On December 7, 2006, Governor-Elect Eliot Spitzer announced he would appoint Paul Francis to serve as Budget Director and Senior Advisor to the Governor.  Mr. Francis was the Policy Director for Eliot Spitzer’s gubernatorial campaign since February 2005 and was also Policy Director to the Governor-Elect’s Transition office.  He was formerly the Managing Partner of the Cedar Street Group, a small venture capital firm which he founded in 2001 to invest in early stage technology companies.  Mr. Francis was the Chief Financial Officer of Priceline.com from the company's formation in June 1997 to March 2000.  Mr. Francis served in various roles for the Priceline WebHouse Club before starting the Cedar Street Group.  Prior to joining Priceline.com, Mr. Francis was Executive Vice President-Finance & Administration and Chief Financial Officer of Ann Taylor Stores Corporation from 1993-1997.  From 1986-1993, Mr. Francis was an investment banker at Merrill Lynch & Co., leaving as a Managing Director in 1993 to join Ann Taylor. From 1983-1986, he was an associate with the law firm of Skadden, Arps, Slate, Meagher & Flom, and from 1980-1983, he was an associate with the law firm of Shearman & Sterling.

As Budget Director and Senior Advisor to the Governor, Mr. Francis's salary will be $175,680. This appointment does not require Senate confirmation.

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