For Immediate Release
January 17, 2007
ARMENIA FUND USA WELCOMES
RAFFI FESTEKJIAN AS
NEW CHAIRMAN OF THE FUND
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 19 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: ARMENIA FUND USA, founded in 1992,
was 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, and having helped build 138 miles of roads, 100
miles of waterways, 36 schools, 3 electric transmission networks,
210 residential buildings and 15 healthcare institutions.
Armenia Fund USA’s Mission is the development of strategic
socio-economic infrastructure in Armenia and Karabakh, focusing
on major projects such as major highways, schools, drinking water
to communities and humanitarian programs in education, training
and medical facilities. The Fund has adopted a policy to go “Beyond
Bricks and Mortar” to provide sustainability for projects it sponsors.
To learn more about Armenia Fund USA, please visit
our website at
or call us at 212-689-5307.
Armenia Fund USA
80 Maiden Lane, Suite 301
New York, NY 10038