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| | Janet Frank New President And CEO Of Pacific Compensation Insurance Company.
By Lonce LaMon - December 4, 2012
Effective immediately, according to an announcement from Allegheny Corporation, the owner of Pacific Compensation, Janet D. Frank is now Pacific Comp’s President and Chief Executive Officer. As well, according to the announcement, Ms. Frank will also serve as Pacific Comp’s Chair of the Board of Directors.
Janet replaces James E. Little who is leaving Pacific Comp. Ronald Groden, the Executive Vice President and Chief Financial Officer of Pacific Compensation is leaving the company as well. It was stated in a Press Release from Allegheny that the departures of both James Little and Ronald Groden were in connection with the appointment of Janet Frank.
Weston M. Hicks, the President and Chief Executive Officer of Allegheny Corporation, was quoted in the Press Release as stating, “We extend our appreciation to Jim and Ron for their years of service with Pacific Comp and wish them the best in their future endeavors.”
Janet Frank was with CNA Financial Corp for some years and was their Vice President of North American operations when she was hired by State Compensation Insurance Fund (SCIF) in 2007. She was hired just in the wake of a conflict-of-interest scandal that led to the resignation of two SCIF Board of Directors members and the firing of the previous director, John C. Tudor.
The scandal involved management fees that SCIF had paid out to administrators of employee safety groups that did little work. A subsequent audit found that SCIF had paid out $500 million over a period of 10 years, and that half of the money had gone to organizations run by the two board members.
When Janet Frank was hired she was the first chief executive not promoted from within. She came in and immediately hired a CFO and a chief risk officer, as temporary contractors, and launched into a review of the fund’s finances and operations. She had to deal with a list of 150 recommendations from the state’s Department of Insurance Commissioner, Steve Poizner, for improving SCIF. She then had to implement new openness requirements that directed the fund to make most of its books publicly available and to hold open board meetings.
Overall, Janet Frank was praised for her performance at SCIF, having come in at a very difficult time. She left SCIF in October of 2009 stating that she was leaving due to her mother’s grave illness. Then, on March 15th 2010, she started at Zenith Insurance Company, based in Woodland Hills, California, as Zenith’s President and Chief Operating Officer. However, Janet left The Zenith in September of 2011.
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