SALT LAKE CITY — After nearly five years at the helm of Utah’s economic development efforts, Spencer P. Eccles, executive director of the Governor’s Office of Economic Development, is departing state government to form a private investment company.

Eccles is departing state government to form a private investment company, The Cynosure Group, along with partners Randal K. Quarles, former U. S. under secretary of the Treasury and Partner at The Carlyle Group, and Herbert E. “Bud” Scruggs, former senior executive at Leucadia National Corporation. Eccles will assist in the transition at GOED as his successor is identified over the coming weeks. The governor has also asked Eccles to continue in an advisory capacity as a member of the Governor’s Advisory Team.

“Spencer possesses an unparalleled understanding of the driving forces in the increasingly strong Utah economy, and brings to us a background in venture capital, technology development and the expanding capacity of the Intermountain West as a global exporter,” Scruggs said. “We look forward to accelerating our efforts when Spencer completes his state service in the near future.”

Building on the state’s past economic development efforts, Eccles’ leadership has helped Utah be at the forefront in bringing the nation out of one of the most devastating economic recessions this country has ever seen, said Gov. Gary R. Herbert.

“Our work at GOED has been about benefitting the people of Utah, improving their quality of life and helping to provide them with opportunities to succeed,” Eccles said.  “Thanks to Gov. Herbert’s leadership, our partnerships across the state, and the tenacity of the private sector, Utah has become a leading economy in the nation.”

Eccles played a key role in driving Utah’s unprecedented “post-recession” economic results, and helped solidify Utah’s number one ranking for three consecutive years on Forbes’ list of the “Best States for Business and Careers.” During his tenure, Utah’s unemployment rate decreased from over 8 percent to 3.8 percent, the job growth rate has risen to 2.9 percent and the state achieved Herbert’s goal to accelerate the creation of 100,000 jobs in 1,000 days.

Since 2009, GOED has facilitated the expansion or relocation of strategic anchor companies in Utah’s urban and rural counties, the companies are projected to create more than 32,500 jobs and $2.1 billion in new state revenue in the coming years.

“Five years ago when I took office, I asked Spencer to lead my economic development team because of his business background and family’s generational commitment to Utah,” Herbert said. “He has succeeded in every aspect of the post, fostering the economic growth and development that is the ‘rising tide that lifts all boats.'”

Submitted by Office of the Governor

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