Paolino Jr. says he enjoys have to hold his banquets in Johnston.” creating projects that enhance the city and welcome community members and travelers.

PBN FILE PHOTO/MICHAEL SALERNO

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JOSEPH R. PAOLINO JR., then Providence mayor, March 23, 1987

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VOICES PBN’S TOP QUOTES 1991-1995 “We have brought this planet to an environmentally unsafe level, and we are just beginning to be aware of it.”

DOMENIC BUCCI, Rhode Island Solar Energy Association president, May 25, 1992

“As difficult as it may be to swallow, greater resources are going to be devoted or reallocated to the poor. … Whether it’s a reallocation of resources or additional money, some additional funds are going to have to come forward to deal with health care for the poor. We will all be paying the price down the road for not facing the problem now.”

HEALTHY LEADERSHIP: H. John Keimig, CEO and president of nonprofit health care quality improvement organization Healthcentric Advisors Inc., has more than 30 years of experience in the health care industry leading hospitals, health systems and consultancy organizations.

PBN FILE PHOTO/RUPERT WHITELEY

H. JOHN KEIMIG, St. Joseph Hospital CEO, Sept. 16, 1991

“There is a glass ceiling out there. … Not only are women somewhat prohibited from getting to the higher echelon of management, but they’re buttressed by a maternal wall because they’re perceived as being on a Mommy track.”

DEBORAH A. CARREAU, The Holson Burges Group chief financial officer, July 3, 1995

“I think the city [of Woonsocket] is an enormously resilient city. At the same time, there are some deep-rooted economic problems here. I commend the people and their fortitude, and I think, with time, things will work out for the best. But, it is going to take time.”

“Chronologically it’s important, I suppose, for the record to know how old you are.

I’m not old.

I’m not young.

I was born in 1911, you take it from there.”

MERRILL W. SHERMAN, Eastland Financial Corp. president, Nov. 25, 1991

FREDERICK R. GLASSMAN, retired, Aug. 21, 1995

“There has been a lot of progress. … But now we need to go to the next level.”

DELANO JOSEPH BROOKS, Gilbane Building Co. corporate affirmative action manager referring to equal opportunities for minority business owners, Aug. 16, 1993

TRAILBLAZER: Merrill W. Sherman, principal of Sherman Consulting LLC, made history as the first woman CEO in banking in Rhode Island when she took over Eastland Bank before going on to serve as CEO and president of Bancorp Rhode Island Inc., which she co-founded and lead for 16 years.

PBN FILE PHOTO/RUPERT WHITELEY

“You do things for the community, not because it gets you ahead or so you can brag about it. You do them for the feeling of putting back into the community that’s nourished your business.”

TED LEACH, Leach & Garner Co. president, Dec. 13, 1993

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VOICES PBN’S TOP QUOTES 1996-2000 “One of the greatest assets that Warwick has as we look forward to economic development is that nowhere else in the country is there an airport and an Amtrak line as close together as there is in Warwick. So we really have an opportunity to call ourselves the crossroads of southern New England, for economic development.”

MANY HATS: Lincoln D. Chafee served as Warwick mayor from 1993-1999 and as Rhode Island governor from 20112015. Chafee also served in the U.S. Senate from 1999-2007 as a Republican and unsuccessfully ran for U.S. president in 2016 as a Democrat and in 2020 as a Libertarian.

PBN FILE PHOTO/TRACY JENKINS

LINCOLN D. CHAFEE, then Warwick mayor on the potential impacts of a commuter rail train station in the city, March 10, 1997

“Business does not have a color. At a successful business color is not a factor. Well, green maybe.”

LOUIS FRANCIS, Minority Investment Development Corp. executive director, Jan. 29, 1996

“The state needs to operate better than a business.

The state doesn’t have the ability to expand into new profit areas. You can only increase taxes so much. The population is not growing. At some point in time there will be nothing left to take from the people.”

MARK S. DEION, business consultant and 1995 White House Conference on Small Business delegate, Feb. 26, 1996

“Students today see connections. … They are more creative.

They’re brave. They are courageous because they are looking at the world we didn’t look at.”

WINIFRED E. BROWNELL, University of Rhode Island College of Arts and Sciences dean, July 26, 1999

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“Yes. I think it’s a racist state when you look at a lack of exposure. … I think that the minority community has to raise Cain in order for the majority community to pay attention.”

CLIFFORD R. MONTIERO, NAACP Providence chapter president, July 10, 2000

BRANCHING OUT: Under John J. Bowen’s leadership as CEO, president and chancellor, Johnson & Wales University expanded its curriculum beyond culinary and hospitality management programs to include career and life skills.

PBN FILE PHOTO/RUPERT WHITELEY

“I think we have rich heritage and deep roots here in Rhode Island.

We are going to be at the cutting edge of higher education, a career university of the future.”

JOHN J. BOWEN, Johnson & Wales University executive vice president and Providence Campus president, Aug. 11, 1997

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VOICES PBN’S TOP QUOTES 2001-2005 “If people can get beyond the ignorance of what they think a tribe is, [I] think the tribe can be helpful to them.”

CHIEF SACHEM MATTHEW THOMAS, Narragansett Indian Tribe leader, Dec. 8, 2003

“There has to be – I hope this doesn’t sound too crass – there has to be something in it for you. It’s not about altruism. It’s about what you get out of it. It makes me feel appreciated.

Volunteering makes you feel better about yourself.”

PRISCILLA J. ANGELO, Business Volunteers for the Arts/Rhode Island 2001 Volunteer of the Year Award recipient, Jan. 15, 2001

“One of the things we’re proudest of is that all the players that come through here, they look back and say, ‘Boy, one of the best places I’ve ever played … was McCoy Stadium with the PawSox.’ ” BEN MONDOR, Pawtucket Red Sox owner, Oct. 1, 2001

TAKING THE REINS: The late Cheryl W. Snead was the CEO and president of Banneker Industries Inc., an integrated logistics and supply chain management company that she founded in 1991 in North Smithfield.

She died in 2018.

“I think the most important thing about having gay and lesbian people coming to church is that gay and lesbian people who are Catholic just want to be Catholic. They just want to have a place where they can worship and feel comfortable.”

COURTESY BANNEKER INDUSTRIES INC.

REV. FRANK SEVOLA, St. Francis Chapel and City Ministry Center executive director, March 10, 2003

“I don’t want to be limited to only going after a 10% piece of the pie. I want to be valued by what I do, not who I am.”

CHERYL W. SNEAD, Banneker Industries Inc. founder, CEO and president, Jan. 15, 2001

“Nobody has plans in college, and if they do, they’re idiots.”

WILLIAM MCCORMICK, McCormick & Schmick’s Seafood Restaurant co-founder, June 28, 2004

“If you don’t see higher education as a positive economic force in the community, you are making a very big mistake because therein lies the future of the community.”

SISTER M. THERESE ANTONE, Salve Regina University president, Jan. 19, 2004

“This mental health system in Rhode Island is considered to be one of the top [systems] in the country. … Given our scale and given our scope … we are really able to attend to those individuals with very serious mental illness in a way that is FAMILIAR ROLE: A. Kathryn Power the former director of the R.I. highly personal, highly responsive isDepartment of Behavioral HealthDevelopmental Disabilities and highly flexible.” care, and Hospitals. She previously held A. KATHRYN POWER, R.I. Department of Mental Health, Retardation and Hospitals director, May 7, 2001

the position from 1993-2003 before being reappointed in January 2020.

Power resigned on April 9, 2021.

PBN FILE PHOTO/MICHAEL SALERNO

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VOICES PBN’S TOP QUOTES 2006-2010 “[The budget problems are] distracting our leaders from doing long-term planning – and that’s part of the cost of this deficit. How we balance the budget is critically important. We want to do it in such a way that will preserve economic growth as much as possible in the future. There are no quick fixes because the quick fixes were done in past fiscal years.

All the easy fixes are gone.”

LEONARD LARDARO, University of Rhode Island economist and professor about the oncoming economic recession, Jan. 14, 2008

“I think probably the most disappointing is the relative failure to get the governor and the General Assembly behind the university.

We’ve been in a very rapid reduction in state money over the last seven or eight years.”

ROBERT L. CAROTHERS, University of Rhode Island president, April 4, 2009

ECONOMIC EXPERT: Leonard Lardaro is an economist and professor at the University of Rhode Island in South Kingstown, where he teaches both undergraduate and graduate-level courses. He also formulated and publishes the Current Conditions Index for Rhode Island, a monthly indicator of the present state of the economy.

PBN FILE PHOTO/MICHAEL SALERNO

“Find out as much as you can and put it to use and do it better than the competition.”

DON SHULA, Hall of Fame football coach on football and business, March 10, 2007

“At arts school I was able to connect with the human side – creativity and expression – then I came back to MIT, and I’ve been there for 11 years now. And I was starting to feel like I was ‘overtechnologized.’ ” JOHN MAEDA, Rhode Island School of Design president, Dec. 29, 2007

“It’s not just about cutting grass or picking up litter or building playgrounds, it’s customer service.”

ROBERT MCMAHON, Providence Parks Department superintendent, June 21, 2008

“You look for opportunity, you find something that you have a passion for, and you pursue it. Sometimes if you set a goal, especially for running for office, you focus on that too much.

You need to focus on the job at hand, and that’s the best way to get far.”

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“So we put out the welcome mat.

We keep a database of all the available space in the city, and when someone calls looking for an office or a workshop, we’re able to get them the information the right way.”

MICHAEL CASSIDY, retiring director of planning and development of the city of Pawtucket referring to helping artists make the city home, April 10, 2010

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VOICES PBN’S TOP QUOTES 2011-2016 “I literally cannot sleep at night knowing that my children in the future won’t have the [life] that I’ve had.

I lived the American dream.”

STEPHEN P. LAFFEY, former Cranston mayor and unsuccessful candidate for U.S. Senate in Rhode Island, May 14, 2011

“As well all can see, technology is moving at the speed of light; things are changing very quickly.

In order to be successful, you have to be able to grow and develop in your profession.”

RICHARD I. GOUSE, New England Institute of Technology president, Nov. 29, 2014

WAYS TO SAVE: Ken Block, president of both Simpatico Software Systems and Cross Alert Systems, is the founder of the Moderate Party of Rhode Island. He ran unsuccessfully for governor as the Moderate candidate in 2010 and as a Republican in 2014, promising to save money by reducing taxes and eliminating fraud and wasteful spending.

PBN FILE PHOTO/MICHAEL SALERNO

“38 Studios was a bad deal and a bad investment from the very beginning, and now Rhode Island taxpayers are being asked to take the hit for bondholders who should have known better.”

KEN BLOCK, then gubernatorial candidate, June 2, 2014

“It’s a big pond and there are a lot of big fish.

If you want to be successful, you have to be better than everyone else.”

BAHJAT SHARIFF, operating partner and senior vice president of operations for a chain of 24 Panera Bread restaurant franchises, July 28, 2012

“The current situation for health care is not going to be business as usual going forward.

Our business is challenged.”

DR. TIMOTHY J. BABINEAU, Lifespan Corp. CEO and president on the need for health care reform, Feb. 9, 2013

“I think we had a much better world in the old days.

We didn’t make much money.

We didn’t have anything, we didn’t have a lot. But it was much better.”

MARY PONCIN, Kent County Memorial Hospital greeter and its oldest employee on the occasion of her 100th birthday, Dec. 9, 2013

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VOICES PBN’S TOP QUOTES 2017-2021 “People need good jobs. I understand that it’s more expensive for an employer, especially small employers, especially small manufacturers.

But the data is pretty clear. If you look at it, increasing the minimum wage is pretty good for business BOLD MOVES: Gina M. Raimondo, a Democrat, served and pretty good for the economy.” as the 75th and first female governor of Rhode Island GINA M. RAIMONDO, then R.I. governor, April 19, 2019

“I think our attention span is so damn short these days. How much do we talk about what happened in Puerto Rico or Houston? There are lessons that we should be mining out of those examples and using them to build more resiliently. But nobody wants to talk about it.”

GROVER J. FUGATE, R.I. Coastal Resources Management Council executive director on the state’s minimal protection against coastal storms, Jan. 19, 2018

from 2015-2021 prior to being confirmed as the 40th U.S. commerce secretary on March 2. Raimondo served as the state’s general treasurer from 2011-2015.

PBN FILE PHOTO/MICHAEL SALERNO

“Times of crisis also are times of opportunity.”

EDINALDO TEBALDI, Bryant University economics professor, Aug. 20, 2021

“The stress test that is used to judge the strength of banks in the U.S. is a recession as bad as 2008 with no warning. You look at that. All of us have capital and earnings. And, yes, we’ll be fine. The industry is in very good shape. With capital liquidity and credit risk [now more regulated], we’ll be fine.”

