South Carolina Ports Authority announced the retirement of Senior Vice President of Finance and Administration (SVP)/Chief Financial Officer (CFO), Peter Hughes, effective at the end of the 2017 fiscal year.
Stan Van Ostran, former Vice President and CFO of Metropolitan Nashville Airport Authority (MNAA), has been selected as Hughes' replacement and will assume the position on July 1.
"Peter's contributions to SCPA during his long career here, and particularly on our senior management team, are too numerous to name," said Jim Newsome, SCPA president and CEO. "His considerable knowledge, competence, integrity and logical thinking have been a great asset. He has been an indispensable resource for me personally in my seven years at the Port, and I speak for many when I say that I admire his substantial accomplishments as the head of our finance and administration departments."
Hughes is a 34-year veteran of SCPA. Promoted to CFO in 1996 and Senior Vice President in 2010, Hughes is responsible for all financial, procurement, risk management, real estate and administrative functions of the Port. He will continue to work for SCPA in a project-based consulting capacity, focusing on SCPA's new main office construction, the sale of non-port-operated real estate, completion of the FY2017 financials and general support for the new CFO.
"Hughes notified me last October of his plans to retire, enabling the Port to prepare for this transition appropriately and find the best fit for the position," Newsome said.
SCPA selected Stan Van Ostran, an attorney and CPA with 35 years of progressive finance experience, to join the Port on May 1. In his previous position as VP and CFO for MNAA, Van Ostran managed all fiscal activities of a $120 million budget and directed more than $1.5 billion of bond issues. He also has substantial experience with the oversight of procurement programs with large annual spends and risk management, and served as the comptroller for the Oklahoma Lottery Commission for three years prior to MNAA. Preceding to the Lottery Commission, he oversaw the finance and information technology functions of the Oklahoma Department of Central Services. Van Ostran will officially assume the SVP/CFO role on July 1, the beginning of the 2018 fiscal year.
"I'm excited to welcome Stan Van Ostran to our senior management team," Newsome said. "He is an experienced CFO, and his expertise in the financial management role makes him a valuable addition to the Port. The financial health of our organization is critical to meeting the demands of our capital plan and ensuring the Port remains competitive for years to come."