Gov. Gavin Newsom has formally announced the departure, and replacement, of Keely Martin Bosler, the director of the Department of Finance.
Joe Stephenshaw will take over the post.
Bosler, who has held the position since 2018, had announced earlier in the year that she planned to leave after the budget process was completed. The governor signed the fiscal 2023 budget Friday. She plans to remain in the position through the end of the month.
The DOF is the governor’s fiscal advisor, helping to craft the governor’s budget.
The appointment of Stephenshaw, who has served as senior counselor on infrastructure and fiscal affairs in the office of the governor since March 2022, will have to be approved by the Senate. The position pays $227,178.
For Stephenshaw, it’s coming full circle, since he worked as a budget analyst for DOF from 2005 to 2008 after earning his master of business administration from California State University, Sacramento.
“Throughout unprecedented challenges and opportunities, Keely has expertly steered the state’s finances with a commitment to expanding opportunity, improving the lives of Californians and maintaining a solid fiscal foundation,” Newsom said in a statement.
Bosler was instrumental in creating programs that provide financial relief to Californians financially harmed by the COVID-19 pandemic and also laid the groundwork for the recovery, Newsom said. She also helped the state move forward on key priorities, such as climate action, health care access, addressing homelessness and early childhood education.
“Keely has never lost sight of the everyday realities of Californians in every corner of our state, centering equity and compassion in her wide-ranging work over two decades in public service,” Newsom said. “I’m deeply grateful to Keely for lending her exceptional leadership, talents, unique perspective and profound dedication to our work to build a better future for all Californians.”
Stephenshaw, 47, was staff director for the Senate Budget and Fiscal Review Committee from 2017 to 2022 before being selected to lead the governor’s infrastructure team. He held several different positions in the California Legislature for the five years prior to that, including as a policy consultant in the Office of the Senate President pro Tempore and special advisor to the Assembly Speaker.
“Joe’s deep knowledge and experience of the state’s finances and the role that budgets play in moving our priorities forward — expanding opportunity, protecting public safety and fighting climate change — make him uniquely qualified to be California’s next director of finance,” Newsom said.