BRIAN MOYNIHAN, Bank of America Corp. CEO, Nov. 30, 2018

“They grew up with [the PawSox]. If people think about Pawtucket, they think about McCoy. Now, Pawtucket? Nothing.”

JEFF WANG, Mei King Chinese owner on the loss of the Pawtucket Red Sox to Worcester, Mass., Oct. 5, 2018

“We’re in a state of small and family businesses.

We don’t have many Fortune 500 companies, so if the owner of a business feels optimistic [about recovering from the COVID-19 pandemic], that’s key. If they don’t, they might just close their doors.”

EDWARD M. MAZZE, University of Rhode Island distinguished professor of business administration, Sept. 25, 2020

“It’s been a very challenging year [2020] and very hard, from a personnel perspective.

And then just having uncertainty, every single day of the week, not knowing what is going to hit you next. How do we make it work? I’ll be damned if I’ll let this place go down the tubes.”

TRUDY COXE, The Preservation Society of Newport County CEO and executive director, Dec. 11, 2020

“We understand there are challenges that teachers [in Providence] in other places don’t face. This is an opportunity for us to reimagine what a good education system can look like.

For those teachers [who] are dedicated, EDUCATION REFORM: Angélica Infanthis is going to be a breath of fresh air.” te-Green is the first Latina and woman of color to serve as Rhode Island’s commissioner of elementary and secondary education, which she has held since April 2019.

ANGÉLICA INFANTE-GREEN R.I. education commissioner, Nov. 15, 2019

PBN PHOTO/MIKE SKORSKI

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r e t t a m t a h t e l p o e p e h t Reach s t i h t a h t g n with marrgkeettiaudience . your ta

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The editorial team does a good job choosing newsworthy stories and also does a good job writing the true story.”

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LOVE the PBN, particularly the BOOK OF LISTS and the digital now that I am working remotely.”

The PBN is the best source for RI news.”

I like the newer format with each issue taking a deeper dive into one subject.”

Keep up the good work. Great content and appreciate hearing from leadership at Rhode Island employers.”

Enjoy the publication and the daily emails.”

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BY MARY MAC MacDonald@P DONALD | BN.com

USING SMA RTPHONES AND livestreami ng, colleges and universities in Rhode Isla nd have been able to byp ass the COVID-19 pandemic to connect with prospect ive students , showing them arou nd the cam pus, introducing them to key faculty members.

FOCUS: EDUCATION

*Reader comments from the July 2020 CVC PBN subscriber survey.

But they can’t replicate the smell of waffles in the dining hall or allo w students to experience the rustling of autumn leaves on cam pus.

Virtual stra tegies have limitations. And across Rho de Island, SEE COLLEG

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BY MARY MACDONALD | MacDona ld@PBN.com

ROSAS STE PPED OUT OF T.F. GRE Airport in EN mid-Januar y, exhaust from a seri ed es of flights.

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LONG HAU L: A JetBlue Airways fligh t leaves from the main runway at T.F. Green Airp ort in Warwick.

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COMMUNITY GUEST COLUMN |

NEIL D. STEINBERG

The past, the present, the future CONGRATULATIONS TO PBN on 35 years as the state’s preeminent business news source.

When I look back just five years to 2016, the Rhode Island Foundation was celebrating its 100th anniversary along with PBN’s 30th. Who could have foreseen that the next five years would be marked by political upheaval, a growing focus on social justice and a global pandemic that would affect us all? So, we reflect and learn from the past, deal with the present and plan for a better future.

The recent past has been taxing to say the least. Divisiveness and uncertainty abound. Both make it challenging for us to come together to strengthen our tenuous economy, eliminate disparities, inequities and achievement gaps, and plan for an equitable future. However, many Rhode Islanders have demonstrated generosity of support, spirit and resilience in the face of hardship. Those are traits we can leverage to meet challenges head-on, as a community.

We have work to do, that’s for sure.

It feels daunting, but doable.

We are still facing the uncertainties of the pandemic and the need to turn around the economy in a way that supports all Rhode Islanders – not just some. Too many Rhode Islanders have been left behind. The “K” recovery is real. Some who have worked from home, saved on expenses and had the privilege of investing for retirement are on the upside of the “K,” while many other workers, who we all rely on and who have continued to head to jobs in-person, support families on low-to-moderate wages and struggle with increased expenses and much less room to save for the future, face the downside of the “K.” We also need to immediately address learning loss, and the social and emotional needs of all of our schools; conditions that we know are widen-

ing achievement gaps. And, we need to do a better job of providing access to affordable and quality health care to begin to reduce, and eventually eliminate, disparate health outcomes.

We also need to meet basic needs for our neighbors who are struggling to obtain food and housing.

This is a critical time for Rhode Island to build on some successes, to correct past mistakes, to anticipate need and opportunity, and to be held accountable for meeting the needs of residents.

So, what gets us to this better future? Let’s be more inclusive by race, ethnicity and geography, among other factors, and more equitable by providing opportunities for all.

Let’s wisely utilize the billions of dollars of federal funds being made available in the state, guided by “Make It Happen: Investing for Rhode Island’s Future,” the Rhode Island Foundation-led effort to recommend big, sustainable, transformative and equitable recommendations for $1.1 billion to be invested over the next three years.

Let’s drive forward as we have previously recommended in “Chart a Course, Stay the Course” to create a world-class education system by 2030 that prepares all students to succeed in life and to contribute productively to the community and to the workforce.

Let’s embrace “Health in Rhode Island” in order to make this the

healthiest state in the country by 2030, by providing access to highquality and affordable health care and ensuring that all Rhode Islanders have the opportunity to be in optimal health and to deal with the social determinants of good health.

Let’s create an integrated academic health system with Lifespan Corp., Care New England Health System and Brown University that meets the needs of all Rhode Islanders and provides quality, affordable and accessible health care, while building an economic engine for research.

Let’s actually create housing units that will make a dent in the growing need for affordable homes for all.

Making a statement or pronouncement is not leadership. Creating action and results is leadership. Our challenges are complex. In many cases the solutions are straightforward and simple, but hard to get done.

The social and economic will to create a better future must sometimes exceed the political will. And we need to push past divisiveness to find common ground and work together, to have hope. So, let’s ALL join together in our families, neighborhoods, organizations, companies and hometowns to demonstrate the leadership we need.

The Rhode Island Foundation will work with all of you to encourage the bold and innovative steps necessary, learning from the past, dealing with the present and creating the better future. ■ (Neil D. Steinberg is CEO and president of the Rhode Island Foundation.)

Let’s … create housing units that will make a dent in the growing need for affordable homes.

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COMMUNITY | BUSINESS PERSPECTIVE

MCKELVY: I do think back in the Great Recession, we were first in and last out. This recession that we’ve had with the pandemic, at least from a construction perspective, I think we’ve weathered it very well. We were preparing for the worst when we went into the late spring, early summer last year. And I think most businesses were preparing for this to be a long, drawn-out thing. But it did come back quicker and, you know, we did not close down construction in this state. One of the factors that we track is construction employment. …We did have some dips last year, but we’re back up at a really healthy rate of construction employment. Like most of our peer companies, we’re all searching for more people, which is a good thing for our industry, rather than having people on the bench.

Call to arms for gov’t, bizs

ON

the occasion of Providence Business News’ 35th anniversary, six business and community leaders joined in a virtual discussion on Rhode Island’s economy – and the challenges and opportunities ahead for the state coming out of the COVID-19 pandemic. The following is an edited transcript of that conversation.

The panelists included: Michael E. McKelvy, Gilbane Building Co. CEO and president; Edward O. “Ned” Handy III, Washington Trust Co. chairman and CEO; Marcela Betancur, the Latino Policy Institute executive director; Betty Robson, J.F. Moran Inc.’s president and a professor at Johnson & Wales University; Secure Future Tech Solutions President Eric M. Shorr; and Trailblaze Marketing President Chris Parisi, who’s also co-founder of the Rhode Island Small Business Coalition.

PBN Editor Michael Mello and Mark S. Murphy, a former longtime PBN editor and the current director of the John H. Chafee Center for International Business at Bryant University, co-hosted the discussion.

MURPHY: Before we get to the pandemic elephant in the room, how much progress do you think the state has made over the last four or five years in reshaping its economy, including to begin shedding a wellknown first-in-last-out-of-recession reputation. And I wonder, what does that mean to each of you?

ROBSON: As a service provider to manufacturers and both importers and exporters in the state and throughout the region, we really get a firsthand view of what’s going on with businesses around us, and I think that we’ve done a pretty good job of avoiding that trend that we’ve seen in the past. We’ve seen targeted aid and relief to specific areas and industries that were critical to help us come out on the good side of the

pandemic. And we’ve seen help that has lasted beyond that and is targeted going forward. So, I feel really positive about where we’re going.

HANDY: I tend to be optimistic from the get-go. Obviously, the pandemic stalled us out a little bit. … We, in our book, are seeing our customers return to a pretty healthy level.

They are liquid, they’ve come through the pandemic, with a lot of support from us and from federal programs and R.I. Commerce and lots and lots of players. On the job-training front, there’s a lot of positive momentum, a lot of good, positive partnerships. I think we need more of it. But I feel like we’re well-positioned to sort of pick up where we left off pre-pandemic and keep building momentum.

WORKING TOGETHER: Panelists discuss the ways government and businesses in Rhode Island can work hand in hand to increase access to funds and develop a larger talent pool for various industries during a virtual conversation moderated by PBN Editor Michael Mello, center, and Mark S. Murphy, top left. Clockwise from the top middle are: Eric M. Shorr, Michael E. McKelvy, Edward O. “Ned” Handy III, Marcela Betancur, Chris Parisi and Betty Robson.

MELLO: Interesting that you bring that up because some of the early data on GDP growth over the past year shows Rhode Island still lagging a little bit behind the region and the nation. Very much like that historical trend. So, it’s interesting, in your area certainly, there’s been a positive, but the jury seems to still be out a little bit in terms of overall GDP. SHORR: There’s another bright spot in our economy as well, and that’s the technology sector, where there is virtually no unemployment with technology jobs.

We have a very hard time finding good people to fill our open positions, and I think that’s something that can help us with our recovery, which is more focused on technology jobs from services, IT services, cybersecurity. A lot of jobs in that arena are supporting other industries as well, because we all have to embrace technology, no matter what the industry is. … I’m seeing clients add new computers, adopt cloud services, new hires. So, I’m very optimistic that trend has been continuing. And I think that’s a real key to help us succeed moving forward.

PARISI: We always look at rankings with Rhode Island and according to Moody’s, recently we’re No. 1 in the region and I think in the top 10 in the whole country when it comes to recovery pre-pandemic to post-pandemic and that’s obviously a much better trend than what we’re used to. …

But I will temper that a little bit CONTINUES ON PAGE 94

‘What we were all forced into, the remote workplace, is not going away. This is a permanent shift.’

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with the small-business community, which I represent. … I would say the recovery is not equitable across the board, and it’s something that we have to make sure that, while our maybe midsize businesses and our larger corporations have been recovering well, we can’t forget about the small businesses. They don’t have the capital to withstand losses as much as the larger businesses do.

So, we have to ensure they continue to survive into 2022, so we can have a full recovery with all of our businesses.

MURPHY: We’d like you to think about the future in really sort of a hard-nosed way. Look at what you see in the future. What do you see coming into the next five years?

ROBSON: I think that we’re going to see more activity concentrated in international trade, which is a great thing. And I think that there has been a significant recognition that imports are very important to the economy. And they’re not part of the evil empire; they actually help to support our manufacturers. They’re important to us to continue to be able to export to other countries because we need that trade partnership to exist.

I think it throws off our GDP numbers a little bit because as our imports increase, it drags down the net export figures. But that’s not necessarily a negative thing.

It’s still putting a lot of people to work. Our ports are doing great, and I think that we’re going to start to see even more activity around wind, which is really fantastic, wind energy, and, you know, more of those types of industries that are going to provide sustainable options to us all.

BETANCUR: The next five years, they can look very differently depending on where we make investments. The investments that we need to do today on not only the young population, but also our adult workforce population have to be very specific. Because we talked about the recession back in 2008 and 2009, Latino and Black communities did not get out of that recession at the same rate that everybody else did. And so, yes, there are certain areas and, you know, in groups that will do well in the next five years. Nevertheless, none of our areas where jobs will be will do well in the next five years if we don’t make investments today. And those investments are workforce development, that really encompasses the different needs of communities, also education, not only early education but post-secondary education.

And so, there’s, there’s this part of me that sees the next five years as a little bit grim unless we make very bold investments, not only 94 | NOVEMBER 2021

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‘If we as a state are trying to appeal to everyone, then we may end up appealing to no one.’

MICHAEL E. MCKELVY, Gilbane Building Co. CEO and president coming from our corporate community partners, but also our government partners. … Otherwise, Latino and Black communities in the state will not [make] it out of the recession for the next 10 to 15 years, and we are a very large and incredibly important part of our community. So, as long as those communities are not doing well, no one else should be doing well.

