Fresno builder Tom Richards is leaving his position leading the Board Chair of the California High-Speed Rail Authority.
High-Speed Rail Authority CEO Ian Choudri announced that Richards’ departure last week.
The big picture: Richards is the CEO of the Fresno-based real estate investment firm The Penstar Group.
- He was appointed to the High-Speed Rail Authority Board of Directors in 2010, and in 2020 he was selected as the board chair.
- Vice Chair Nancy Miller is also leaving the board.
What we’re watching: With Richards and Miller departing, Gov. Gavin Newsom appointed two key political allies to the board.
- Those two appointees are Steve Kawa and Jason Elliott, who have both served as top advisors to the governor throughout his political career.
- Kawa worked as Newsom’s Chief of Staff from 2004-2007 and 2008-2011 when he was the Mayor of San Francisco.
- Elliott worked as Newsom’s Deputy Chief of Staff from 2022-2024 and also was a policy advisor for Newsom in San Francisco from 2008-2010.
State of play: The transition away from Richards and Miller to two Newsom confidants comes as a recent report now predicts the total cost of High-Speed Rail will cost up to $231 billion to connect San Francisco to Los Angeles.
- High-Speed Rail officials contested the recent report, putting their projection at $126.3 billion, with the initial Central Valley segment costing nearly $35 billion.
- The total cost of the project was only supposed to be $33 billion when voters approved it in 2008.
What they’re saying: Richards said it has been a singular honor to serve three governors and the people of California during his tenure on the board.
- “I leave with the confidence that the new directions we have set forth provide a pathway to success,” Richards wrote in his letter of resignation to the Legislature.
- Rep. Jim Costa (D–Fresno) said Richards has played a critical role in advancing High-Speed Rail.
- “The governor kept faith during the challenging politics that surrounded this 21st century transportation project. Tom Richards provided the tenacious leadership to help create more than 16,000 jobs, strengthen local economies, and advance the next level of high-speed passenger rail service for California,” Costa said. “I am grateful for their years of dedicated work and partnership in moving this effort forward.”
- Costa continued, “Throughout his tenure, Tom selflessly went above and beyond to help guide the project with dedication and commitment. The Valley and the entire state of California will continue to benefit from Tom’s years of service and leadership.”
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