Economic Development Secretary Yvonne Hao is stepping down from her post at the end of the month, with Undersecretary of Economic Foundations Ashley Stolba in line to take over the secretary’s duties on an interim basis, the Healey administration said Tuesday.
Officials said Hao is leaving state government to address pressing family matters but will continue to be available as an advisor to Gov. Maura Healey and Lt. Gov. Kim Driscoll. Hao will remain in the job through the end of April.
“It has been such a gift to serve as economic development secretary and to work every day to make Massachusetts more affordable, competitive, and equitable. Massachusetts is leading the world in curing disease, fighting climate change, applying AI for good, supporting our communities, and educating each other – and we’re doing it while making life better for our residents, and making sure every business, of every size and industry, can thrive,” Hao said, also thanking Healey for the opportunity.
The Boston Globe first reported the news of Hao’s departure Tuesday, which comes a little more than halfway through Healey’s term in office. Hao is the second of Healey’s Cabinet chiefs to depart the administration, following Transportation Secretary Gina Fiandaca’s September 2023 exit.
Before Healey hired Hao to lead the Executive Office of Housing and Economic Development (the housing portion would be spun off into its own executive office a few months into Hao’s tenure), Hao co-founded and held top roles at the investment firm Cove Hill Partners and was an operating partner at Pillar Ventures.
She also served as chief operating officer and chief financial officer for PillPack, an online pharmacy that was acquired by Amazon in 2018, and previously worked at Bain Capital and McKinsey & Company.
Hao was the first woman and person of color to lead the state’s chief economic development secretariat, Healey’s office said when it announced the appointment in January 2023.
“I am grateful to Yvonne for her energy, enthusiasm, and dedication to getting results for the people and businesses of Massachusetts. Since Yvonne joined our administration two years ago, we have passed a $4 billion economic development bill that makes vital investments in cutting-edge industries, launched the Massachusetts AI Hub, and secured millions in federal dollars to drive health care and advanced manufacturing innovation in our state,” Healey said. “Yvonne played a central role in each of these economic wins to help drive our bold economic agenda.”