MURPHY: Marcella, do you see the appetite for that kind of approach that you hope happens?

BETANCUR: I would like to say, yes. I think the pandemic was in a really sad way the best way to demonstrate to different sectors, private and government sectors, that there had been so many practices and policies that were inadequate to deal with our communities. And so, I do think that there’s an appetite because in order for our economy to grow, we have to bring the people who were systematically … kept away, right? And so, in order, technology can grow even more. Small businesses are dominated by Latino communities here in our state. So, how are we investing thoughtfully in them? I do think that there’s an appetite

but are we brave enough to do it?

PARISI: I would just add to Marcela’s point, right, talking about investments, the Latino population is the fastest-growing population in Rhode Island. So, it’s inevitable.

It just makes economic sense to ensure that we’re supporting all of our communities. And talking about investment and going back to Betty’s points, let’s look at where the state’s bond referendums have gone out to. You know, you talked about wind energy, that was one of them. We talked about ports, right? There’s the R.I. Ready program, that’s going to make little mini clients. It’s across the state. Increase international trade and maybe thinking about our South American partners, in addition to the traditional ones that we have.

HANDY: We can’t afford to leave such, a such a big part of our economy on the sidelines. I think people are actually getting more educated, spending more time, thinking about how, speaking of the corporate community, how we can be more helpful, more active, more involved, bringing along the entire population and

the entire economy, and I think going into the pandemic, and actually even during it with the Paycheck Protection Program, for example, I witnessed a level of partnership, cooperation among all of the banks, around the table with Rhode Island Commerce.

I’m talking about how to, how to use the various programs that are available to help as many Rhode Island businesses as we possibly can. And we did it. … I think if we learn one thing from that, it’s that we can do a lot more working together, and we can build partnerships to try and sort of support the entire economy. And I feel optimistic that the next five years, leveraged with technology, we’ll see even more progress on that front.

MURPHY: A lot of folks see higher education and health care ... as bright spots, as a large piece of a growing economy. The state commissioned a report that identified the blue economy as something that they expect to grow. Do any of you see different industry sectors that are poised for growth? And if you do, how important is state support for individual sectors? A lot of people in business say it’s not the state’s role to pick winners and losers.

SHORR: Specializing in a few areas where we can really excel is a key to success, while still supporting a variety of all of our populations and communities. So, we definitely still need to do that. But you can’t specialize in everything, then you’ll do not a very good job at everything. But if we pick a few good industries, and obviously it makes sense – we are the Ocean State – blue jobs and the blue economy is something that we should be investing in, green jobs as well.

And then that support, those jobs will support a variety of other industries, including IT services and the printer down the street and the deli down the street.

MURPHY: Who’s doing the picking?

SHORR: Well, I think that’s a partnership between all of us and the government to really focus on a few areas.

THINK GLOBALLY: Susan Mocarski, founder and owner of Providence-based Cleverhood LLC, in 2020 said she significantly increased sales abroad to survive the pandemic. Panelists say many more R.I. companies are well-positioned to take advantage of similar opportunities.

PBN FILE PHOTO/ELIZABETH GRAHAM

MCKELVY: One of the things that you see across the country, and we’re in a position where we do work around the United States, is the other states will pick an industry to attract to their state.

They might pick the automotive industry, or they’ll pick the life sciences industry, or they’ll pick the food and beverages industry.

They have a unique niche, due to maybe one anchor company, and then they reach out and they try to attract other companies that use the same supplier base to the one anchor company. So, I

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BUSINESS PERSPECTIVE | COMMUNITY think if we as a state are trying to appeal to everyone, then we may end up appealing to no one in that respect. There is some rationale to having, I don’t know if it’s picking favorites, but it’s at least getting the right building blocks in place.

ROBSON: What we’re talking about here is the principle of comparative advantage. And my MBA students have this drilled into them for the years that they’re in the program and, you know, we have to look at what our resources are. And they include land, labor, capital tax, policy skills, schools.

We have to look at all of that. … Other states do this, too. In a partnership with Rhode Island Commerce, that’s really a great way to see this happen, because as we identify some industries that might be of particular value, that bring a lot of jobs, that bring a lot of economic activity into the state and really use our resources wisely. That’s how we really can accomplish our goals.

HANDY: One of the things we need to do is define, when we say blue economy, how wide is that? We’ve got everything from boating recreation, to wind, to carbon fiber technologies in Bristol, to boat manufacturing. We need to define it really well and then figure out if that’s one of the areas that we think we should focus on – and I think it is – let’s make sure we understand the totality of it.

PARISI: One of our best resources is the universities that we have here in Rhode Island and particularly in Providence. If we can couple that with a startup hub and really invest and recruit and connect the talent with the types of businesses that are going to be here for decades, that will create not only an improvement for our economy but also for our quality of life. We’re going to bring in the younger folks, the young professionals, who will then start to have families that increase their incomes and increase the households. … We just need one or two blue chips, because once we have that and we can have the smaller businesses that surround it, that’s how Silicon Valley grew.

HANDY: The model of the CCRI Westerly Education Center and [General Dynamics] Electric Boat is in place, we see it working. If we could take that model and apply

it to other parts of our economy, I think we could do it. And I think [Cambridge Innovation Center Providence] is at the hub of it all on the front end of business to business development. We’ve got a lot of tools in place to move this relatively small state forward quickly.

MELLO: Ned, beyond the one, the model you just identified, it sounds like the one thing you all agree on is, for the rest of those building blocks, identifying them is still very much a work in progress. It’s something the state’s been working at for many, many years.

MURPHY: Yes, it’s ongoing, but it also depends on the business community reaching out to the government and saying what it is that has potential for growth. It can’t be one group, one entity making those decisions, which goes back to the question of picking winners and losers. Winners and losers are picked, in a great sense, by the market. But the market is really the people in the companies who are here.

MELLO: We’ve talked about where you all see the economy right now. How important was it that manufacturing and construction, in particular, were never forced to shut down operations in the state at any point over the last 18 months?

MCKELVY: It was really important.

Looking back on it retrospectively, construction in particular, safety and doing the right thing to keep our people safe is something that companies like ours and other trades across the state have been really focused on for many, many years until it was somewhat natural for us during the pandemic to put measures in place to keep our people safe. … That really kept the economy going during a time when a lot of things were uncertain. And even a lot of our clients and customers, they were not coming into work. They were shut down, so to speak, in their office environments, yet we continued to build future capacity for them in the construction environment.

When you look back, even outside of Rhode Island, that ability to keep construction going is something that’s kept this recession probably less severe than it would have been otherwise.

HERE TO STAY: Laura Yalanis, director of tax service for Kahn, Litwin, Renza & Co. Ltd., works in her home office in 2021. Some panelists believe remote work will become a permanent benefit offered by many local companies.

PBN FILE PHOTO/MICHAEL SALERNO

SHORR: We support several construction companies, and that was something that kept my team busy supporting them. We also have a few manufacturing clients as well.

So, that was definitely a bright spot during the very dark days of COVID, particularly earlier on.

With that being said, we were also very busy helping many kinds of businesses, even businesses that had closed their offices, they were still working. I don’t believe any IT services company shut down, we were helping everybody make that rapid shift to remote work.

MELLO: The pandemic forced many businesses of all sizes to adapt to new technology much faster than they’d planned. Aside from new ways to manage production and the workforce, how can this shift be a permanent revenue generator or engine for declining expenses?

SHORR: What we were all forced into, the remote workplace, is not going away. This is a permanent shift. I’m starting to see with some of my clients, some of their team members are starting to come back to the office, but more in a hybrid fashion. Maybe like only in the office a couple of days a week.

In my particular office, out of my 22 employees, I have four or five who are in the office every day, and the rest of us are still remote.

So, there’s a lot of benefits to this new model that we’ve been shifted to, including overhead savings.

‘Imports are very important to the economy.

And they’re not part of the evil empire, they actually help to support our manufacturers.’

BETTY ROBSON, J.F. Moran Inc. president

There’s a lot of productivity savings regarding travel time.

And … we’re seeing permanent productivity changes. We really have to leverage this technology, embrace it.

HANDY: I think the confidence that we’ve built, being able to be remote, we’ve moved everything to the cloud, so we can now tack on technology, for account openings, for account management, and we’re seeing huge productivity there. In our mortgage business, we’re closing things a lot faster because we’ve automated signing and documentation. …

Now, we haven’t abandoned the personal touch, and we never will. We think it’s a hybrid. It will also certainly be a hybrid from a workplace standpoint, but we also think our customers will want to be able to get to us in person, in an automated fashion.

MELLO: Can the state use its small size to its advantage to come up with a plan to leverage technology, rather than it being company by company or program by program?

SHORR: My team and I volunteered through [R.I. Commerce] to provide free IT support through the state. There were a lot of programs there, and I think that doesn’t necessarily have to end with COVID, which I hope ends very soon. We can continue to leverage technology and use our resources to be able to provide guidance to the small businesses.

You know, technology is the great equalizer. Small businesses have the same access to technology today, thanks to the cloud, that large businesses have. So that’s something that for businesses overall and state government, there should be a partnership out CONTINUES ON PAGE 96

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COMMUNITY | BUSINESS PERSPECTIVE CONTINUED FROM PAGE 95

there to help all of our communities embrace technology and work much more efficiently.

HANDY: Workplace training is an area that certainly could be automated and done in bigger group forums, and done remotely, and probably in a more productive fashion.

MCKELVY: There’s another side to this that could be a detriment to us. And that is that we don’t have to move people here for every job. In some cases, we can attract talent from across the country, and they can work remotely from their homes. And so, the past paradigm of we’ve got to move everybody to Rhode Island when we hire somebody, we’re trying to attract talent. In some cases, that’s not practical, and it’s not the real world that we’re in. So that growth, in some of our companies, may be occurring actually remotely, due to this technology.

PARISI: I heard Eric talk about small businesses and technology being the great equalizer, and that’s certainly true. But I would say, I saw firsthand that small businesses didn’t have quite the same access to the technology that maybe other businesses had and they did need some technical assistance that R.I. Commerce was able to help them with. … We saw actually our business grow because more small businesses and midsized businesses needed to move their business online.

We created more e-commerce websites the past year than the previous five years and small businesses did adapt. They built this quick, little, easy online store that was able to sell gift cards online during the beginning of the pandemic. They now have access to more consumers than they had previously, and you combine it with their current brick-and-mortar strategy. It’s something that will hopefully continue to grow and support our small businesses in being able to compete with the large Amazons of the world.

MELLO: Former Gov. Gina M. Raimondo told PBN in early March 2020 that she was proud of her multiyear reengineering of R.I. Commerce Corp. but agreed the true litmus test would be how the state rebounded from the next recession. We all know what hit us later that month, but my question as we head into a new year with a different governor is this: Is there broad agreement on where R.I. Commerce’s focus needs to be in a post-pandemic economy?

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‘I don’t think that there has been enough investment from the private and government sectors into the Latino community.’

MARCELA BETANCUR, Latino Policy Institute executive director one of the top recovering states in the region. But when it comes to reality, sometimes that doesn’t always represent so well. One thing that I feel that Commerce can play a pivotal role in our state’s economic future is when it comes to focusing on the small businesses, to ensure that they can recover equitably, as these larger businesses have recovered. And you balance that with immediate help for financial and technical assistance. And then we utilize these funds, so that we can think about, as we all talked about, what’s ahead, what does the next decade look like? There was this perception that R.I. Commerce previously was only for big businesses, and they’ve shown, and I’ve seen firsthand, they are certainly for small businesses, but you can’t be exclusively for one or the other for our state to be prosperous.

ROBSON: I recently attended a meeting of the Small Business Advisory Council, and R.I. Commerce was present. There were probably 30 people representing all different areas of business and economic activity in the state. I

felt really good as a business in Rhode Island, knowing there was a mechanism to get our voices heard and to express our interests.

I do think that the governor’s office is getting a pulse on what’s needed. In terms of international trade, I don’t think everyone understands how well-poised Rhode Island is and has been, between the efforts of R.I. Commerce, and through the Chafee Center. But we’ve also got very close ties with the U.S. Commercial Service here in Rhode Island. That all starts with Rhode Island Commerce. … And I think that’s where our fun size, you know, really helps because we do have access. Our voices are heard, and I do feel confident that, you know, we will move in the right direction because of that.

HANDY: Mark, I’d be curious to hear you talk a little bit about whether we, as a state, and our economy take advantage of our incredible higher ed mix as much as we ought to.

MURPHY: There’s a recognition that these assets have to be used

BUILDING BLOCKS: R.I.’s manufacturers and construction companies helped keep the local economy going after COVID-19 hit. Above, Gilbane Building Co. employees work on the new East Providence High School in 2021.

