And once we all learn more about Hao — her experience as a Bain Capital operating partner, chief operating officer and chief financial officer of online pharmacy PillPack, trustee of Williams College, co-founder of private equity firm Cove Hill Partners, and associate director of the Directors of Cargurus, Flywire and Beth Israel Lahey Health – the next question was, “Why don’t I know Yvonne Hao?”
On Tuesday, 48-year-old Hao will be sworn in as the first black person and only the second woman to oversee the state’s economic development. Of course long overdue. Gloria Larson was the last woman to hold the post under Governor Bill Weld 20 years ago.
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Here’s Hao’s info: People describe her as one of the smartest people they know, one of the most insightful people they’ve met, and someone with a range of skills across sectors that make her the most qualified business secretary could have that we had. She also has the connections to western Massachusetts — as an active Williams alumna and owner of a second home in Williamstown — that will go a long way in driving the governor’s agenda to spread wealth across the state.
If you’ve never heard of Hao, that’s because she puts her head down, fixing organizations and helping them tackle their toughest problems. In other words, she doesn’t have time to hop down to lunch at the Boston College Chief Executives Club.
“Their skill-to-ego ratio is the most amazing ratio I’ve ever seen,” said Jeffrey Glass, who has known Hao for a decade, first while they were at Bain and now through her role as an informal advisor to his startup Hometap Equity -Partner.
“She’s so talented and so successful, and her ego is so low,” he added. “She gets things done and it’s not about her. It’s always about the organization or the people she helps and when I read that she had been chosen as just a Commonwealth citizen I was thrilled.”
17leung – Yvonne Hao (centre) with PillPack co-founder TJ Parker (left) and Nader Kabbani (right), Amazon vice president who oversaw the acquisition of PillPack, at the online pharmacy’s distribution center in Manchester, NH executives donned aprons Baking pancakes for employees to say thank you. Colin Raney
Hao comes at dire economic times: A recession looms, a millionaires’ tax levied by voters could threaten the state’s economic competitiveness, and the rise of remote work could make it difficult to retain talent and lure it to a high-cost state. With an era of higher interest rates and inflation, and the lingering aftermath of a global pandemic, it’s no wonder fear is running high among companies large and small.
Healey met Hao on the campaign trail last April at a meet-and-greet of technology and innovation leaders hosted by Diane Hessan. Healey wanted to deepen the business connections she had made during her time as Attorney General.
About 20 executives gathered at Wayfair’s Copley Square headquarters, including Wayfair CEO Niraj Shah, HubSpot co-founder Brian Halligan and IDG CEO Mohamad Ali.
Hao made an impression on Healey, and when it came time to choose a business secretary, Hao showed interest, according to the Healey administration.
Hessan, who is CEO of Salient Ventures, met Hao a decade ago when she was an operating partner at Bain. In this role, Hao stepped in to add value to companies in which the Boston-based private equity firm has invested, such as implementing a new strategy or leading a turnaround.
“When I walked into her office, I was absolutely blown away,” Hessan recalls. “I finished the meeting and I remember looking at her and saying, ‘Oh my god, how come I’ve never met you? ‘”
Perhaps the only hole in Hao’s resume is her lack of government experience. Hessan said Hao is someone who “really knows what she doesn’t know” and expects her to hire a secretary of state and other staff with ties to Beacon Hill.
While Healey has a good connection to the business community, economics was not her area of expertise as Attorney General. However, job creation and business growth has been Hao’s forte as an operator, investor and advisor.
Kim and I are pleased to announce that Yvonne Hao will be our Economic Development Secretary. With more than 25 years of business leadership experience, we count on Yvonne to drive our business competitiveness, innovation and entrepreneurship.
— Maura Healey (@maura_healey) January 4, 2023
“Business leaders, when they meet her, will feel like they have an important and loud voice in the State House,” Hessan noted. “It’s not just that they’re going to have a voice, but that voice is going to be someone who really, really understands what it’s like to walk in their shoes because they’ve walked the same steps.”
Hao’s appointment also shows Healey casting a wide net in building her cabinet.
“When we talk about diversity and variety of experiences, the governor brings someone to the table who has a wealth of experience but isn’t from the typical crowd, and I think that’s fantastic,” said Dr. Kevin Tabb, chief executive of Beth Israel Lahey Health, the state’s second largest hospital network.
Tabb met Hao a few years ago when they served on the board of directors of Youth Villages, a non-profit organization that improves the lives of children and families. She made such an impression on Tabb that Hao was one of the first people hired when it came time to add new board members following the 2019 merger of Beth Israel and Lahey hospital systems.
She was hired as Vice Chair and Chair of the Finance Committee.
“She’s one of the smartest people I know, but she doesn’t feel the need to be ‘the smartest person in the room,'” Tabb said.
Prior to joining Healey’s cabinet, Hao has stepped down from board positions including Boston fintech Flywire, Cambridge auto-listing site CarGurus and the BI Lahey board.
Tabb said Hao flew under the radar, but not because she’s shy. “She’s a pusher… Don’t underestimate Yvonne Hao,” he added. “I’m aware [Hao] would only agree to take on this position if she felt she could make a difference.”
This sentiment is shared by Colin Raney, PillPack’s former chief marketing officer, who worked with Hao when she served as the company’s COO and CFO. She was instrumental in the $753 million sale of the Somerville startup to Amazon in 2018.
“She’s just very, very driven,” Raney said. “She will not be happy unless they change the condition that improves everyone’s life and existence.”
Shirley Leung is a business columnist. She can be reached at [email protected]
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