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Golden LEAF’s First President Announces Retirement
Valeria Lee lauded for helping to modernize, diversify North Carolina's economy

October 24, 2007

Rocky Mount — Oct. 23 2007 — The Golden LEAF Foundation today announced the retirement of its first president. Valeria Lee will leave the Golden LEAF Foundation in March after eight years of service to the organization established to help transform North Carolina's economy.

Under Lee's presidency, the Golden LEAF Foundation has awarded more than $219 million in grants to date to projects in North Carolina designed to help communities, particularly rural ones, transition from a tobacco-based economy. The foundation's 580 grants have covered a wide range of projects - from small towns to major universities -all aimed at helping to create 21st century jobs and opportunities.

Lee's career spans more than 35 years in nonprofit and foundation work including two of North Carolina's largest grant-making organizations: the Golden LEAF Foundation and the Winston-Salem based Z. Smith Reynolds Foundation. Prior to taking the reins at the Golden LEAF Foundation, Lee served as program officer of the Z. Smith Reynolds Foundation. She is also the former general manager of WVSP-FM, a public radio station located in Warrenton, N.C.

Governor Mike Easley, then the state's attorney general, worked with other attorneys general to reach a settlement with the major tobacco companies and described Lee's leadership as instrumental in the success of the organization since its inception.

"After I helped create the Golden LEAF Foundation to transition the state's economy, particularly in our rural areas, Valeria came at a critical time to help organize the board and make it effective," Gov. Easley said. "We are indebted to Valeria for her service and I wish her well."

Bill Friday, Golden LEAF's original board chairman, noted, "Valeria took a major idea and brought it to reality in the functioning Golden LEAF Foundation we all know. Drawing upon her enormously successful career, she brought to the foundation intelligence, energy and uncommon dedication to serve the people of our state. She succeeded, and every citizen is much in her debt."

Current Golden LEAF Board Chairman Rick Holder reiterated that Lee's experience and leadership is credited for the organization's accomplishments in creating new jobs and making a direct financial impact on the communities in North Carolina.

"Valeria has brought her longtime work in education and her dedication as a tireless advocate for the voiceless to the organization," Holder added. "Her passion and vision helped catapult the Golden LEAF Foundation into the organization it is today - one that provides economic opportunities for communities all across North Carolina."

The search for the new president officially begins on Nov. 1. A job announcement will appear on the foundation’s Web site (www.goldenleaf.org), and the search will remain open through Dec.15.

About the Golden LEAF Foundation
The Golden LEAF Foundation is a nonprofit organization established in 1999 to help transform North Carolina's economy. The foundation receives one-half of North Carolina's funds from the 1998 Master Settlement Agreement with cigarette manufacturers and places special emphasis on assisting economically-distressed or tobacco-dependent communities across the state.

The Golden LEAF Foundation works in partnership with local governments, educational institutions, economic development organizations and nonprofits to achieve its mission. The foundation has awarded 580 grants worth more than $219 million since its inception. For more information, or to learn more about applying for a grant, visit www.goldenleaf.org or call (888) 684-8404.

Golden LEAF Foundation
301 N. Winstead Avenue, Rocky Mount, NC 27804
252-442-7474 phone     252-442-7404 fax     888-684-8404 toll free
www.goldenleaf.org    email: info@goldenleaf.org