BREAKING NEWS: CEO Title Becomes Official for Joe Wallace at CVEP

CEO Title Becomes Official for Joe Wallace at CVEP

Joe Wallace becomes chief executive officer of the Coachella Valley Economic Partnership on July 1, after serving as “interim” CEO for 18 months, the board of directors announced today.

Wallace took the interim position in early 2015 and was immediately tasked with managing an overextended CVEP budget. “Without hesitation, Joe took charge of a very challenging financial and operational situation, implemented organization changes that improved both the financial position and work output to our investors and the community while displaying the organizational vision to lead CVEP as it attracts and grows local business and creates opportunity for employment for the people of the Coachella Valley,” said outgoing CVEP Chairman Rick Axelrod. “The CVEP Executive Committee was unanimous in its decision to install Joe as CVEP’s chief executive officer.”

Wallace, who joined CVEP in 2012 as managing director of the Palm Springs iHub, said, “It is with great enthusiasm for the future of the economy of the Coachella Valley that I accept this challenge,” Wallace says.

“As we advance our objectives to attract business, provide support to entrepreneurs and small businesses, and develop a workforce with skills aligned to the needs of the local market, focus, execution, and perseverance will be the keys to success. CVEP’s fantastic team is energized to make this one of the best places to live and prosper,” he adds.

While managing director of the Palm Springs iHub, Wallace attracted 44 companies to the business incubator and accelerator campus – all innovators in the fields of renewable energy, health and medicine, high tech, advanced manufacturing, and digital arts and media.

He also secured $1.8 million in local funding that lead to a federal EDA grant of $785,000 for the Accelerator Campus and an IMCP grant of $200,000. Through its IN2 and Rural Investment for Sustainable Economies (RISE) programs, Wells Fargo and the Wells Fargo Foundation awarded CVEP with more than $400,000 to date in grants to support clean technology innovation and small business development in the Coachella Valley and the High Desert. In addition, Wallace forged an intellectual property sharing alliance with the National Renewable Energy Labs.

Prior to joining CVEP, Wallace founded and served as president and CEO of the Growth Alliance for Greater Evansville in Indiana, and has a long history of innovation and leadership, first as an engineer with RCA, Verbatim Corp., IBIS Systems, and Micropolis; later as an executive with Cambrian Systems Inc., and ALP Engineering Group; and Zygo Corp. Wallace holds a master’s degree in mechanical engineering from Stanford University and a ChD in engineering from UC Santa Barbara. He finished his undergraduate work at the University of Evansville in Indiana.

About CVEP

The nonprofit Coachella Valley Economic Partnership promotes a diversified, year-round economy through business attraction, expansion, and retention, and developing a workforce aligned with the needs of business. For information, visit www.cvep.com or call 760-340-1575.