RUMFORD – Stephen G. Eldridge said he believes Rumford is on the verge of a virtual economic explosion. He sees tremendous opportunity in an area, which he said is among the most beautiful in the state.

Eldridge, 51, was introduced to about 25 residents at Thursday’s selectmen’s meeting as Rumford’s new town manager.

He will take over the reins held by Town Manager Robert C. Welch for 10 years, on Jan. 3.

“I believe this is a good thing for the town and for Steve. I look forward to working with him,” said board Chairman Jim Thibodeau.

Eldridge, a resident of Monmouth, is the current town manager of Greene. Prior to his three years in Greene, he was the town manager of the eastern Maine town of Etna.

Rumford gave him a one-year contract, including a six-month probationary period, and a salary of $72,000 annually.

Eldridge said he is anxious to get started.

“The possibilities are endless here. The demographics include a good workforce that is underemployed. There is a willingness from the board and the community for economic development,” he said, adding that the architecture of many of the downtown buildings is striking.

Prior to the board’s night meeting, Eldridge spent most of Thursday visiting with some of the municipal and other community leaders.

Eldridge is a University of Maine graduate with a degree in public administration and worked in education prior to going into management.

Thibodeau said an open house for the community to meet the new town manager will be held soon after his arrival in January.

Welch submitted his resignation in June, effective no later than Dec. 31. He devoted his entire career to working for the town, serving as highway superintendent for many years before becoming town manager in 1994.