The chief financial officer and director of finance for the Massachusetts Water Resources Authority announced yesterday that he will leave the authority at the end of the month to become managing director of Standard & Poor's Corp.'s new Boston office.
In his new post, Philip N. Shapiro, 43, will head Standard & Poor's business development efforts in New England and also direct investor relations activities.
The water authority has been under fire for the last few months because of a scandal involving its former financial adviser, Mark S. Ferber.
While Ferber was serving as the authority's adviser, he was also involved in a private, undisclosed relationship with Merrill Lynch & Co. Merrill Lynch was a senior member of the authority's underwriting team.
After the authority's board of directors fired Ferber and dissolved its entire underwriting syndicate, Shapiro and his staff last week assembled a new selling group and hired a new financial adviser.
Shapiro, who has been with the authority since it was formed in 1984, said his departure is unrelated to the affair.
"Over the years, I have been impressed with the professionalism, diligence, and intelligence of the people at Standard & Poor's," Shapiro said. "It's a great opportunity to work with and learn from them and still be involved with issuers and buyers in New England."
Vickie Tillman, executive managing director of the Standard & Poor's municipal finance group, said the new Boston office reflects the agency's recognition of New England as "an important issuer market as well as a major center for tax-exempt money funds.
"Phil's experience, industry-wide knowledge, and presence in the market will allow us to continue to grow market share and get closer to issuers and investors," Tillman said.
Before Shapiro became the authority's chief financial officer in January 1985, he served as acting executive director during its 10-month start-up period.
Since 1985, Shapiro has overseen all the financial activities of the authority, including the sale of more than $3 billion of tax-exempt revenue bonds for the cleanup of the Boston Harbor, the construction of the Deer Island sewage treatment plant, and other water and sewer projects in the state.
He also served as the chief negotiator in the authority's purchase of the Quincy shipyards, where a sludge treatment plant was built.
In 1991, Institutional Investor magazine named the Massachusetts Water Resources Authority's Series 1990A bond sale as one of its five "Deals of the Year."
From 1982 through 1984, Shapiro was the director of investor relations for the Bank of New England Corp. Before then, he spent two years as executive director and chief budget analyst for the Massachusetts Bay Transportation Authority's advisory board.
From 1976 through 1979, he held the position of deputy director of the Massachusetts Energy Facilities Siting Council.
Shapiro earned his undergraduate degree at Amherst College in 1972. In 1974 he earned a master's degree in education from the University of Maine, and in 1982 he earned an MBA from Boston College.
Since 1992, Shapiro has been an adjunct lecturer at the John F. Kennedy School of Government.
"The MWRA has been most fortunate to have an individual with the integrity, intelligence, and experience of Phil Shapiro to guide our extensive financial program," Douglas B. MacDonald, executive director of the authority, said yesterday. "His role here has been invaluable and his public service contributions have been great. We wish him tremendous success in his return to the private sector."
The authority did not say who would succeed Shapiro, but sources in Boston said that authority treasurer Kenneth Wissman is being considered.
Tillman of Standard & Poor's said the Boston office will consist of Shapiro and two senior analysts.
