State Compensation Insurance Fund’s board of directors has met in secret session and sent up the figurative white smoke. It has chosen a new president. Moments ago California’s largest workers’ comp carrier announced it has selected Doug Stewart, the carrier's chief risk officer. His appointment is effective Monday.

A headhunter has been selected and a nationwide search is already underway for a permanent replacement and it's expected that Stewart will be a leading candidate in that process as well.

Just two years into the job of turning the culture of one of the nation's largest workers' comp carriers around, Janet D. Frank tendered her resignation last month due to a family illness. Friday is scheduled to be her last day at the carrier.

Stewart is part of the new team of executives that Frank brought in from outside the quasi-governmental organization to implement that change. An insurance industry veteran, Stewart has 35 years of experience in all areas of the industry -- claims, underwriting, marketing, sales, USL&H, and risk management.  Stewart also has experience with a number of private carriers, including Industrial Indemnity; United States Fidelity and Guaranty Company; CNA; The Hartford; Crum & Forster; and Travelers.

Click here to read  Workers’ Comp Executive’s previous story on the competition handicapping Stewart for the top spot.

In announcing the board's decision, Chairwoman Jeannie Cain made the announcement.

No timeline was given for when a decision will be made on a permanent successor to Frank.