Leader of Maine Development Foundation resigns

Edward Cervone, president and CEO of the Maine Development Foundation, presents the organization's annual &quotMeasures of Growth in Focus" report on Tuesday, March 5, 2013, at the State House in Augusta.
Edward Cervone, president and CEO of the Maine Development Foundation, presents the organization's annual "Measures of Growth in Focus" report on Tuesday, March 5, 2013, at the State House in Augusta.
Posted Aug. 26, 2013, at 1:20 p.m.

AUGUSTA, Maine — The Maine Development Foundation on Friday announced that Edmund J. Cervone, its president and CEO, had resigned.

The announcement said Cervone was leaving because of “personal reasons” and that his last day at the nonprofit organization would be Sept. 23.

Reached on Monday by the Bangor Daily News, Cervone confirmed he was leaving for personal reasons. “I’m leaving on my own good terms,” he said, declining to elaborate further on the official announcement.

In a follow-up email, Cervone confirmed his decision will lead him outside the state: “I have loved my time at MDF and I am going to miss my friends, colleagues and Maine very much,” he wrote.

MDF is a nonprofit organization, which was created in 1978 by Gov. James Longley and the Maine Legislature with a broad mandate to promote the economy. It is known for its annual Measures of Growth report, which tracks the state’s progress in several economic indicators.

Cervone joined MDF in 2007 as the program director for the Maine Economic Growth Council. He took over as an interim president and CEO of the organization in June 2012 after Laurie Lachance left to become president of Thomas College in Waterville. In October 2012, following a nationwide search, MDF’s board picked Cervone to be the organization’s permanent president and CEO.

“For over six years, Ed has been a valuable member of the MDF team and successfully led the organization through a period of transition and growth over the last year after being named CEO and president,” Aldo Servello, chairman of MDF’s board of directors, said in a statement. “Although we will miss Ed’s leadership, creativity and drive at MDF, we understand and appreciate the value of family commitment and fully support Ed’s decision to begin a new chapter in his life.”

MDF’s board has initiated a search for a new president and CEO, according to the announcement.

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