RTW Inc., a Minneapolis-based provider of workers’ compensation management systems for businesses, announced changes to its Board of Directors, as well as to its executive management team.
RTW, which also provides workers’ compensation insurance through subsidiary American Compensation Insurance Company, elected J. Alexander Fjelstad III, Alfred L. LaTendresse, John O. Goodwyne, Bruce Schilling and Gregory Koschinska as additional members of RTW’s Board of Directors. Concurrently, Carl B. Lehmann, Steven M. Rothschild, and David R. Hubers resigned as directors. Carl B. Lehmann also resigned as president and chief executive officer of the company.
David C. Prosser, the company’s founder, director and a significant shareholder of RTW, requested that the Board elect his nominees in a letter dated Dec. 7 that was included as an attachment to an amendment to a Schedule 13D filed with the Securities and Exchange Commission. Prosser was elected chairman of the Board and Mark E. Hegman will remain as a director. Prosser previously served as the company’s chairman 1983 to March 2000.
RTW named Fjelstad as CEO of the company effective immediately. Fjelstad is a former director and chief operating officer of Sales and Marketing for RTW and served as president of American Compensation Insurance Company from 1989 to 1998. Additionally, LaTendresse, the company’s former chief financial officer from 1990 to 1998, was appointed executive vice president and president of American Compensation Insurance Company. Lehmann agreed to work with the company in connection with the transition to new management.