Teresa Foxley is going to continue doing what she's been doing — promoting Utah's economic development — but in a different position.
Up to now a leading executive in the Governor's Office of Economic Development, Foxley was named Monday to become the new president and CEO of the Economic Development Corp. of Utah (EDCUtah), which works side-by-side with GOED in recruiting new businesses to the state and encouraging existing ones to stay and expand.
"Her familiarity with EDCUtah, our public-private business model and the critical role the organization plays in growing Utah's economy made her the best possible candidate for this important job," said Dean Luikart, chairman of the EDCUtah board and a senior vice president at Wells Fargo Bank.
Foxley will replace Jeff Edwards, who retired in October about the time a state audit found that lax oversight in the agency had enabled a recently departed executive to make thousands of dollars of unauthorized credit card purchases. In addition, the agency failed to file tax returns for five years.
An attorney, Foxley has been deputy director of corporate recruitment and business services at GOED, overseeing incentives, government contracting, bonding and business resources. Companies she has worked closely with include Goldman Sachs, Vista Outdoors, Procter & Gamble, Solar City and Stadler Rail.
Before joining GOED, she was a lawyer in the Salt Lake City office of the firm Ballard Spahr, specializing in mergers and acquisitions.
"It's a tremendous honor to accept the position," said Foxley, who will start full-time in mid-March after working on a limited basis until then while on maternity leave with her first child. "The talented staff, broad base of support in both the public and private sectors and unique positioning with client companies around the world makes this an exciting opportunity."
Her selection drew praise from state and county government officials.
Gov. Gary Herbert called Foxley "an excellent choice to lead EDCUtah. She has a good understanding of economic development and business needs," background that should "make the transition seamless."
Although Salt Lake County sharply reduced funding for the agency this year, Mayor Ben McAdams said EDCUtah has been an important part of the county's efforts to diversify its tax base and promote wage growth.
"Our region seeks to become even more strategic and competitive to build on past successes," he said, "and EDCUtah is an important part of our success."
mikeg@sltrib.com
Teresa Foxley, new head of the Economic Development Corporation of Utah.