COURTESY GILBANE BUILDING CO.

more. I think Brown University, with the Nelson Entrepreneurship Center, has made a significant investment. I think other schools, including Bryant, are recognizing that they need to connect more with the general economy and take advantage of their assets that are unique, convenient. Infosys came here because of Rhode Island School of Design. And it’s not about art. It’s about design, it’s about human interaction with the workplace. So, I think that those are things that the schools have to do a better job of marketing to the global economy.

MELLO: Marcela, people who identify as either Hispanic or Latino now make up nearly 17% of the state. Are you seeing enough outreach to this growing workforce by the business community and through state training programs?

If it were up to you, what would be the highest priority to increase the impact of Hispanic or Latino companies in the state?

BETANCUR: Seventeen percent is a really great jump. But … that might be an undercount. We have been a very large percentage of our state for decades and have been an incredibly important part of manufacturing and other industries. To be very honest. I don’t think that there has been enough investment from the private and government sectors into the Latino community. And what I mean by that is, investments into the Latino community means investing in the systematic reasons why, why am I the only Latina sitting here today? Why do we not have more Latinos and other individuals of color sitting in some of and different C-suites and different CEOs? And that is because we have not invested [both as] a state and a nation, in general, in the education and economic equity of our community. What I believe should be the biggest investment is, I think, as the private sector, the business sectors, we need to invest in education and in the holistic life of Latinos. What that means is housing. … It has an impact on how and where you live, and where you’re going to be able to work. We need the Latino community to be part of our organizations. But, also, be part of the market that we’re selling to.

And in order to do that, we need to continue to invest, again, in their education, their health and economic equity.

MELLO: And how about the Hispanic- and Latino-owned companies? What more can or should the state do to help raise their profile?

BETANCUR: The Latino community is very entrepreneurial. However, we’re less likely to succeed in the long term. And sometimes

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BUSINESS PERSPECTIVE | COMMUNITY that is due to language barriers, it is also community-engagement barriers. I do appreciate that R.I. Commerce and other organizations, or communities, have kind of circled around Latino businesses to support something as simple as a website. For so many businesses that could have meant the difference between succeeding and not. So, I think that in order for us to do so, we have to understand that there’s cultural differences, but there’s also community-engagement barriers. … We are everywhere in the state, in every single one of the 39 cities and towns. So, it is incredibly important that we invest in them and understand what the needs of those businesses are.

MELLO: Michael, I know your company has been pretty aggressive over the years in trying to attract this workforce.

MCKELVY: Absolutely. Something that we feel is really necessary is to reach folks who, when they’re coming out of high school, even when they’re in high school, so we can bring them into our industry. And one of the programs that we’ve been big in supporting is ACE, which is a program for architectural construction and engineering work. We mentor with high school students, and we try to bring them into our industry from the beginning. There are other programs, such as Gear Up, that we participate in as well.

This whole factor of teaming with education can help bring a more diverse, powerful workforce to our industry, which is so in need of resources. I mean, it’s the right thing to do, obviously because the percentage of folks in construction that are of a diverse background is nowhere near the population and we need to be reflective of the communities in which we work.

So, building that workforce, building those builders of the future, from the high school time frame and even inspiring them in middle school and younger is a great thing to do, because we’re going to have to do this. Our population and our industry are aging out.

It’s estimated that in 15 years, 50% of the people that are in labor in construction are going to be retired. So where are they going to come from? They’ve got to come from the greater population.

BETANCUR: We’ve really come along in how companies engage

with Latinos. But one of the things that I want to make sure that we hear is, yes, we definitely should incorporate Latino young people, as well as returning adults, into different workforce spaces. But we should not think of Latinos as just as a labor community. We are incredibly talented, we’re incredibly smart and we should also be executive administrators. So, let’s think about that. Because you’re right, in the next 20 years, it’s not just going to be the laborers we are going to need. We’re going to need people sitting in our executive seats to also be there, and those people should look like the individuals that are growing in our entire state.

HANDY: Michael, you mentioned aging in the construction industry, the same is true in the banking industry. We’re going to have to repopulate the entire population over the next 10, 15, 20 years as well. Year Up is as an agency that we’ve hired a number of people out of, young people mostly, technology oriented, but just a great organization that’s bringing young people to the right kinds of training and ultimately landed them in good jobs.

MURPHY: Is there more and deeper into the educational system that companies can go? How does the community reach down that far to get students engaged, interested and eventually in good careers?

SHORR: As Michael mentioned earlier, I think we need to not just focus on the higher education level but get involved in the schools. I think that’s really key, particularly for many different industries, including IT services.

One of the things that we’ve also done, we’ve had interns from The Met school, we mentored kids for a couple of years, where they come into our office and work with our engineers. We’ve also done stuff with Year Up. I think that’s a really important component, to get kids interested and also trained early. … Out of my 22 employees, eight have done some kind of internship, or come from a program, [such as MotoRing Technical Training Institute], or also, we have some kids from New England Tech. Those are all starting young, getting kids interested early.

MURPHY: How are these younger

BLUE GROWTH: Rhode Island’s ocean-based economy is poised for growth. It includes wind energy, boating, manufacturing and seafood, among other products and services. Above, Perry Raso, owner of Matunuck Oyster Bar in South Kingstown, pulls up oysters from his oyster farm in 2020.

PBN FILE PHOTO/MIKE SKORSKI

students, again, third or fourth graders, second graders, going to be able to connect with the digital economy early enough to really become interested? Gina Raimondo, when she was governor, said she wanted computer skills to be taught from the beginning, from kindergarten, so that young students were aware, recognized, comfortable, then thought for themselves and were creative about their careers. That’s why my bigger question is, is there a way that the community can get involved earlier?

MCKELVY: One of the things I’ve seen that’s been successful is programs for third, fourth and fifth graders, and the promotion of STEM, because that’s an age time where they haven’t really thought if things are not cool, and they’re excited about engineering and they’re excited about learning. And it sticks with them in the third and fourth, fifth grade, and then it can propel them into the later school years where they have an excitement, and they reach out. One of the organizations I’ve worked with through the years is the National Society of Black Engineers. And they do a program with third and fourth, fifth graders, where they get them really, really excited about robotics and technology. … And their parents see this as well. And then they all start to have a greater expectation for their future than they would

have had otherwise. And so, I think, working together with the state and with private business and the education system, to target children at that age, is really all about our future.

HANDY: There needs to be a better, more direct discussion about how corporate Rhode Island can get involved in the schools. I mean, we do some things on financial literacy with some of the schools, but we don’t hit them all. … I think, I think we need to hear from the Education Department. We need to hear from the state. We need to have, you know, we had that $75 million award that we won. I was on the board of the committee that sort of governed that. And there was one other businessperson in the room. The teachers union was well-represented but there wasn’t enough of the business community in the mix there. It’s something I’ve thought about for my entire career in Rhode Island. How do we how do we get together and partner on building in this small state the best education system we can, and it just, it’s been a frustrating reality to figure out how best to engage. It is not about money. It’s got to be about bodies and people getting involved in mentoring and creating internship opportunities.

MURPHY: Gov. [Daniel J.] McKee and others have talked broadly about spending $1.1 billion in fedCONTINUES ON PAGE 98

‘The model of the CCRI Westerly Education Center and [General Dynamics] Electric Boat is in place, we see it working.’

EDWARD O. “NED” HANDY III, The Washington Trust Co. chairman and CEO www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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| 97

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COMMUNITY | BUSINESS PERSPECTIVE CONTINUED FROM PAGE 97

grow, it is because they had their worst losses. So, I think there’s a mix. There is this hopefulness.

And I’m [a] hopeful person and I want to continue that positivity but I’m also a pragmatic person and realize that I think this trend is great that it’s going upwards, but it’s because we were going downwards.

eral pandemic aid that comes from the federal government. What should the state’s priorities be for spending this money and how should they be set?

PARISI: I agree with the governor.

Let’s get 10% into our economy now. That will still leave a billion dollars for us to have a long-term plan. Let’s think about the next decade for that billion dollars. But there are certain segments of our state that we need to support now.

And obviously from the Rhode Island Small Business Coalition’s perspective, one of those segments are the small businesses. Many of them are reaching a boiling point.

This past year and a half has felt like 10 years. Some businesses are running out of time. … Many small businesses are just mentally exhausted. They’re financially struggling, and they need help now.

HANDY: Chris, is that a state-level PPP-type program? Is it a grant program? Is it a low-interest loan program, in your view?

PARISI: That will now be a state program. And, and with that state program for small businesses, we are thinking of things such as financial and technical assistance.

So, from the financial side, let’s identify those industries, like travel, tourism, indoor recreation, businesses that depended on industries that have fallen. Let’s ensure that we keep them afloat with financial-targeted assistance and then technical assistance, in addition to the traditional technical assistance of making sure they’re able to apply for licenses, apply for grants. Let’s give them the tools to succeed long term.

Let’s educate these small-business owners on how we can work more with technology. How we can build websites and e-commerce to have a different platform. And how we can educate these small-business owners so that they can either transform their business or grow their business in a way that will have long-term dividends with this one-time fund.

HANDY: We’d be happy to help think through the program. And we’d also be happy to help on the technology front, to the extent that some of our people could be helpful, and mentoring roles are, you know, just advisory roles on the tech side of things.

MURPHY: How do you define small businesses that are most in need of help and, as investments, have the longest long-term return for the community?

PARISI: Well, the SBA says under 500 employees, but for what we 98 | NOVEMBER 2021

090_098_35years_community.indd 98

WORKING MODEL: General Dynamics Electric Boat is among the local employers to take advantage of job training through the Westerly Education Center and the Community College of Rhode Island. Above, Michael Stuba trains for a job as a pipe fitter at Electric Boat in 2018.

Some panelists see the program as a model for other industries.

PBN FILE PHOTO/BRIAN MCDONALD

have seen, it’s those businesses that are really [up to] 100. These are the smaller businesses in our economy that, for instance, they’re the ones that didn’t have the cash flow to weather a storm that has six months with less income coming in. … And to answer the second part of your question of, how do we make it targeted, it’s something that the state, as well as the business community, has to get involved in to let them know which industries that are struggling and why. And then let’s ensure that we have a hyper-focused approach, so we’re not wasting any money going to businesses that do not need it.

MELLO: Businesses often remind political leaders that they create the jobs, not government. But recognizing the unusual economic challenges created by the pandemic, what one thing could Rhode Island’s political leaders do in 2022 to help strengthen the economy?

HANDY: Education.

SHORR: I would say spread out the help to as many businesses as possible.

MCKELVY: Many things have been approved in a portion, but the money has not been distributed or really put it into the economy. We’ve had $278 million worth of school construction that’s been approved, but only about $38 million of it has been sent out for design at this point. So, there’s funds available.

There are things that could really vibrate the economy right now.

And so, if I can send a message, let’s get with it. Let’s get on it.

ROBSON: For me, I think it’s something that we’ve started to do pretty well. I think that R.I. Com-

merce does it relatively well. … It’s making those connections. We’re a small state. And when government and quasi-government agencies participate in making connections between different industries in Rhode Island, so that they can support one another, I think that that’s really necessary. I think it’s doable, and I think it really will have a long-term impact.

PARISI: Rhode Island Commerce has been doing more of this lately but, connecting with the business community, don’t make these exclusive decisions behind closed doors. Get a pulse of what’s going on from the biggest industries and businesses to the smallest ones.

And then make a collaborative decision.

MELLO: Before we wrap up, I’ll briefly share some results of our biannual business survey. Quarterly business growth rebounded this past summer to its highest levels since 2017. Net income also bounced back from the historic lows of the last two quarters, leaving about 57% of respondents expecting an improved economy over the next year. That compares with 42% who felt the same a year ago. And, for the first time since 2019, an improving economy again has a majority of businesses expecting to hire in the next quarter. Is this just wishful thinking coming out of a difficult year, or do some of you share the same growing, near-term confidence, even amid an ongoing pandemic?

PARISI: My perception is that you can only go one way when you’re at rock bottom. So, if a lot of these businesses are saying, I’ll hire more than before, it’s because they couldn’t hire. Or I’m going to

MCKELVY: I think that the uptick is because it was so low. But at the same time, I think we’re very optimistic about the future in our industry. And we’re seeing that a lot of programs and projects that were stalled in 2020 were not fully canceled, they were just pushed into 2021.

And so that is really making the balance of this year fairly strong.

Some concerns about the rising inflation and what that might do to projects starts going into 2022 and 2023. So, several folks, now, it’s not the pandemic that’s the issue, it’s can we afford the price of steel?

Can we afford the price of wood?

Those things have quadrupled and are at all-time highs.

HANDY: It would be hard to disagree that we are somewhat bouncing off of the bottom, but I am optimistic. I do think there’s a momentum, as I said earlier, you know, our deferrals where we helped our customers who needed help are virtually zero now, and customers are paying, can pay. I think we’re going in the right direction. I think we’ve got to build these partnerships we talked about and set the sort of the plan in place and think long term.

