Madison resident Jay McCarthy has been hired by the Mississippi Development Authority as the agency's new chief financial officer. McCarthy starts August 1 and brings to MDA nearly 30 years of experience in finance, banking and economic development.

"Jay has the experience, skills and knowledge needed to successfully serve as the chief financial officer of MDA," said MDA Executive Director Brent Christensen. "His familiarity with the agency's broad range of grants, loans and incentives will be beneficial as we work to attract and retain business in Mississippi."

A former MDA employee, McCarthy is returning to the agency after serving for five years as vice president of public finance for Stephens Inc., a privately held, independent financial services firm. In this role, he worked closely with bond attorneys, financial advisors and state and local government officials serving as a banker on municipal financing transactions throughout Mississippi.

Prior to joining Stephens Inc., McCarthy served in various roles at MDA for 23 years, most recently as director of the financial resources division. He also worked in research, project management, and finance in the agency.

"I am excited to return to MDA as the agency's chief financial officer, and I look forward to working to further the agency's goals," said McCarthy. "It is an honor to serve my home state in this capacity."

McCarthy holds a bachelor's degree in banking and finance from the University of Mississippi and is a graduate of the Economic Development Institute. He is a member of the Mississippi Economic Development Council.