Armenia Fund USA, Inc.
80 Mainden Lane, S-301
New York, NY 10038, U.S.A.
T/1-212-689-5307
F/1-212-689-5317
E-mail: [email protected]
Armenia Fund USA Welcomes Raffi Festekjian as New
Chairman of the Fund
NEW YORK, New York – Armenia Fund USA is pleased to announce that Raffi
Festekjian, co-founder and CEO of PCi Corporation and a Member of Armenia
Fund USA Board of Directors, will succeed Kevork Toroyan as Chairman of the
organization beginning January 2007. Unanimously elected by the Board of
Directors, Raffi, a successful and visionary businessman who is very
actively involved in outreach to Armenia, is taking the leadership of the
Fund at a busy and important time. Armenia Fund, with its 20 international
affiliates in all continents of the world, is marking the anniversary of the
organization’s 15-year presence and development work in Armenia and Karabakh
since the republic’s independence in 1991. Established in 1992 by a special
presidential decree of the newborn independent republic’s first president,
for already 15 years Armenia Fund has been investing in one of the most
vital economic sectors of the country – large-scale socio-economic
infrastructure. Securing long-term sustainable development in every project
sponsored, the Fund has had an outstanding impact on the lives of countless
citizens of Armenia and Karabakh.
As co-founder and CEO of PCi, a leading provider of compliance solutions to
the financial services industry, Mr. Festekjian is responsible for the
overall strategic direction of the company. Under his leadership, PCi has
become one of the largest IT corporations with over 2500 clients, including
95 of top 100 institutions in the United States. Prior to co-founding PCi,
Mr. Festekjian was a consultant and investment banker at Kellett Ventures
Management and Private Capital Investments where he aided capital deficient
community banks through operations consulting and recapitalizing on sale of
the institution. Mr. Festekjian received a BS in Engineering from American
University of Beirut and an MBA, with distinction, from the J.L. Kellogg
Graduate School of Management.
Mr. Festekjian’s staunch support for Armenia and Karabakh is present in his
professional, as well as personal endeavors. In addition to his professional
activities, he is also engaged with several non-profit organizations that
are focused on building the future of Armenia. In 2004, he co-founded
Yerazart, an organization that assists talented young Armenian artists in
Armenia. Raffi is also the Chairman of Armenian St. Stephens School Board of
Trustees in Boston, a Board Member of Armenia 2020, Vem Radio and a Trustee
of the Armenian Assembly of America.
Armenia Fund USA Board of Directors and staff look forward to working with
Raffi as the organization advances its mission of touching lives in Armenia
and Karabakh.
"After seven years of my involvement in the Fund, with the last four years
as Chairman, I am convinced that it is time to pass the torch to younger
leadership, who, I am convinced, will take the Fund’s mission to new
horizons" said Kevork Toroyan, now former Chairman of the Fund. Noting that
change of leadership will not distance, but instead strengthen his devotion
to the organization, Mr. Toroyan also pledged his professional commitment
and oversight to the Fund’s agricultural development project that, launched
in the spring of 2005, is making tangible improvements in the lives of
underserved rural communities throughout Karabakh. An engineer by profession
with extensive institutional experience in international construction
business, Mr. Toroyan’s leadership and guidance have been instrumental in
the success of this pilot innovative development project.
Armenia Fund USA, with its international affiliates, has had strong and
measurable impact on the development of Karabakh and Armenia since
independence. The organization remains the largest contributor to
socio-economic development projects there since 1992, having invested more
than $160 million in large-scale infrastructure.
ABOUT ARMENIA FUND USA, founded in 1992, was one of the first of Hayastan
All-Armenian Fund’s 19 international affiliates and serves constituents in
all states east of the Mississippi. As a non-profit, non-governmental,
nonsectarian organization, the Fund represents all Armenian constituents.
Armenia Fund USA is the largest contributor among the 19 international
affiliates – supporting strategic infrastructure projects in Armenia and
Karabakh. The Fund has adopted a policy to go "Beyond Bricks and Mortar" to
provide sustainability for projects it sponsors.