IBank Announces Andy Nakahata as New Executive Director and CEO

Scott Wu Commended for Transformational Leadership and Service

SACRAMENTO (September 15, 2025) - The California Infrastructure and Economic Development Bank (IBank), part of the Governor's Office of Business and Economic Development (GO-Biz), announces the appointment of Andy Nakahata as its new Executive Director and Chief Executive Officer. Nakahata is expected to be sworn in October 1^st and succeeds Scott Wu, who has led IBank since 2019.

"Scott's impact on IBank and the people of California has been profound," said Dee Dee Myers, Senior Advisor to Governor Newsom and GO-Biz Director. "He led with dedication, innovation, and purpose - leaving IBank stronger and better prepared to meet the challenges ahead. I'm deeply grateful for his service, and I look forward to working with Andy as he leads the IBank team into the future."

Nakahata, who has served as IBank's Chief Deputy Executive Director/COO since March 2025, brings more than three decades of experience in public finance, investment banking, and infrastructure development to his new role. Nakahata previously held senior roles at firms including Goldman Sachs, J.P. Morgan, Citigroup and UBS Securities, where he advised public agencies and governments on infrastructure financing strategies. His depth of expertise, strategic insight, and commitment to public service position him well to lead IBank in its next chapter of growth and innovation.

"I am proud of the IBank team and thoroughly enjoyed my time as Executive Director/CEO," said Scott Wu. "I was committed to leaving IBank in the best possible position for success and with Andy Nakahata at the helm, I believe that time has come. We are thrilled to welcome Andy as IBank's next CEO. His vision, financial acumen, and deep understanding of California's infrastructure needs make him uniquely qualified to build on IBank's success."

Under Scott Wu's leadership, IBank expanded its role in financing critical infrastructure, small business recovery, and climate resiliency across California. Wu led IBank through unprecedented growth, securing $2.1 billion in federal funds for small businesses, launching new climate and venture capital programs, and leading IBank to consecutive record-breaking years. He championed initiatives that made IBank more accessible and responsive to all California communities, guided the organization through the economic turbulence of the COVID-19 pandemic, and helped secure historic levels of investment in green infrastructure and economic development.

"Scott Wu's visionary leadership has been instrumental in shaping IBank into a powerful engine for economic growth and innovation across California," said Nakahata. "His unwavering commitment to public service has set a high standard. As I step into this role, I do so with respect and gratitude for the high bar Scott has set, and I look forward to carrying that legacy forward."