Donald A. Russak is executive vice president and chief financial officer for the New York Power Authority (NYPA). In this position, he is responsible for NYPA’s overall financial operations, including: the treasury function and its related debt management and investment management programs; the controller’s function in overseeing all accounting activities and financial controls; the financial planning, forecasting and budgeting functions; the physical asset insurance-risk management activities; and the enterprise risk management function.
Russak joined the NYPA staff in 1979 as a power analyst and advanced through several positions in the marketing and transmission groups. He served as senior economist from 1987 to 1997, when he was promoted to director of financial planning. He became vice president, finance in 2003 and senior vice president, corporate planning and finance in 2008.
During his years at NYPA, Russak has played a key role in a number of major initiatives, including: representing the Authority in the Public Service Commission’s proceeding that established the basis for New York State’s transition to a competitive marketplace; a $2.6 billion NYPA debt restructuring; the sale of NYPA’s nuclear power plants to Entergy; the subsequent $576 million value-sharing settlement with that company; negotiation of the terms of new power supply contracts with such major customers as Alcoa and the New York City governmental customers and the establishment of a Retiree Health Benefit Trust Fund to provide secure funding for NYPA’s other post-employment benefit obligations.
Russak holds a degree in mathematical-economics from Colgate University and worked at the Mutual Life Insurance Company of New York before coming to NYPA.