Raimondo Nominates Furcolo as Lottery Director, Thorsen as New Revenue Director
Tuesday, October 27, 2020
Governor Gina Raimondo announced Monday that she has nominated Mark Furcolo to serve as Lottery Director and and named Jim Thorsen to replace Furcolo and to serve as Revenue Director.
Furcolo will succeed Gerry Aubin, who retired in the spring after serving for decades. Aubin was a former Providence Police officer.
“Committing yourself to public service is never easy, and I’m grateful to Mark and Jim for answering the call,” said Raimondo. “Mark has led the Department of Revenue with distinction since 2017, and I’m excited for him to move into this new position at Lottery. I’m fully confident that Jim’s decades of experience in financial management and government will serve him well as Director of the Department of Revenue.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe lottery faces numerous challenges including changing behavior due to online gaming competitors life DraftKings and FanDuel.
And, the coronavirus has hit casino gaming facilities Twin River hard.
Prior, Furcolo who serves as the state’s current Revenue Director, oversaw the successful IT implementation and rollout of the federal Real ID program in Rhode Island, the agency-wide expansion of a reservation system at the DMV and the implementation of sports betting program at Lottery during his tenure with the Department.
Prior to serving as Revenue Director, he was a Senior Vice President at Dealertrack Technologies, a provider of SAAS based dealership software for the auto industry. He previously worked at triVIN, a business offering online motor vehicle processing and lien and title management solutions, serving in roles including Chief Financial Officer, President and Chief Executive Officer. A Rhode Island native, he holds an MBA and undergraduate degree from the University of Rhode Island.
According to Raimondo’s office, Thorsen comes to the Department of Revenue with decades of experience in public financial management. Rhode Island is one of only four states that has not passed a budget and faces a budget deficit of upward of $900 million.
He most recently served as a Budget Advisor for the U.S. Department of Treasury, advising developing democracies in best financial practices. He was previously Deputy Director/Chief Financial Officer of HSRI, Rhode Island’s health insurance exchange, where he was responsible for developing and operating the organization’s budget. In addition to a 16-year tenure at State Street Global Advisors in public pension management,
Thorsen served as Deputy Treasurer for Finance in the Rhode Island Office of the General Treasurer. Thorsen has also served as a member of the Public Finance Management Board, Tobacco Settlement Board and State Investment Commission. Thorsen received an MBA in Finance from the University of North Carolina and a bachelor’s degree in Economics and Political Science from Boston College, and holds the Chartered financial Analyst (CFA) designation. He is a Cumberland High School graduate and has been a town resident for nearly 40 years.
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