CFO of the Year Awards - Large Nonprofit Organizations
Official helped transform airport
Douglas E. Blum, Capital Region Airport Commission

by Jessica Sabbath
Virginia Business
July 2007

Over the past several years, executives have worked to change Richmond International Airport from an underused regional facility into a popular Southeastern hub. And Douglas E. Blum steered many of the financial deals to make it happen.

In 1997, Blum became CFO of the Capital Region Airport Commission, the airport’s governing board. Since then, the commission has overseen a 40 percent increase in annual airport traffic and the largest terminal and facility expansion in the airport’s history.

To make the project work, Blum negotiated the lease and development agreements with 12 air carriers and seven rental car companies. “He has taken a leading role with the building program at Richmond International Airport,” writes John D. O’Neill Jr. in support of Blum’s nomination for the award. O’Neill is managing partner of the Richmond office of Hunton & Williams. “Of more importance, perhaps, is the role Mr. Blum has played and is playing in attracting new and lower-cost air carriers to the Richmond market.”

The addition of low-cost airlines JetBlue Airways and AirTran Airways has forced other airlines to lower their ticket prices at the airport.

Blum, a certified public accountant, has contributed to the airport’s growth and tightly managed its expenses, says Jon E. Mathiasen, the commission’s president and CEO. Last year, the commission saw $34.5 million in revenue.

During his tenure, Blum also has created a financial database to increase financial accuracy, efficiency and accountability.

Throughout his career, Blum has handled the financial affairs of government agencies. Before joining the airport commission, he worked for the Virginia Department of Social Services, the Richmond Metropolitan Authority and the Virginia Department of Transportation.

He wins praise from James B. Donati Jr., chairman of the Henrico County Board of Supervisors and a member of the commission’s board of directors. “Through Mr. Blum’s unique ability to skillfully plan and execute the many financial operations at the airport while simultaneously developing the strategy for the future, we have seen Richmond International Airport transformed into a first-class operation which all of the Richmond region can proudly enjoy.”