Waltham development financing firm with Worcester office names new CEO
Photo I Courtesy of Bay Colony Development
Erik Adams, incoming president and CEO of Bay Colony Development
Bay Colony Development, a Waltham-based economic development financing company with an office in Worcester, has named Erik Adams as the firm’s incoming president and CEO as current leader Mary Mansfield will step down from the position later this year.
Adams will assume his new leadership role come July 1, one month after his upcoming 15-year anniversary with Bay Colony, according to a press release from the company.
“It has been a privilege working with the Bay Colony Development team over the last 15 years. I am honored to be selected by Mary and the Board of Directors to lead the organization and continue to provide access to capital to small businesses throughout the region,” Adams said in the release.
Adams replaces Mansfield, who has served in the executive role for nine years, rounding out a 40-year tenure with Bay Colony. Though stepping down as CEO, Mansfield will remain with the company and will act as the firm’s senior advisor, working to fulfill its mission of promoting small business growth throughout New England.
“I have thoroughly enjoyed leading the organization over the last nine years, and it is with a sense of pride and gratitude that I turn the reins over to Erik. I have tremendous confidence in the team’s continued success, and I look forward to seeing what the next chapter brings for all of us,” said Mansfield.
Outside of his career at Bay Colony, Adams acts as regional board director of the National Association of Development Companies, the Washington, D.C.-based trade association of U.S. certified development companies.
Adams graduated from the Isenberg School of Management at UMass Amherst, according to his LinkedIn profile.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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