Invest Newark, the city’s primary engine for economic development, has bolstered its leadership team with the appointment of Carmen Gandulla as chief financial officer.
Gandulla joins the agency with over 15 years of high-level experience spanning government, financial services, and community development. Her appointment comes at a pivotal time for Newark as the city continues to expand its land bank, fiber optic infrastructure and small business lending programs.
Gandulla most recently served in a senior leadership capacity for the City of Jersey City, where she was responsible for a massive financial portfolio. Her tenure there included:
- Managing a $1.35 billion financial portfolio.
- Overseeing an annual operating budget of $650 million.
- Leading initiatives in treasury operations, capital planning, and audit readiness.
At Invest Newark, Gandulla will be more than a traditional numbers-cruncher; she will be fully integrated into the organization’s programmatic work, ensuring that the agency’s financial foundation supports its mission of advancing economic prosperity for all Newark residents.
Beyond the balance sheets, Gandulla is a well-known advocate for equity and housing access across New Jersey. She currently serves as a New Jersey State Puerto Rican Commissioner and holds advisory roles with the Trenton Area Soup Kitchen and New Jersey City University.
“Carmen brings a strong combination of technical expertise and community-centered leadership,” Marcus Randolph, president and CEO of Invest Newark said. “Her ability to build strong partnerships and drive impactful initiatives makes her an invaluable addition to the Invest Newark team.”
Gandulla expressed her enthusiasm for joining an agency that operates at the “intersection of economic equity and public-private partnership.” She identified several key Newark initiatives as her primary focus areas for financial scaling:
- The Newark Land Bank: Creating sustainable pathways to homeownership.
- Newark Fiber: Working to close the digital divide through high-speed internet.
- Lending Programs: Providing critical capital to local Newark businesses.
“My job as CFO is to build the financial foundation that takes all of that to the next level,” Gandulla said. “I am honored to bring that expertise to an organization already delivering transformational results for Newark.”
With Gandulla at the financial helm, Invest Newark is positioned to strengthen its internal operations while continuing its aggressive push to build community wealth and institutional accountability within the city.
