■ March Interview: STEPHEN MORET, president and CEO, Virginia Economic Development Partnership


Data driven I


f anything defines Stephen Moret, the new leader of Virginia’s Economic Development Partnership, it might be


a penchant for analysis. Ask how Virginia and Louisiana compare when it comes to business climate rankings and Moret whips out his smartphone to show a chart with seven years of data from five national surveys. His research shows Virginia’s slide in


the rankings while Louisiana kept edging up. In fact, Louisiana, which typically lagged in the 40s in rankings, moved up an average of 26 spots while Moret served as a secretary of economic development under former Gov. Bobby Jindal from 2008 through 2015. Moret also knows why states do


better on certain surveys. If quality of life is weighted heavily, Louisiana — long plagued by pockets of poverty — will not do as well; whereas Virginia, with its stellar system of higher education, shines. The tables are turned, though, when state tax structures are in the mix. “Virginia has a less growth-oriented tax structure than many other states. In fact, it’s roughly the second- or third-highest tax state in the country for new capital-intensive manufac- turing,” says Moret. This data-driven approach is key to his management style. “Stephen believes in doing his research, following the data, zeroing in on strength and weaknesses and putting together a detailed plan,” says Ste- phen Waguespack, who served with Moret under Jindal. Waguespack, now president of the Louisiana Association of Business and Industry, was Jindal’s chief of staff. “Once he zeros in on a problem, he has a tenacious work ethic to get the job done.”


50 MARCH 2017


Stephen Moret served as secretary of the Louisiana Department of Economic Development under former Louisiana Gov. Bobby Jindal from 2008 through 2015.


Tenacity will certainly be needed


in Moret’s new post. He left his job as president and CEO of the Louisiana State University Foundation in late December, moving his wife and four children to Vir- ginia to take over an agency in the middle of a political firestorm. Once viewed as the premier economic


development authority in the country, the Virginia Economic Development Partner- ship (VEDP) is on the brink of a major legislative overhaul following a black-eye report from the commonwealth’s watchdog


agency. The Joint Legislative Audit and Review Commission (JLARC) portrayed the 100-employee economic development authority as dysfunctional and inefficient. Following an investigation, JLARC in November weighed in with 35 recommen- dations on how to fix VEDP. During this year’s General Assembly


session, legislators and the governor added their two cents with competing plans on reforming VEDP. What is expected to emerge is a smaller board of directors — with one legislative proposal calling for


Photo by Mark Rhodes


New economic development leader says Virginia can again be a top-growth state by Paula C. Squires


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