SHORR: I’m optimistic as well. I see among my client base, they’re hiring, they’re growing. We, as leaders, we need to keep our foot on the gas and make sure that everybody participates in this recovery.

ROBSON: I’m optimistic. I think that our decision to not shut down manufacturing during the pandemic kept us in the game, it kept our businesses alive. It kept importers and exporters in the game as well. I just see positive results going forward.

MURPHY: I think optimism can become self-fulfilling, right? I mean, if you feel better and you act as if you are better, then it means you do become better. I hope that businesses going forward, and without patting ourselves on the back too much, look at markets not just outside of Rhode Island but outside of the U.S. There is great opportunity across the world for a lot of businesses in Rhode Island.

It’s not just companies that we think can only do things here. It’s a very large marketplace. And it’s available. n

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10/22/21 1:56 PM

PANDEMIC REVIEW

CORONAVIRUS CRISIS

THE COVID-19 PANDEMIC first made it to the top of PBN’s print front page in March 2020. Nineteen months later the twin health and economic crises that rocked much of the world were still making headlines in the Ocean State and profoundly affecting businesses and local and state decision-making.

Below are samples of PBN’s award-winning coverage of one of the worst health and economic calamities to ever hit the state.

Hospitals fear shortage of ventilators PROVIDENCE BUSINESS NEWS

PBN pbn.com

PROVIDENCE BUSINESS NEWS

PBN

MARCH 20-26, 2020

HEALTH MATTERS

CORONAVIRUS

New Alzheimer’s drug trial can be source of comfort | 8

Hospitals fear shortage of ventilators | 17

pbn.com

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 34, NO. 51 | $2

BY NANCY LAVIN | Lavin@PBN.com

HOT TOPIC

Scrambling to install virtual workplaces

SEE HOT TOPIC

SEE SBA PAGE 16

BY MARY MACDONALD | MacDonald@PBN.com

Makings of a

STATE GOVERNORS ARE typically not front and center during a national crisis. But the COVID-19 pandemic spreading across the U.S. has pushed governors to figures of naHOT tional prominence, TOPIC in part because the Trump administration has said states will need to help find their own personal protective equipment and medical supplies to combat the infections.

And it is state leaders who are closing businesses, universities and schools, as well as public spaces where people can gather in large numbers.

Gov. Gina M. Raimondo, who moved quickly to recognize the

‘SUPER SECTOR’ xxx: xxx

Experts say R.I.’s $5B blue economy has oceans of potential

INTERTWINED

economy as a source of

amount of industry in the state for centuries.

SEE BLUE ECONOMY

PAGE 12

FREE VIRTUAL SUMMIT ON THE CORONAVIRUS PANDEMIC

Wednesday, April 1, 2020 | 9:00 – 11:00am See page 13 for details.

PROVIDENCE BUSINESS NEWS

PBN

GIRDING FOR SURGE

PBN PHOTO/DAVE HANSEN

NORMALLY

more than 90% full, Rhode Island Hospital’s occupancy rate in late March dipped to about 75%. The 247-bed The Miriam Hospital had more than 100 beds free at the same time.

And in Warwick, at Kent County Memorial Hospital, occupancy was about 20% lower than the usual 190 to 200 hospitalized patients.

BY NANCY LAVIN | Lavin@PBN.com

FOCUS: INSURANCE

SEE INTERRUPTION

PAGE 20

For more information turn to page 17.

Hospitals across the state are preparing for a surge in patients with COVID-19. Some employers, however, are hiring to meet increased demand, even as many others lay off workers. It’s a dynamic that persists throughout the pandemic.

Panelists: Use crisis as a chance to retool | 16

Cases

Per-capita rate**

Providence

3,096

1.7%

Pawtucket

946

1.3%

Cranston

564

.7%

Municipality

Cases

Per-capita rate**

Warwick

384

.5%

West Warwick

147

.5%

Coventry

109

.3%

North Kingstown

ONE LAST THING

Kristin Urbach: New ways to live and work | 30

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 7 | $2

Municipality

Municipality

FOCUS: HEALTH CARE

BRISTOL COUNTY Municipality

Cases

Per-capita rate**

Bristol

82

.4%

Warren

39

.4%

Barrington

33

.2%

Cases Per-capita rate** 147

.6%

South Kingstown

71

.2%

Westerly

47

.3%

Pandemic effect: Emptier ERs

BY ELIZABETH GRAHAM | Graham@PBN.com

NEWPORT COUNTY

HIGHEST CASE COUNTS IN EACH COUNTY*

Municipality

This map of the hardest-hit communities in each county shows that Providence and most municipalities that ring the capital city have been COVID-19 hot spots. One explanation is the high population density, making it easier for the virus to spread and harder for the sick to be isolated. Central Falls – which has the highest per-capita rate (2.6%) – Providence and Pawtucket have the state’s highest concentrations of Latino residents, who have been disproportionately affected by the pandemic.

Cases

Per-capita rate**

Tiverton

49

.3%

Newport

40

.2%

Middletown

30

.2%

*AS OF MAY 6 **BASED ON 2018 U.S. CENSUS BUREAU POPULATION ESTIMATES SOURCE: R.I DEPARTMENT OF HEALTH

That’s the question on many minds as Raimondo moves to reopen R.I.

PAGE 7

April 16, 2020 | 9:00-11:00am

PBN SUMMIT RECAP

WASHINGTON COUNTY

SEE HOT TOPIC

n A guide to surviving financially as the bills come due. Page 16 n DLT scrambles to absorb brunt of jobless claims. Page 18 n Stepping Up: Church keeps the faith, virtually. Page 24 n $2 trillion CARES Act provides lifelines to small business. Page 27

MAY 8-14, 2020

BUSINESS CONTINUITY WHAT’S NEXT?

KENT COUNTY

MOUNTING MAY 8, 2020

DR. LAURA FORMAN, chief of emergency medicine at Kent County Memorial Hospital, is used to seeing about 200 patients a day come through the hospital’s emergency department.

Over the past two months, those numbers have dropped by nearly half, to about 100 to 120 daily.

“People have been staying away; they’re worried they’ll get COVID-19 while they are here, which is an unfounded fear,” Forman said.

In an unexpected twist, the COVID-19 pandemic, which took hold in Rhode Island at the beginning of March, is to blame for a SEE EMERGENCY ROOMS

PAGE 19

MORE INSIDE:

BY NANCY LAVIN | Lavin@PBN.com

case counts, hospitalizations and deaths. Soaring unemployment claims and nose-diving tax revenue. Mysteriously high infection rates among Latinos. No matter what part of the human toll and economic destruction wrought by COVID-19 in Rhode Island you focus

MORE INSIDE: she is facing amid the new coronavirus crisis, seemingly the very definition of interruption to business, are not covered by her policy. Her reaction?

“I was really annoyed to find out my business

See page 17 for details.

PROVIDENCE COUNTY

Thought you were insured for this? Maybe not KAREN LEE HAS PAID FOR BUSINESS interruption insurance since she opened Breathing Time Yoga Inc. 19 years ago.

But it wasn’t until a few weeks ago when she shut down the Pawtucket yoga studio and moved her classes online that she read the fine print on her policy.

And what she found was that the economic hardships

ON THE CORONAVIRUS PANDEMIC

SPRING 2020

ARE WE READY?

STIFLED AS IT IS BY THE coronavirus pandemic, Rhode Island’s economy still has a pulse with some employers hiring while others are laying off workers amid the unprecedented crisis.

Some of the companies adding positions are HOT small, such as Tom’s Market Inc. TOPIC The independent grocer, which has three Rhode Island locations, has hired 15 fulland part-time workers in recent weeks.

Other companies are some of Rhode Island’s largest, such as CVS Health Corp., which has openings for 500 full-time, part-time and temporary workers in Rhode Island.

The Woonsocket-based pharmacy chain has said it plans to immediately hire 50,000 people nationwide.

Providence-based United Natural Foods Inc. has 50 open positions in Providence and Lincoln.

PAGE 12

n R.I. companies, workers suddenly facing painful choices. Page 14 n Many R.I. hotels have checked out for now. Page 18 n Can Block Island keep the coronavirus away? Page 24 n Need-to-know tax info in COVID-19 crisis. Page 27

Wednesday, April 1, 2020 | 9:00 – 11:00am

HEALTH CARE

CORONAVIRUS CRISIS

Some R.I. employers on hiring spree

SEE HOSPITALS

MORE INSIDE:

FREE VIRTUAL SUMMIT

SUMMIT

pbn.com

BY ELIZABETH GRAHAM | Graham@PBN.com

EARLY SCREENING: A health care worker at Kent County Memorial Hospital in Warwick conducts a preliminary examination at a patient’s car to determine if the patient needs a COVID-19 test or some other type of treatment.

PAGE 15

PBN

Stratton’s adviser role meaningful during crisis | 8

Deborah L. Ruggiero: Stay present, stay in touch | 30

SEE SUPPORT

PROVIDENCE BUSINESS NEWS

BUSINESS WOMEN

ONE LAST THING

tied to the survival of thousands of local nonprofits as it’s ever been.

The nonprofit funder’s 401Gives Day will offer individuals across the state the opportunity to donate to approximately 375 nonprofits identified on the event’s website, 401Gives.org. The daylong event is designed

Business leaders such as restaurauteur James Mark are shell-shocked by the sudden near-shutdown of in-person commerce. Then-Gov. Gina M. Raimondo is earning early plaudits for her response to the virus’s spread across the state.

APRIL 3 - 9, 2020

CORONAVIRUS CRISIS

099_104_35years_PandemicReview.indd 99

PAGE 12

MARCH 27, 2020

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 2 | $2

99 | NOVEMBER 2021

PBN PHOTO/MICHAEL SALERNO

SEE PANDEMIC

WHEN THE UNITED WAY OF RHODE ISLAND planned its inaugural 401Gives Day for April 1, the world had not yet heard of COVID-19, and the chief concerns for many local nonprofits revolved around serious but perennial fundraising and staffing challenges.

Now in the midst of a global pandemic that has brought the state economy to its knees, with tens of thousands of layoffs, the need for funding help is as

food, recreation and power, and as a medium for transpor-

SPRING 2020

APRIL 3, 2020

MANY SMALL BUSINESSES, Books on the Square has a manager who keeps a close eye on numbers and trends. More than three weeks ago, Jennifer Kandarian read reports of the spread of the new coronavirus through Italy and into the rest of Europe, and she had an uneasy feeling.

BY JAMES BESSETTE | Bessette@PBN.com

with Rhode Island’s

tation and defense, the ocean has sustained a considerable

HEALTH CARE

BY ELIZABETH GRAHAM | Graham@PBN.com

HANGING ON: James Mark, owner of Providence restaurants big king and north, says the coronavirus crisis has drained his bank account nearly dry, leaving him with $600. He’s trying to keep the business afloat with a takeout service.

LIKE

UWRI: Support those helping others

BY ELIZABETH GRAHAM | Graham@PBN.com

SUMMIT

Preparations at hospitals kick into high gear

BY MARY MACDONALD | MacDonald@PBN.com

PAGE 7

Mark S. Hayward, director of the U.S. Small Business Administration’s Rhode Island office, says the business disruptions in the Ocean State are the worst he’s seen since 9/11. Businesses are already transitioning to remote work.

pbn.com

Coronavirus pandemic deals sudden, crushing blow to R.I. businesses

SEE HOT TOPIC

PAGE 7

MARCH 20, 2020

Takeout, delivery woes | 5

Raimondo’s leadership, transparency earn praise

terrorist attacks, which hit Rhode Island’s hospitality industry particularly hard, also bears some resemblance to what many predict will be a monthslong economic slowdown caused by efforts to mitigate the spread of the new coronavirus.

BY NANCY LAVIN | Lavin@PBN.com

AS COMPANIES ACROSS THE STATE transition to remote work, information-technology service firms have been getting slammed with requests to set up the software, security and other technology required for employees to work from home.

“A lot of our clients have disaster recovery plans, but not too many had a plan in place for something like this that would last multiple weeks,” said Nick Bernfeld, co-CEO of IT Support RI. “It’s a lot different than what people were planning for.”

Escalating concerns over the coronavirus directly corresponded to an increase in calls to the North Smithfield company from clients seeking to enhance or begin services that will allow virtual work, Bernfeld said.

DINING OUT

Michael J. LaBella: Leading in times of crisis | 30

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 1 | $2

KNOCKED DOWN, BUT NOT OUT

R.I. businesses offered disaster help While the impact of the COVID-19 pandemic is unlike anything Hayward has seen in his lifetime, including more than two decades as director of the SBA Rhode Island district office, that “eerie and unusual feeling” in the aftermath of Sept. 11 rings true today.

The long-term economic impact of the 2001

ONE LAST THING

CORONAVIRUS CRISIS

CORONAVIRUS CRISIS

MARK S. HAYWARD was in Washington, D.C., on Sept. 11, 2001.

