It appears that State Compensation Insurance Fund is having a tough time filling Janet Frank’s shoes. IR Group, the recruiting company State Fund used to snag Frank, is trolling on-line in the workers’ comp community for suggestions on who might make a good State Fund president.
“I can’t tell you much right now [regarding the search]. First, I have to report to the Board before any public statements can be made,” says Richard Shoemaker, headhunter with IR Group.
Doug Stewart, the interim president, is campaigning for the job. He’s an outsider with industry experience, mostly in marketing, but seems to lack the background in finance, investments, compliance, and governance needed. Ultimately, it’ll be the SCIF Board’s decision.
Richard Shoemaker, president of IR Group, in an online social network posting, says he’s been engaged to find a new person to continue Janet Frank’s “fine work.” Then he asks for help:
It seems that there are not too many senior experienced insurance company executives who want to jump into State Fund and its culture of corruption. And it’s that industry executive level experience that State Fund still desperately needs. State Fund currently has a 132% combined ratio, the worst of any carrier in California, and its market share continues to shrink.
“If there is an executive who you admire and would like to ‘nominate’ for contact, please reply to me. All responses will be treated in confidence. You can be part of perpetuating the Board’s vision of SCIF being the Gold Standard,” his plea reads.
Frank brought chops to the job because she had high-level executive experience at an insurance company. She was vice president of North American Field Operations for CNA Insurance Company.
Shoemaker remains optimist that the job will be filled with a quality applicant.
The position requires someone who not only recognizes the need to get State Fund on stable financial footing and mission-focused, but is not afraid to continue rooting out what’s left of the pre-Frank regime. This means enforcing the accountability and transparency promised by the Board. It’s not a job for the faint of heart. Let’s hope the “nominees” understand that.
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