The only one of the few mayors since 1962 to leave office with a positive balance in Newark's budget[citation needed], one of the major contributions Carlin made was to address the CEOs of Newark's 18 largest corporations in an effort to stem the outward movement of companies to the suburbs. The Star-Ledger wrote:
The term New Newark came into existence in 1954, largely as a result of the recently elected Mayor Leo Carlin, who called together the CEOs of Newark's 18 largest corporations in an effort to stem the outward movement of companies to the suburbs. At first, the organization was composed exclusively of business leaders who met quarterly. One of its best-known chairs was David Yunich, president of Bamberger's. ... But as time passed, the organization expanded to encompass the Newark Economic Development Committee. It was made up of representatives not only from business, but also labor and government, and better represented the whole community. One of its recommendations called for the redevelopment of the area adjoining Pennsylvania Station.[2]
