After nearly two decades of service with the Regional Transportation Authority (RTA), Joseph Costello has announced his retirement as the agency’s Executive Director, the RTA announced today. Costello will step down at the end of February, 2014 to pursue the next chapter in his life.

“I would like to thank Chairman Gates and the RTA Board of Directors for their leadership during my tenure here,” Costello said. “I’m proud of what we’ve accomplished together during my 19 years at the RTA and I feel the timing is right to explore new opportunities.”

Gates recognized Costello’s contributions to the agency. “I want to thank Joe for his years of service. Joe’s commitment to improving the region’s transit system has helped ensure the financial stability of our system,” Gates said.

Costello joined the RTA in 1995 as Chief Financial Officer (CFO), where he oversaw the issuance of more than $3 billion in bonds, providing financing for RTA system capital projects, and an upgrade of the RTA’s bond rating. He also received national recognition for his work and received the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA).

Costello was appointed Executive Director in December, 2010. Mr. Costello had been the RTA CFO since 1995. During Mr. Costello’s tenure, the RTA received GFOA Award for Distinguished Budget Presentation, beginning with the budget for 1997.

Mr. Costello is a member of the GFOA Executive Board after serving six years on its Committee on Government Debt Management. Mr. Costello is a founding member of the Transit Finance Leadership Exchange (T-FLEx) and sits on its leadership team. T-FLEx is a national consortium of finance directors of major public transportation agencies committed to improving transit and finance leadership.

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With three transit systems and more than two million riders a day, there is always something interesting going on at the RTA. Get the latest scoop on everything all in one place. For all media inquiries, please contact Susan Massel, Director of Communications and Public Affairs, at 312-913-3256 or at communications@rtachicago.org.