New Jersey CEO Council

A coalition of CEOs from some of the state’s largest and most widely recognized companies selected to further enhance Choose New Jersey’s ability to grow the state’s innovation economy.

Aiding Communities while Advancing the Economy

The New Jersey CEO Council is comprised of chief executives from New Jersey’s largest companies. The invite-only group was created in October 2020 as part of Governor Murphy’s Restart & Recovery Commission to aid communities disproportionately affected by the pandemic, focusing on communities of color. Now called the New Jersey CEO Council, the group has transitioned to a subset of the Choose New Jersey Board of Directors and typically meets twice a year and is co-chaired by Charles Lowery of Prudential and Hans Vestberg of Verizon.

The New Jersey CEO Council pledged to hire or train more than 30,000 residents by 2030 and spend an additional $250 million on procurement with State-based, diverse companies by 2025. They are also challenging their peers in the New Jersey business community to produce an additional 40,000 jobs and spend $250 million in local purchasing.

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I share the excitement of the Governor and my fellow council members about the integration of the New Jersey CEO Council into Choose New Jersey. Both groups bring unique insights to the table that will advance our collective goal of generating economic mobility for New Jersey residents.”

Charles Lowrey,
Chairman and CEO of Prudential Financial
Co-chair of the New Jersey CEO Council

NJ Pay It Forward Fund

The New Jersey CEO Council supported the creation of the Pay It Forward Fund, a partnership leveraging the resources of both public and private entities to provide access to training for underserved individuals. The program is funded by $5.5 million in public funds and $4.5 million in private funds. It is administered by the New Jersey Higher Education Student Assistance Authority (HESAA) and run by Social Finance, a not-for-profit consultancy organization. Pay It Forward is a revolving loan fund that requires no up-front payments from participants. However, those who finish the program and gain employment in that sector above a certain salary threshold repay those costs with a portion of their salaries to be reused to fund further training.

Procurement Center of Excellence

The Diverse Procurement Center of Excellence is a joint venture between the State of New Jersey, New Jersey CEO Council members, and the Rutgers Center for Supply Chain Management. The Center supports the CEO Council in their procurement commitments by analyzing procurement data and developing individualized roadmaps to each Council member’s spend goal. The program is a state model allowing the CEO Council members to contribute to improving the state’s diverse hiring and procurement initiatives. It also provides thought leadership, supplier development, and matchmaking opportunities for diverse suppliers. Private funding from Council members supports the Center’s programming and operations.

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New Jersey has the 22nd largest economy in the world and I am proud to have worked alongside Governor Murphy and fellow executives to make sure that the state’s prosperity reaches all of the people who live and work here. We are committed to helping Choose New Jersey harness the power of the public and private sectors to bring rising living standards, economic mobility, and opportunity to everyone across the state.”

New Jersey CEO Council

Aiding Communities while Advancing the Economy

“
I share the excitement of the Governor and my fellow council members about the integration of the New Jersey CEO Council into Choose New Jersey. Both groups bring unique insights to the table that will advance our collective goal of generating economic mobility for New Jersey residents.”

Charles Lowrey,
Chairman and CEO of Prudential Financial
Co-chair of the New Jersey CEO Council

Charles Lowrey,
Chairman and CEO of Prudential Financial
Co-chair of the New Jersey CEO Council

NJ Pay It Forward Fund

Procurement Center of Excellence

Hans Vestberg
Chairman and CEO of Verizon

Hans Vestberg
Chairman and CEO of Verizon