January 3, 2018

Nappier won't run for re-election as state treasurer

HBJ File Photo
HBJ File Photo
State Treasurer Denise Nappier

[EDITOR'S NOTE: This story has been updated with comments from the governor and others.]

With another year left in office after nearly two decades as Connecticut's treasurer, Democrat Denise L. Nappier said Wednesday she would not seek re-election in November.

First elected in 1998, Nappier helped reform state treasury operations after she took office, following a kickback and corruption scandal that engulfed her predecessor, Republican Paul Silvester. She said she will serve out her term through January 2019, giving her 20 years in the post.

In announcing her departure, Nappier said her administration "restored integrity and public confidence" in the office.

Gov. Dannel P. Malloy seconded that view, noting that Nappier "restored dignity and professionalism to an office that desperately needed leadership." Comptroller Kevin Lembo and Attorney General George Jepsen also praised her service.

Nappier also said she saved taxpayers hundreds of millions of dollars while showing leadership on corporate governance issues and consistently "using the financial clout of the Treasury to expand economic opportunity not just for a few, but for all people."

Nappier also was the first African-American woman elected to statewide office in Connecticut.

"For nearly 19 years, this office has promoted the protection of shareholder value and the rights of consumers and workers by strengthening accountability and pursuing prudent and responsible business practices," Nappier said.

Connecticut's pension plans and trust funds, invested by the Treasurer's Office, have grown from less than $19 billion to more than $34 billion during the Nappier administration, an all-time high, Nappier said.

In fiscal year 2017, Connecticut had one of the 10 best investment performances among its peers in the nation, Nappier said.

At the conclusion of her term in January 2019, Nappier will be the longest serving Connecticut Treasurer since 1818. The longest serving state treasurer in Connecticut history was Joseph Whiting, who served colonial Connecticut for 39 years, between 1679 and 1718.

Exploratory candidate John Blankley, who could succeed her, noted: "I am particularly impressed by her commitment to the movement for diversity on company boards, an activism that has contributed to greater gender and minority representation in the governance of corporate America."

Arunan Arulampalam, who also is exploring a run for state treasurer, also thanked Nappier for her "tireless service."

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