Bank executive to lead state's revenue collections

RALEIGH -- A Bank of America executive from Charlotte has been picked to run the state agency responsible for collecting taxes.

Gov.-elect Beverly Perdue named Kenneth R. Lay, 60, as secretary of the Department of Revenue. Perdue praised Lay for his long career in finance and business management. Lay was most recently a marketing and information technology executive.

"I can't tell you how honored and privileged I am to see him leave the private sector and come to work in North Carolina's government," Perdue said. "We worked at getting him. We really did."

Lay has no experience in government, but hopes his experience in the business world will translate. The department collects income and business taxes. The state already has seen a drop in tax collections because of the national recession.

"I look forward to leading the team in what looks to be quite a challenging environment in the near term," Lay said.