PFM Chief Executive Officer Dan Hartman will step down as head of the firm in April as he returns to a direct client support role.
JoAnne Carter, managing director and president of PFM, will succeed Hartman as CEO after being unanimously appointed by the PFM Board. Both will take effect on April 7.
Hartman has more than three decades of public finance experience, most of which at PFM. He started his career at PFM, spending his early days leading its national utilities group and working as lead municipal advisor to some of the largest water, wastewater, and public power agencies in the U.S.
He became head of PFM’s Financial Advisory and Consulting practice in 2018 before becoming CEO in 2021.
When he first assumed the role as CEO, the industry was grappling with the effects of the pandemic, followed by the significant market selloff in 2022 and massive drop-off in issuance in both 2022 and 2023.
“Now that we’ve gotten through that, and we’re back to where we’re at record revenue, have successfully added a number of key people and made some small acquisitions, it’s the right time to pivot given the success that we’ve had,” Hartman said.
Hartman never intended to be CEO forever, knowing at some point he wanted to return to the “client-facing side” of the business. “It seems like the perfect time” to move back into this role, he said.
Sergio Masvidal, PFM Board of Directors Chairman, said he was sad to hear Hartman “wanted to move back to a client-facing role, but at the same time, I was encouraged and very happy to hear that he was remaining at PFM.”
Both Masvidal and Hartman said they are encouraged by Carter’s appointment to take the helm..
“I am committed to the work we do and our ability to help our clients create positive change in their communities,” Carter said in a statement. “I look forward to maintaining our continued leadership as advisors and consultants in the public sector.”
Carter has been at the firm for several decades and has “vast experience” in several different sectors and areas, Masvidal said.
Carter joined PFM as a financial analyst in 1992, going on to establish the firm’s Virginia financial advisory practice and lead and grow its south region, according to a press release.
Over three decades, she has advised state and local clients on billions in financing, the release noted.
She also sits on PFM’s Executive Committee and serves as president of PFMFA, the release said.
She received the Lifetime Achievement Award from the Virginia Women in Public Finance in 2021. She was named
“Knowing Joanne, and her leadership style, how well she collaborates with partners and others around the firm,” Masvidal said. “She’s been in a number of leadership roles at PFM over the years and has made sound decisions along the way, so she stood out to the board as the right person to succeed Dan.”
With this transition, Masvidal does not see any significant changes in the short-term, as the pair will collaborate closely before the transition, but over time, Carter will “put her stamp on things.”