Former bank and investment executive Michael Rossi is Gov. Jerry Brown’s new senior jobs advisor, the governor announced this morning.
Rossi, 67, of Pebble Beach, will be the point of contact between California’s business and workforce leaders and Brown’s administration, charged with streamlining and kickstarting the state’s economic development infrastructure. He’ll also advise Brown on regulatory, legislative and executive actions needed to drive job growth.
The conservative-leaning CalWatchdog.com has posted an article relating Rossi’s links to banking institutions that sought public bailouts.
Rossi from 2005 to 2008 was as an advisor and senior member of the operations team at Cerberus Capital Management L.P. and as chairman and CEO of Aozora Bank, taking it public in November 2006. From 2007 to 2008 he also served as chairman of GMAC Residential Capital LLC.
Rossi was retired from the private sector from 1997 to 2005; earlier, he was vice chairman and chief risk officer of BankAmerica Corp. and chaired its Fiduciary and Investment Policy Committee from 1993 to 1997. Earlier yet, served as BankAmerica’s chief credit officer and held other various executive positions at the company.
He now sits on the advisory boards of Shorenstein Properties LLC; the Court Appointed Special Advocates of Monterey County; Special Olympics Committee of Northern California; and Claremont Graduate University. He’s also a senior advisor to the San Francisco 49ers.
Rossi, a Democrat, holds a Bachelor’s degree from the University of California, Berkeley. The appointment does not require Senate confirmation, and he’ll serve without pay.