With the metro shut down following the devastating terrorist attacks in New York City and Washington, Hayward walked from the U.S. Small Business Administration headquarters to his hotel through empty streets and past shuttered storefronts.

MARCH 27-APRIL 2, 2020

n Dining Out: How to bring

on, the numbers have been staggering.

After a monthlong stretch of steady increases in many metrics, however, recent data suggests the worst of Rhode Island’s health crisis may be behind us.

But Gov. Gina M. Raimondo’s daily balancing SEE REOPEN

PAGE 12

diners back? Page 5 n Airline bailout troubling for

T.F. Green Airport. Page 7 n Pandemic Diary: Collaboration

becoming crucial. Page 15 n Primary care concerns

intensified by COVID-19.

Page 18

THIS IS NOW A VIRTUAL EVENT. A AWARDS

See page 24 for details.

As then-Gov. Gina M. Raimondo moves to reopen the Rhode Island economy, the question on everyone’s mind is: Are we ready?

Health officials are also surprised to see dramatically fewer people showing up in hospital emergency rooms for non-COVID-19 care.

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10/22/21 1:58 PM

PANDEMIC REVIEW PROVIDENCE BUSINESS NEWS

PBN pbn.com

JUNE 5-11, 2020

PBN.COM: ANOTHER LOOK

ONE LAST THING

‘It was gut-wrenching,’ shop owner says of riots | 16

Rick Norberg | 30

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 11 | $2

CORONAVIRUS CRISIS

PROVIDENCE BUSINESS NEWS

PBN pbn.com

Incubator born in response to COVID-19

BY ALEXA GAGOSZ | Gagosz@PBN.com

SEE NEWSPAPERS PAGE 12

SEEKING SUPPORT: Beacon Communications Inc. owner John Howell has been calling on government to come to the aid of newspapers.

PBN PHOTO/MICHAEL SALERNO

JO LEE’S NEW BUSINESS was on the fast track to success.

In a single year, she’d transformed PopUp Rhody LLC from an idea into a registered company with a website. She won a pitch competition for local startups and was preparing for a beta launch.

Then, COVID-19 hit, and the online marketplace designed to connect artisans with property

OFFICE ALTERATIONS

FOCUS: INNOVATION/ STARTUPS

NEW ARRANGEMENTS: Newport Yachting Center Office Manager Leanne Arsenault, left, is no longer using her regular office desk. Now she greets visitors from a makeshift desk at the door with a plexiglass shield. At right is Carter Fisher, Newport Yachting Center dock master.

PBN PHOTO/MICHAEL SALERNO

Pandemic reshaping the workplace as employees begin returning

BY MARY MACDONALD | MacDonald@PBN.com

THE

FOCUS: CONSTRUCTION, DESIGN & ARCHITECTURE

community candy dish in the office is gone. So is the team lunch, the overthe-desk conversation and people rushing into a crowded elevator.

As Rhode Islanders return to their offices in June, their behaviors will change and many will encounter an unfamiliar environment.

Depending on the size and function of an office, walls are going up to create more separation, or

PAGE 19

SEE WORKPLACE

BY ALEXA GAGOSZ | Gagosz@PBN.com

PAGE 19

RHODE

n McKee floats relief plan on his own. Page 7 n Pandemic Diary: New reality for sales team. Page 15

DINING OUT

lockdown. But the rules were being looked at warily for any impediments.

Many, judging from the chatter of the restaurant owners on social media, were anticipating a

n Construction projects near finish in uncertain times.

Page 18

ENROLLED: Jo Lee, owner of PopUp Rhody, is one of 17 members participating in Social Enterprise Greenhouse’s virtual COVID-19 Response Incubator.

n Tourism will need support from R.I. leaders. Page 29

SEE DINING OUT PAGE 5

Congratulations to this year’s winners.

See page 20.

PROVIDENCE BUSINESS NEWS

JULY 3-9, 2020

FOCUS: CORPORATE OUTINGS BUSINESS WOMEN Love of learning has guided her career path | 8

Pandemic turning up heat on R.I. caterers | 19

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 15 | $2

CORONAVIRUS CRISIS

STARTING BLOCKED

R.I. rethinks ‘light touch’ in enforcing protocols

BY NANCY LAVIN | Lavin@PBN.com

Indoor rec businesses argue they should have gotten green light a month ago

THE STATE HAS LAID OUT plenty of rules for its phased reopening plans in recent weeks on mask wearing, social distancing and capacity, but it hasn’t cracked down on many businesses that have violated those rules.

Gov. Gina M. Raimondo in a press conference on July 29 acknowledged that the “light touch” would be reevaluated given that some businesses have taken advantage of a lack of penalties. But whether these so-called “bad actors” can be reined in with stricter penalties – and who should be making sure the rules are followed – depends on whom you ask.

HOT TOPIC

SEE RETURNING

PBN PHOTO/ELIZABETH GRAHAM

PAGE 12

JUNE 26, 2020

Celebrate their achievements

Virtual Awards Event | June 30, 2020 | 4 pm See page 10 for details.

A AWARDS

Workers returning to the office have questions about what to expect and what the law requires.

PBN provides answers, including whether employers can take their temperature before entering: Yes.

As some employees begin returning to work, they find dramatically different office spaces and protocols to help curb the spread of the virus. Restaurants are also suffering from limitations on indoor dining and other restrictions on their operations.

pbn.com

ISLAND’S REOPENING IS PICKING UP SPEED. The state is heading into phase three, which means more businesses are set to open and more people are going back to the workplace. With that comes nervous questions from employees about gray areas that have formed during the pandemic around the workplace and personal safety.

Providence Business News asked employment lawyers, human resources specialists and Rhode Island’s top labor official some questions workers might have about returning to their jobs.

MORE INSIDE:

BY BRUCE NEWBURY | Contributing writer

JUNE 5, 2020

You may have thorny questions about returning to the office.

Here are some answers.

SEE INCUBATOR

they’re coming down to improve interior air flow. Sanitation is king. The cleaning of common surfaces, which can contain contaminated droplets, will be as important as layout for businesses bringing employees back into offices, and trying

Restaurants coping with indoor rules

PBN

Mike Stenhouse Align staff to serve team | 30

Elizabeth M. Tanner | 4

GOING BACK TO WORK?

BY NANCY LAVIN | Lavin@PBN.com

WHEN THE STATE ISSUED guidelines for Phase II of reopening for restaurants – allowing for indoor dining – Rhode Island restaurateurs scrutinized them word for word.

The state’s 3,000 eateries, consisting primarily of nearly independent business owners, have been desperate to get back on their feet after months of forced

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5Q

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 14 | $2

CORONAVIRUS CRISIS

Should newspapers be rescued?

NEWSPAPER PUBLISHER John Howell didn’t think he would ever have to lay himself off.

But when COVID-19 hit the United States, that’s exactly what he had to do to save his Warwick-based newspaper company, Beacon Communications Inc., which publishes the Warwick Beacon and other small newspapers.

As advertising revenue quickly evaporated during the economic shutdown in March, Howell cut eight positions,

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SPOTLIGHT

‘Ambassadors’ on water | 6

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CORONAVIRUS CRISIS International students face tough choices

BY MARY MACDONALD | MacDonald@PBN.com

TOURISM PIVOT Struggling industry shifts focus closer to home

MICHAEL CHEN FEELS FORTUNATE. The Brown University student from Italy was able to stay with relatives in Utah when classes shut down in March instead of returning to his home country.

This will ease his transition back to campus when classes resume this fall, because he will not be subject to international travel restrictions.

By comparison, many of his friends and classmates face significant hurdles in returning to campus. Although the Trump administration has backed away from a controversial policy

FOCUS: EDUCATION

SEE STUDENTS

PAGE 21

SEE HOT TOPIC

WATERFRONT SPIN: Ella Gonzalez, director of sales and marketing for the Newport Harbor Hotel and Marina, says one of the hotel’s biggest successes during the coronavirus pandemic has been hosting cycling classes provided by fitness studio WAVE Cycle LLC on a pier outside the hotel. The class is being run by Chloe Snyder.

PBN PHOTO/TRACY JENKINS

PAGE 7

BY ALEXA GAGOSZ | Gagosz@PBN.com

ELLA

BY JAMES BESSETTE | Bessette@PBN.com

ROBERT

TOTH STARTED to see the world reopen around him and, in some ways, without him.

Many businesses in Rhode Island, such as restaurants, salons, fitness centers and stores, have been opening up again since May after being forced closed in mid-March due to the COVID-19 pandemic. At those businesses, the customers are now returning – most of them donning masks.

But Toth’s two businesses, Old Mountain Lanes Inc. in South Kingstown and Walnut Hill Bowl in Woonsocket, remained dark through SEE RECREATION

PAGE 12

JULY 3, 2020

INCREASED SAFETY: Mike Hezemans, co-owner of R1 Indoor Karting in Lincoln, says R1 spent about $100,000 upgrading and painting the 100,000-square-foot facility to increase safety measures, in addition to sanitizing racing helmets and purchasing new “open helmets” that allow riders to wear their own face masks with the helmets while driving go-karts.

PBN PHOTO/MICHAEL SALERNO

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Rhode Island’s phased reopening of the economy leaves some businesses waiting much longer than others. Then-Gov. Gina M. Raimondo promises to crack down on businesses that have taken advantage of limited enforcement of state rules that are part of the reopening, including mask wearing.

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JULY24, 2020

Gonzalez is used to hearing families from faraway places bustling into the lobby of the Newport Harbor Hotel and Marina during the summer. They typically have jam-packed schedules, filled from sunrise to dusk with excursions around the seaside city.

But the coronavirus pandemic has canceled major events, including the Newport International Boat Show and Newport jazz and folk festivals, both of which draw the hotel’s largest crowds. Gonzalez, director of sales and marketing, said the hotel’s 133 rooms might still sell out for those normally crowded weekends, but room rates are expected to fall by at least $200.

To boost business this summer, the hotel has shifted its focus, partnering with small businesses to attract local residents.

The waterfront hotel’s biggest success has been hosting cycling classes provided by fitness studio WAVE Cycle LLC on a pier outside the hotel. Participants, most of whom live in or near Newport, receive a bag of hotel swag, including discounts to the hotel restaurant, Saltwater.

“We’re partnering with small businesses to keep them alive, but also reengage locals,” Gonzalez said.

In a typical summer, far-flung travelers by the thousands dock in Newport marinas, surf along the SEE TOURISM PAGE 12

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The pandemic forces the cancellation of popular summer events that annually attract thousands to the state, forcing struggling hotels and other tourist-dependent businesses to cater to local residents. International college students are also struggling to get in or out of Rhode Island and other states due to travel restrictions.

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CORONAVIRUS CRISIS

BY MARY MACDONALD | MacDonald@PBN.com

AFTER CLOSING FOR AN extended period this spring, most dental practices in Rhode Island have resumed routine care. But the experience is anything but routine for most patients.

Like other health care professionals, dentists are following new safety protocols designed to protect staff and patients, created by the Rhode Island Dental Association and public health officials.

A 23-page document published by the R.I. Department of Health outlines how dental

THE UNIVERSITIES IN RHODE ISLAND that are trying to reopen residence halls and classrooms this month are requiring everyone on campus to wear face masks when indoors, or in common areas where people come together.

Will it work? Time will tell.

Several large state universities and prominent colleges elsewhere in the country have tried the same thing, only to throw in the towel on in-person instruction.

The University of North Carolina closed about a week after reopening, telling most students in its residence halls to go home.

Michigan State University scrapped all on-site classes about a week before it reopened. “It has become evident to me that, despite

FOCUS: HEALTH CARE

PAGE 20

BY MARY MACDONALD | MacDonald@PBN.com

ADAM

BROWSING: “Open Air Saturdays” on Westminster Street in Providence is an open-air market, or sidewalk sale, to attract more people to the downtown. From left, Martha Rojas, of Cranston, browses for office art at a table run by Nafis White, of AS220.

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AUG. 14 2020

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Downtown Providence has been slow to rebound from the economic shutdown and stay-at-home order in March. Many businesses await a fall return of students to local colleges, while others turn to sidewalk sales to attract customers.

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Small Business Administration 2020 Salute to Small Business

Avery Piano Co. | 6

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COVID-19 pandemic.

Struggling small-business owners who received an infusion of cash from the Paycheck Protection Program in the spring are exhausting that money.

Many businesses haven’t seen sales bounce back yet, as some customers have stayed away for fear of infection or anxiety over financial well-being.

Business evictions have also resumed since the state’s moratorium expired in June, and are starting to pile up against small businesses and franchise owners who have overdue rent.

Yet, a lifeline set up months ago by the R.I. Judiciary to help rescue business owners pinned between creditors and damaged by the pandemic remains unused.

