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Massachusetts Economic Development Secretary Yvonne Hao, who has led the state's efforts to support growing economic sectors and attract businesses, is departing the role.
Hao's reasons for stepping down centered around spending more time with her family, including her mother who lives across the country, the Boston Globe first reported. She said she doesn't know what the next step in her career will be, but she will be available as an unpaid adviser to the Healey administration.
Undersecretary Ashley Stolba is slated to step in as interim secretary next week.
“I feel very confident we have the right team in place, with all the momentum behind us,” Hao told the Globe. “I’m excited to wear sweatpants and walk the dog and spend time with my family.”
Her move comes as the economy faces risks from the federal government cutting funding to major institutions and the potential impacts of tariffs. Massachusetts officials have been working to draw Hasbro to relocate from Rhode Island, but the company said last week it is delaying its headquarters decision due to tariff concerns.
Hao, who has been in the role since Gov. Maura Healey took office in 2023, was involved in the massive $4B economic development bill known as The Mass Leads Act that was approved in November. The package includes investments in the clean tech, artificial intelligence and life sciences sectors as well as unlocking the land for The Kraft Group to begin plans for a soccer stadium.
She also helped to attract federal health research agency ARPA-H to Cambridge as the agency's investor catalyst hub in 2023.
Hao also served as chair for the quasi-public agency MassDevelopment. The agency has financed or managed over 300 projects, generating investment of more than $3.5B from the state's economy.
Before joining Healey's administration, Hao worked in private equity for firms like Bain Capital and Cove Hill Partners. She also acted as a top executive at pharmacy startup Pillpack.
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