Spies will step down as CEO at CEI Capital Management

Photo / Tim Greenway Charles J. Spies III, CEO of CEI Capital Management LLC, plans to step down this month.

COURTESY / CEI Traci R. Vaine, incoming CEO at CEI Capital Management LLC.

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CEI Capital Management, which oversees New Markets Tax Credit investment, will have a new leader next month.

Traci R. Vaine, who has been chief compliance officer there for eight years, will take over as CEO on Oct. 1.

She will take over from Charles J. Spies III, who led the Coastal Enterprises Inc. subsidiary for 14 years and plans to step down.
Spies, a New Jersey native who came to the University of Maine to study forestry, oversaw deployment of more than $1 billion in federal and state New Markets Tax Credit allocation into 95 projects across the country. The projects created 8,849 jobs.

Over 14 years, CEI Capital Management did not suffer a loss. Like CEI, the focus was on rural communities that were in need of investment.

“Under Charlie’s leadership, CCML has set the standard for excellence in the New Markets Tax Credit industry,” said Elaine DiPietro, chair of CEI Capital Management and president of Blooming Ventures LLC. “His dedication to advancing CEI’s mission and supporting his team has been a powerful combination, creating positive, sustainable impact in rural communities.”

Prior to CEI, Spies was CEO of the Finance Authority of Maine. He was also President and CEO of the National Association of Seed and Venture Funds. For the past decade, Spies served on the board of the New Markets Tax Credit Coalition, a national association.

Under Spies, CEI Capital Management launched Bright Community Capital LLC, which invests in solar energy development in communities with moderate and low incomes and CEI-Boulos Capital Management LLC, providing long-term investments in Qualified Opportunity Zones. In Maine, the addition of two tissue machines to the St Croix mill in Washington County added over 90 direct and 80 indirect jobs and stabilized over 300 existing mill jobs.

“Of CCML’s accomplishments, I am most proud of having a role in helping to create sustainable change for people and places experiencing underinvestment,” said Spies.

Incoming CEO Vaine co-founded the CCML New Markets Tax Credit Roundtable, a forum for practitioners to discuss current topics and industry trends. She is recognized as an industry expert on topics of compliance and asset management.

Prior to joining CCML, Vaine was the co-founder and operations manager of Fantasy Stock Market Inc., an e-learning stock market program. She also served as senior benefits advisor for the Arizona State Retirement System and a financial consultant at Smith Barney. She received a bachelor of science degree from Arizona State University and is a Certified Compliance & Ethics Professional.

“I am deeply committed to CCML’s mission, which we share with our colleagues at CEI, to build a more equitable economy,” said Vaine. “CCML is currently managing a portfolio of over $200 million in NMTC investments in projects in rural regions throughout the country, and I look forward to continuing to work closely with my colleagues and engage with the communities we serve to provide access to economic opportunity.”

Vaine will work closely with CFO Didier Hakizimana, who joined CCML in 2010.

About CEI Capital Management

Brunswick-based CEI Capital Management LLC creates and preserves jobs and improves quality of life in rural, low income communities across the country by providing access to flexible project capital through the Federal New Markets Tax Credit program and the Maine New Markets Capital Investment program. CEI Capital Management is a wholly owned subsidiary of Coastal Enterprises Inc., whose mission is to grow good jobs, increase environmentally sustainable enterprises and expand shared prosperity by integrating financing, business and industry expertise, and policy advocacy.