It’s called the Business Recovery Plan, a program in which the court system can provide protecSEE COURT

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COMMUNITY SERVICE

Collaborative food initiative reaches 25K meals milestone | 3

FOCUS: EDUCATION Shortage of subs plagues some schools | 19

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OFFICE UPHEAVAL

THRIFTY THINKING: Daniel Shedd, president of Taylor Box Co. in Warren, says while the manufacturer has begun to see marginal improvements in business activity and revenue, he remains in “cash preservation mode.” That means no hiring, except for one long-standing open position, and no major investments.

PBN PHOTO/RUPERT WHITELEY

PBN SURVEY:

People remain few and far between at many workplaces, and it’s having negative effects

Most R.I. businesses foresee recovery from pandemic within a year

Parents are taking note of home-school option ANDREA KNOLL’S DAUGHTER Adalyn was supposed to start kindergarten at Henry Barnard School this school year.

Even after COVID-19 hit, Knoll and her husband held out hope that their 5-year-old daughter would still be in the classroom come the fall.

Then, Rhode Island College announced it would be closing the private school on its campus within the year, and the Providence couple, who also have two younger children, were forced to reconsider.

FOCUS: EDUCATION

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BY MARY MACDONALD | MacDonald@PBN.com

BY NANCY LAVIN | Lavin@PBN.com

PAGE 18

DESPITE SEPT. 25 2020

lifelines are disappearing for businesses gutted by the

BY NANCY LAVIN | Lavin@PBN.com

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Adam Batchelder Breathe, adapt and overcome | 30

GOVERNMENT

CORONAVIRUS CRISIS

RHODE ISLAND SALUTE TO SMALL BUSINESS

New ‘green’ methods extracted from the past

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SPOTLIGHT

READY FOR A REBOUND

TO REDUCE THE environmental impact of new construction, property owners, architects and commercial builders are looking back in time, using materials and techniques that were more common in the Colonial era.

Green building, in other words, doesn’t have to involve modern technology.

It can revolve around the reuse of salvaged wood that was hundreds of years old when it was cut for 19th-century mills. Or it can use centuries-old methods of carpentry, which create buildings that last for generations.

Legal program to protect businesses crippled by pandemic goes untapped

PROVIDENCE BUSINESS NEWS

2020

BY MARY MACDONALD | MacDonald@PBN.com

PBN PHOTO/MICHAEL SALERNO

Rhode Island-based universities prepare to welcome back students who will be required to wear masks indoors where people gather, even as schools in other states experience significant COVID-19 outbreaks. Hotels are warning of dire need for financial assistance.

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FOCUS: CONSTRUCTION, DESIGN & ARCHITECTURE

BITTER SITUATION: Providence Brewing Co. owner Efren Hidalgo has received an eviction notice from his landlord for his North Providence brewery. Without enough money to move his equipment to a new location, Hidalgo is worried that if he is forced from his North Providence location immediately, he will default on his sales contracts.

AUG. 28, FASTEST FASTEST GROWING GROWING & & 2020 AWARDS

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COURT UNAWARES

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Comfortable ink removal | 6

FOCUS: EDUCATION

SEE DENTISTS

BUCK OPENED THE SMALL POINT CAFE INC. nine years ago when a gathering place such as his, where people could chat or work for hours, was hard to find in downtown Providence.

Because of that, Small Point became a popular spot along Westminster Street. But as with so many things, the cafe has been changed by COVID-19.

With only a few outdoor tables, Small Point’s sandwiches and coffee drinks are sold as takeout. Buck works alone or with one employee. He’s erected a plexiglass enclosure that prevents people from entering. If he let people sit inside, he’d need another full-time employee. He isn’t doing enough business to support that.

“People are angry that we’re closed,” Buck said. “They see the locked door.

They knock on the window. I say I’m closed, and they get a really annoyed look on their face and stomp away.”

SPOTLIGHT

Shannon Buss Positivity leads to productivity | 30

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 35, NO. 23 | $2

Are colleges masking trouble?

BY MARY MACDONALD | MacDonald@PBN.com

Providence’s economic, cultural engine stuck in neutral

ONE LAST THING

CORONAVIRUS CRISIS

At the dentist, crisis adding to discomfort

DOWNTOWN DOLDRUMS

AUGUST 28-SEPTEMBER 3, 2020

THE ECONOMIC DEVASTATION inflicted by COVID-19, Rhode Island businesspeople remain optimistic that the worst is over and their businesses can only improve in the next year, according to responses to Providence Business News’ 2020 Summer Business Survey.

Nearly two-thirds of the business owners and executives who responded to the biannual survey – 63.3% – described their business outlook for a year from now as better than the current year, nearly identical to the level of optimism reported

WHEN

Michael Giuttari returned in late June to his office at MG Commercial Real Estate Services Inc. in the Jewelry District of Providence, he found a changed landscape.

His go-to spot for work lunches, The District, wasn’t open for lunch anymore. The popular eatery used to be so packed, diners needed reservations. Now it’s only open for dinner. The lunch crowds, which had been made up of mostly office workers, are gone.

For commuters, the daily trek has gotten much easier. And parking lots at work are sparsely filled. It’s become obvious to anyone who passes a suburban office center or a downtown

in the two prior surveys.

Indeed, a majority have started to see the beginnings of an economic comeback, with half reporting business activity and new orders greater than the prior quarter.

Even if the economy continues to improve, however, it won’t be enough to reverse the crushing blow to earnings, with just over one-quarter of those surveyed – 27% – expecting a higher net income this year compared with the prior year.

That’s the second-lowest rate in the history of SEE RECOVERY PAGE 12

the Winners Celebrate ony ards Cerem Virtual Aw 30th | 3pm September Turn to page 36 for more information.

PBN’s biannual survey of Rhode Island employers finds most employers expecting a recovery from the pandemic within a year. Some have started to see improvements, though many remain hesitant to invest after crushing losses in the previous months.

SOME BREATHING ROOM: Collection specialist Dosha Bogosian works in a sparsely populated office at XRA Medical Imaging in Cranston. While XRA’s diagnostic services have remained open for months, more of the administrative workers have returned but are keeping their distance from one another.

PBN PHOTO/MICHAEL SALERNO

SEE WORKPLACES

OCT. 9, 2020

PAGE 12

SUMMIT

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Workers are not returning to the office as quickly as some employers hoped, due to continued health concerns, child care challenges and other issues related to the ongoing pandemic. Some parents are also turning to home schooling to keep kids out of crowded public schools.

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Continued telehealth coverage a must | 18 Ready to return to workplace?

Not so fast | 20

Mocarski built company to weather everything | 10

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CORONAVIRUS CRISIS

COURTESY LIFESPAN CORP.

Slow-spending R.I. has two months to disperse $900M in CARES Act money

RHODE

Island officials rejoiced when they learned in March that the state would get a $1.25 billion slice of the federal coronavirus relief package. Months later, a new problem has emerged: how to spend it quickly yet wisely before the Dec. 30 deadline.

State records show that as of Oct. 1, Rhode Island had spent only about one-quarter – or $299.6 million – of its Coronavirus Aid, Relief, and Economic Security Act funds since it was allocated in the spring.

Democratic Gov. Gina M. Raimondo’s administration has been holding on to most of the money in hopes that it would get more flexibility in how the state could spend it, possibly using some of the

JANET TANURY HAD BEEN dutifully putting away money for retirement for years and was even considering doubling her contribution.

Then, COVID-19 hit, shutting down Botticelli LLC, her North Providence plus-size clothing boutique, and costing what the longtime smallbusiness owner estimated to be $100,000 in revenue over the last nine months. Suddenly, growing her retirement nest egg no longer seemed like a luxury Tanury, 42, could afford as she struggled

FOCUS: ACCOUNTING/ BUSINESS VALUATION & SUCCESSION

INVESTMENTS/ ESTATE & RETIREMENT PLANNING

SEE TAXES PAGE 27

funds to close a gaping state budget deficit. That flexibility hasn’t come, though some national organizations and federal lawmakers are pushing for an extension of the deadline.

Meanwhile, small-business advocates, including Democratic Lt. Gov. Daniel J. McKee, and state Republicans have seized upon how the administration has handled relief efforts. GOP leaders note all other New England states have dispersed a far higher percentage of their CARES Act appropriations as the deadline approaches, including Vermont, which has used or earmarked 100% of its $1.25 billion share.

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Local nursing homes hit hard earlier in the year by COVID-19 are fighting to survive, with cases again climbing in the state and occupancy rates already at unprofitable levels. The pandemic is also leading people to raid retirement nest eggs.

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Nursing homes struggle to fill staffing positions

BY ALEXA GAGOSZ | Gagosz@PBN.com

Landry was able to keep COVID-19 out of her nursing home in the spring. She hasn’t been as lucky this fall.

Landry is the administrator of Bayberry Commons, a 110bed facility in Burrillville that recently had two residents and an employee test positive for COVID-19 despite stringent safety measures.

The nursing and rehabilitation center’s occupancy rate has already sunk to 70%, and because of the positive tests, some families are signaling they might pull their elderly family members out of Bayberry. Landry said she can’t blame them for feeling anxious, but it’s putting further pressure on a business that’s already been heavily burdened by the pandemic.

Landry said Bayberry is losing about $125,000 a month. Now Bayberry can’t admit new residents and patients because of the positive COVID-19 tests, and low Medicaid reimbursements are further constraining the nursing home’s

Mason J. Waring Prioritize collaboration | 23

DECEMBER 11-17, 2020

Digital efforts save PMC | 6

Nursing homes under growing pressure as COVID-19 cases climb again

ONE LAST THING

Robert Shumate Pier Ice Plant Inc. owner | 25

Rhode Island has been especially slow to spend $1.25 billion in federal pandemic aid, prompting criticism from a host of constituencies eyeing a piece of the pie.

PBN

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PAGE 14

SPOTLIGHT

TAKING NO CHANCES: Elizabeth “Libby” Sarro, right, administrator at Bethany Home of Rhode Island, helps office manager Linda Wilson, center, and David Bragga, director of therapy, don protective equipment at the entrance of the Providence nursing home.

PAGE 15

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NOV. 6, 2020

BY NANCY LAVIN | Lavin@PBN.com

ACCOUNTANTS WHO HELPED shepherd businesses through the process of obtaining federal Paycheck Protection Program loans this year are now cautioning them to not assume it will go untaxed.

Among the many questions so far this tax year is whether any portion of the PPP proceeds are going to be subject to taxes, according to Rhode Island accountants.

Other issues are more straightforward.

BY ALEXA GAGOSZ | Gagosz@PBN.com

Blue Wave Poetics | 6

Expanding clothing collections | 5

More people resorting to raiding nest eggs

BY MARY MACDONALD | MacDonald@PBN.com

THE PAYOUT: The state has allocated tens of millions of dollars in CARES Act funding, including to build field hospitals such as the one pictured at the R.I. Convention Center. But now a Dec. 30 deadline to spend the rest of stimulus funding is fast approaching.

SOMETHING NEW

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DELAYED RELIEF

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Empower each other

Rep. James R. Langevin | 23

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KEEPING THE FLAME ALIVE

BEYOND COVID

BY ALEXA GAGOSZ | Gagosz@PBN.com

WHILE ATTENDING a nursing home industry event more than a year ago, Jamie Sanford came to a startling realization: Sanford, 37, was the youngest one there. By far.

“It was intimidating – the age gap was so significant,” Sanford said, recalling the room full of nursing home administrators who all appeared to be at least 20 years old than her.

Since attending that meeting, Sanford has become an

THE 2020 INTERVIEW ISSUE

FOCUS: HEALTH CARE

SEE ADMINISTRATORS PAGE 20

WaterFire, other arts groups key to R.I. recovery are under heavy strain GOV. GINA M. RAIMONDO

BY MARY MACDONALD | MacDonald@PBN.com

WATERFIRE

ONE LAST THING

DEC. 11, 2020

Laura L. Douglas Connect with coffee hours | 30

Providence entered 2020 with big plans.

The nonprofit arts organization was preparing to mark the 25th anniversary since the first fires were lit on the rivers in downtown Providence. WaterFire, which years earlier had been a spark for the city’s renaissance, had corporate sponsors committing for what it thought could be as many as 18 lightings for 2020.

Organizers even had planned a gala Fire Ball for the weekend of Halloween, to be held at the WaterFire Arts Center, three years after converting what had been a 40,000-square-foot industrial building into a premier event and exhibition hall.

SEE ARTS

LIGHTING THE LAMP: Barnaby Evans, founder and executive artistic director of WaterFire Providence, lights a luminaria as part of the “Beacon of Hope” display at the WaterFire Arts Center to honor those who lost their lives due to COVID-19.

January

21 2 0 2 1

4pm

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J.L. “LYNN” SINGLETON

PETER KING

DAVID OSBORNE

KAREN A. SANTILLI

JOSEPH R. PAOLINO JR.

