Providence, RI – Governor Lincoln D. Chafee announced today that, as Central Falls' recovery moves into a new phase, John F. McJennett III will become the city's Receiver, following more than a year of service from Judge Robert G. Flanders, Jr. There will be a period of overlap as McJennett becomes acquainted with the position and Flanders transitions out. McJennett will become Receiver Friday, June 1. The change marks a new period in Central Falls' recovery. On Monday, the Office of the Receiver will file the city's Preliminary 5-Year Plan of Debt Adjustment, which will position Central Falls to emerge from bankruptcy by late summer or early fall.
"I would like to thank Judge Flanders for his service to the City of Central Falls and to the State of Rhode Island," Governor Lincoln Chafee said. "As Receiver, he has guided the city through a very challenging time, and Central Falls is now stronger and more viable than before. It is for that reason – that the city's recovery is entering a new phase – that John McJennett will be taking on the role. The efforts of the Receiver will be more focused on economic development and fiscal operations, and John is well-suited to this endeavor. He will also be tasked with examining the possible reduction of state oversight in Central Falls. The hard work and collaborative approach of the legislative delegation – Representative Silva, Representative McLaughlin, and Senator Crowley – have been pivotal to getting to this next step." Since 2003, McJennett has served as President of Adams Hill Consulting, Inc. in Providence, which he founded in 1994. Previously, he served as Chief Executive Officer and Director of TenderLand Power Company, Inc. in Seattle, Washington; Executive Director of the Rhode Island Depositors Economic Protection Corporation; Senior Vice President and Manager and, later, Executive Vice President and Group Executive of Rhode Island Hospital Trust National Bank; and Vice President of the Morgan Guaranty Trust Company of New York. He served in Vietnam as a Lieutenant and Tactical Commander in the United States Navy and received his A.B. from Harvard College and his M.B.A. from the University of Virginia's Darden Graduate School of Business Administration.