Pursuit Announces Chief Executive Officer Succession Plan

Patrick MacKrell
President and Chief Executive Officer Pat MacKrell

President and CEO Pat MacKrell to Retire; New President and Leadership Team Announced

Following a 20-year career with Pursuit, a leading provider of alternative business financing, President and Chief Executive Officer Pat MacKrell has announced his retirement effective December 31, 2021. Pursuit is pleased to announce a succession plan that draws from the organization’s experienced leadership.

Pat will continue to serve as chief executive officer until his retirement. Tom McHale, senior vice president and a 23-year veteran of Pursuit, will assume the role of president effective January 1, 2021. Tom will succeed Pat as chief executive officer effective January 1, 2022. Other key leaders will join Tom in roles critical to the succession plan:

  • Jim Conroy, senior vice president and regional president for Upstate New York and Pennsylvania, will serve as executive vice president and president of Pursuit CDC, the Pursuit affiliate that administers the SBA 504 loan program.
  • Bryan Doxford, senior vice president, will serve as executive vice president and chief operations officer in addition to retaining his role as president of Prudent Lenders; Pursuit’s lender services provider affiliate.
  • Jim Goldrick, senior vice president and regional president for Metro New York and Long Island will serve as executive vice president and as Regional President over a substantially expanded region to be announced.
  • Chris Levy, senior vice president, will serve as executive vice president and head of credit, overseeing Pursuit’s underwriting teams and credit policies.

Pat has served as president and chief executive officer since 2005. During his tenure, Pursuit grew its managed portfolio to more than $2.3 billion, expanded into New Jersey and Pennsylvania, launched a CDFI affiliate to serve low-and-moderate income borrowers, and established a lender service provider affiliate (Prudent Lenders) to provide loan processing and servicing for SBA lenders nationwide. Pursuit also led numerous successful programs to address unique small business challenges, including responses to 9/11, the Great Recession, Superstorm Sandy, and COVID-19.

Commenting on Pat’s retirement and Pursuit’s succession plan, Herbert G. Chorbajian, chairman of the board of Pursuit CDC and Daryl R. Forsythe, chairman of the board of Pursuit BDC, jointly said: “Pat has been a steadfast proponent of access to capital for businesses throughout his career, and we thank him for his tireless service. Under Pat’s leadership, Pursuit has helped thousands of businesses grow, create generational wealth, and contribute to local job creation. We have the utmost confidence that Pursuit’s new leadership has the experience and dedication required to carry forth this vision and commitment to mission.”

Commenting on the president and management team’s appointments, outgoing chief executive officer Pat MacKrell said: “It has been a tremendous honor to serve as president and chief executive officer of Pursuit alongside our hardworking team. I am thrilled to be working with this leadership group over the next year to ensure a successful transition and to position Pursuit to continue to respond to the needs of business owners for years to come. Tom will be an exceptional ‘leader of leaders’ and this group will accomplish much on behalf of business owners in the communities we serve.”

Reflecting on his appointment, Tom McHale said: “I’m honored to be leading the Pursuit team. Jim, Bryan, Jim, and Chris—as well as our entire staff—bring decades of experience and immeasurable commitment to their work. Together, we will be focused on continuing to advance our long-standing mission while continuing to innovate to ensure business owners’ financing needs are met.

Pursuit was established as New York Business Development Corporation in 1955. The organization’s work has since grown to include Pursuit CDC (formerly known as The 504 Company), a Certified Development Company, Pursuit Community Finance (formerly known as Excelsior Growth Fund), a U.S. Treasury Certified Community Development Financial Institution, Prudent Lenders, a national lender service provider and Excelsior Local Development Corporation.

About Pursuit

At Pursuit, the mission is simple: to provide businesses with affordable loans and resources so that they can reach higher, transform and grow. Pursuit is a community-focused lender where businesses can access more than 15 loan programs that provide financing from $10,000 to $5.5 million with affordable rates and terms. Pursuit manages a total loan portfolio in excess of $2.3 billion and more than 11,000 loans. Pursuit is a nationally recognized organization that focuses on serving businesses and lending partners in New Jersey, New York, and Pennsylvania. Learn more at www.pursuitlending.com.

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