KELLY RAMIREZ

DEC. 25, 2020

DINO PASSARETTA

JHONNY LEVYA

REV. KENNETH R. SICARD

MAYOR JORGE O. ELORZA

MARK DEPASQUALE

ALAN G. HASSENFELD

2021

January

21 2 0 2 1

For more information turn to page 16

WaterFire Providence and other struggling arts groups that help lure tourists to the Ocean State turn to technology and outdoor events to remind people of the power and therapeutic value of the arts. Nursing homes, meanwhile, are having trouble finding workers.

102 | NOVEMBER 2021

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PAGE 12

2021

SHANNON SULLIVAN

4pm

For more information turn to page 24

PBN’s Beyond COVID interview issue asks 15 of the state’s leaders and doers to share their insights and plans for 2021.

The consensus is that the new year will begin the recovery, once a vaccine is widely available.

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Be Collaborative Care | 28

Junior Jabbie | 15

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FOCUS: RETIREMENT AND ESTATE PLANNING Some decisions to retire triggered by COVID-19 | 24

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CORONAVIRUS CRISIS

At many colleges, tour deleted from sales pitch

R.I. health centers get crucial cash injection

BY MARY MACDONALD | MacDonald@PBN.com

USING SMARTPHONES AND livestreaming, colleges and universities in Rhode Island have been able to bypass the COVID-19 pandemic to connect with prospective students, showing them around the campus, introducing them to key faculty members.

But they can’t replicate the smell of waffles in the dining hall or allow students to experience the rustling of autumn leaves on campus.

Virtual strategies have limitations. And across Rhode Island,

FOCUS: EDUCATION

SEE COLLEGES PAGE 26

ONE LAST THING

Lars Trodson Virtual sales lure visitors | 38

BY CASSIUS SHUMAN | Shuman@PBN.com

T.F. Green leader says recovery could take years

BY MARY MACDONALD | MacDonald@PBN.com

CONSTANZA

ROSAS STEPPED OUT OF T.F. GREEN Airport in mid-January, exhausted from a series of flights. She carried two suitcases, a bright-pink neck pillow and the trappings of the pandemic-era traveler. In addition to a full-face shield, she wore a surgical face mask over an N95 mask.

Her flight from Charlotte, N.C., was the last leg of a three-stop journey that had started with an eight-hour flight from Santiago, Chile, to Miami.

Tested and found negative for COVID-19 three days prior, she was nervous throughout the journey. “I was afraid of COVID,” she said. “I was like this on the plane because I was scared,” she said, tightly tucking in her arms.

Rosas overcame the fear and had made it to Rhode Island, ready to begin a two-week quarantine and then an au pair job in Barrington. A member of her host family picked her up at the Warwick airport.

SEE AIRPORT

AFTER

MONTHS OF WORKING FROM HOME during the COVID-19 pandemic, Patrick Nee welcomed a return to the normal rhythms of a company office.

His Boston-based financial advisory firm expanded in April into space leased from CIC Providence LLC in the Wexford Science & Technology building at 225 Dyer St. in Providence. On a recent day, Nee’s workplace had an air of normalcy to it.

He conducted business without the distractions of his home life, which includes raising three young children, and he even held a consultation with a client from Narragansett inside his office.

“Our average client is 65 years old,” said Nee, a co-owner

LONG HAUL: A JetBlue Airways flight leaves from the main runway at T.F. Green Airport in Warwick.

JetBlue’s operations resumed last summer after a brief suspension in the spring when the coronavirus hit the U.S.

FOR MORE INFORMATION, TURN TO PAGE 3

Iftikhar Ahmad, CEO and president of the R.I. Airport Corp., says it will take years for Rhode Island T.F. Green International Airport to get back to 2019 passenger numbers. The airport, the state’s largest, expected a 67% decline in passenger boardings in 2020.

PBN

JULY 9-22, 2021

EVERYBODY’S BUSINESS

SPOTLIGHT

Geraldine Barclay King | 15

Tributes | 6

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APRIL 30, 2021

Employers: Get FREE rapid COVID-19 tests for your workplace.

Fast results keep your employees and others safe.

888-662- 4354 | covid.ri.gov/business

The pandemic has led to a culture shift that is expected to permanently change how many offices are set up and operate.

That includes any employers considering permanently shifting to hybrid work schedules that allow employees to continue working from home at least part time.

PROVIDENCE BUSINESS NEWS CELEBRATING

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35 YEARS: 1986-2021

SPECIAL SECTION

PBN’s 2021 Fastest Growing & Innovative Companies Awards

RUGGED RECOVERY

How to attract, keep workers

BY NANCY LAVIN | Lavin@PBN.com

ERIN

WHEN ERIC DAROSA’S FAMILY opened North East Knitting Inc. on Conant Street in Pawtucket, the neighborhood was in rough shape.

Many of the historic mill buildings around them were empty. There were smashed windows and trash strewn about. The parking lot across the street was dirt and trash.

“You wouldn’t be caught walking down the street,” DaRosa recalled of the atmosphere when his family business set up shop in 1986.

STILL GOING STRONG: Gerald Carlson, left, owner of car-frame repair shop Auto Rust Technicians in Cranston, speaks with Karr Thang, manufacturing manager. Confident about the future of his business, Carlson recently spent $500,000 to purchase a neighboring building to expand operations and is contemplating buying additional equipment.

PBN PHOTO/RUPERT WHITELEY

PAGE 12

JULY 9, 2021

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COVID-19 has led many hospitality workers to rethink their commitment to the industry, leaving some employers to explore new ways to attract and keep workers. That includes boosting pay and benefits.

SEE TELEMEDICINE PAGE 20

OCT. 1, 2021

FALL 2021

RE? MADE HE

’S IT? WHATWHO MAKES RE? RK THE

BY NANCY LAVIN | Lavin@PBN.com

ISLAND BUSINESSES ARE climbing out of the crater caused by the COVID-19 pandemic, but many are finding that the lingering fallout is dampening their recovery, according to Providence Business News’ Summer 2021 Business Survey.

Nearly 9 in 10 business owners and executives who responded said they are paying more now for materials and supplies com-

ONE LAST THING

Erin Pavane Employee expectations shifting | 30

AT THE HEIGHT OF THE COVID-19 pandemic, telemedicine was hailed as a lifesaver, allowing patients to see their doctor virtually without the risk of catching or spreading the virus in a medical office.

Now, it’s getting a little more complicated.

That’s because some states that were lenient during the pandemic are reining in crossborder telemedicine, prohibiting doctors in one state from teleconferencing with patients who live in another unless the doctor is licensed in both states. In some cases, doctors conducting cross-border telehealth visits risk being sanctioned.

In a small state such as Rhode Island, where residents may have a doctor across a state line or where a

Rebound underway, but repercussions from pandemic not making it easy

PAGE 17

SEE WORKERS

Out-of-state telehealth visits hit some snags

PBN SURVEY:

SEE PAWTUCKET

or a waste of my time or that I was not using my degree.”

And it paid off. In February, Umbdenstock was promoted to rooms manager, an opportunity she credited in part to the topsy-turvy world created by COVID-19.

But many other hospitality workers have not stuck with the local industry through the pandemic and it’s taking an economic toll,

Evan Smith Keep marketing | 34

FOCUS: HEALTH CARE

Umbdenstock spent her four-month stint of unemployment trying to keep busy.

She cooked and cleaned her Coventry apartment and took up several new hobbies. But she did not look for a new job, because she was holding out to return to work at the Providence Marriott Downtown.

So when her boss, hotel general manager Farouk Rajab, offered her a chance to come back, she didn’t hesitate. She worked the front desk, she did laundry, whatever was needed. Her part-time hours were just enough to take her off unemployment benefits but was still a pay cut and a demotion from her former role as a sales coordinator.

“It’s not what I pictured myself doing,” the 27-year-old Johnson & Wales University graduate said. “But I never thought it was below me

ONE LAST THING

BY JACQUELYN VOGHEL | Voghel@PBN.com

BY NANCY LAVIN | Lavin@PBN.com

HOSPITALITY’S HEADACHE:

OCTOBER 1-14, 2021

YOUR SOURCE FOR BUSINESS NEWS IN SOUTHERN NEW ENGLAND | VOL. 36, NO. 11 | $5

Industrial area on cusp of revival in Pawtucket

PBN PHOTO/KATE WHITNEY LUCEY

ONE LAST THING John Galvin

PBN PHOTO/ELIZABETH GRAHAM

PAGE 12

FOCUS: COMMERCIAL REAL ESTATE

STICKING WITH IT: Victoria Trujillo, standing, checks on diners at 22 Bowen’s Wine Bar & Grille. Trujillo returned to her managerial job at the Newport restaurant after a two-month layoff in 2020 despite fears about contracting COVID-19.

PAGE 20

Never stop innovating | 38

FEBRUARY 11, 2021 AT 9AM

35 YEARS: 1986-2021

SEE INJECTION ALTERED VIBE: Peter Marino, left, CEO and president of Neighborhood Health Plan of Rhode Island, talks with Rob Magnan, facilities and mail room coordinator at the insurer’s headquarters in Smithfield.

Marino says only about 20 of Neighborhood’s 600 employees are working in the building now, but he hopes to get everybody back in the office eventually to restore the “fluid collaboration” and “family vibe” that existed before the pandemic. At right is security officer Jennifer Castellanos.

SEE OFFICES

PBN FILE PHOTO/ MICHAEL SALERNO

PAGE 12

CELEBRATING

FOCUS: HEALTH CARE

Offices in post-pandemic era likely will never be the same

BY MARY MACDONALD | MacDonald@PBN.com

PROVIDENCE BUSINESS NEWS

KAREN MAZZOLA HAD tears in her eyes when she administered Thundermist Health Center’s first COVID-19 vaccine shot late last year.

“I was just overwhelmed with the feeling that this could be the beginning of the end” of the pandemic, said Mazzola, the Woonsocket center’s associate vice president of nursing. “In my whole career, I have never had a feeling like that come over me.”

CULTURE SHIFT

CLOUDED HORIZON

FEB. 5, 2021

pbn.com

APRIL 30-MAY 13, 2021

CAN I WO

pared with the prior quarter, the highest rate in the 14-year history of PBN’s biannual survey and nearly double the number from a year ago.

At the same time, labor shortages have forced some companies to consider raising wages and improving benefits to stay competitive in a job market in which many workers SEE REBOUND PAGE 12

MADE IN RHODE ISLAND pages 26-36

Colonial Mills Inc.

AquaMotion Inc.

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PBN’s biannual survey finds that a rebound from 2020’s economic doldrums is underway, though there are signs that fallout from the pandemic will linger. This includes higher prices for materials and supplies compared with a year ago.

www.pbn.com | 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | NOVEMBER 2021

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YEARS

1986-2021 ADVERTISER INDEX 401 Tech Bridge.......................................................................................................... 19 Adler Pollock & Sheehan P.C.....................................................................................35 Aldrich Mansion........................................................................................................ 16 Amgen.......................................................................................................................53 Amica......................................................................................................................... 91 Bally's Twin River Lincoln Casino Resort...................................................................33 BankRI........................................................................................................................ 31 Bryant University .......................................................................................................11 Cox Business................................................................................................................7 Crossroads Rhode Island...........................................................................................38 CVS Health................................................................................................................... 1 Gallo|Thomas Insurance......................................................................................... IFC Hasbro..........................................................................................................................5 Hope Global...............................................................................................................32 Johnson & Wales University........................................................................................3 KPMG......................................................................................................................... 51 Lifespan....................................................................................................................... 9 Navigant Credit Union............................................................................................. BC Neighborhood Health Plan of Rhode Island.............................................................38 Oppenheimer.............................................................................................................35 Paolino Properties..................................................................................................... 41 Partridge Snow & Hahn LLP...................................................................................... 71 Providence Performing Arts Center.......................................................................... 17 R1 Indoor Karting Entertainment Center.................................................................. 21 Rhode Island Foundation............................................................................................2 Rhode Island Infrastructure Bank............................................................................. 37 Sweet Streams Chocolate Fountains LLC................................................................. 18 Taco Comfort Solutions....................................................................................... 12, 13 The John H. Chafee Center for International Business at Bryant University ..........23 Washington Trust .......................................................................................................4 Webster Bank............................................................................................................ 15

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| 1986-2021 — 35 YEARS OF PROVIDENCE BUSINESS NEWS | www.pbn.com

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WHAT’S YOUR NEXT MOVE? When it’s your business, it’s always about what’s next.

This year should be no exception.

Successful businesses trust the Providence Business News with their marketing budgets to strengthen business relationships at the highest level and to build brand equity within the marketplace.

Make sure PBN is included in your marketing plan.

REACH THE PEOPLE WHO COUNT. Contact your account manager or Advertising@PBN.com | 401-680-4800 to make your move on the available marketing opportunities offered.

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Your success is our business

PRINT | DIGITAL | SIGNATURE EVENTS

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You demonstrate your passion for local business every day.

Sounds familiar.

Congratulations PBN on 35 years of business!

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