California’s State Compensation Insurance Fund announced five executive appointments – chief operating officer, general counsel, chief risk officer, chief financial officer and chief information officer. The appointments were authorized by Senate Bill 1145, signed into law Sept. 26, 2008, by Gov. Arnold Schwarzenegger, and are a significant step in State Fund’s efforts to improve its corporate governance, operational strength and customer service.
“The addition of these positions will bring immediate, deep functional expertise into our organization, lessening our need over time to use outside consultants and ultimately decreasing our cost of doing business,” said State Fund President Jan Frank.
The new executive appointees are:
•Harrison Jerome, chief operating officer, will oversee all operational aspects of the organization to ensure that State Fund has the proper operational controls, and administrative and reporting procedures. Jerome has been with State Fund since 1981 and has served in a variety of operational areas, most recently as vice president of information technology.
•Carol Newman, general counsel, who will direct all State Fund legal matters and will ensure both the protection of State Fund’s legal rights and compliance with policies established by the Board and the president. Newman has more than a quarter century of high-level corporate legal experience with private insurance companies and has operational knowledge of the property and casualty insurance business.
•Doug Stewart, chief risk officer, will develop a comprehensive and integrated approach for risk management across State Fund’s operations and decreasing operational loss. Stewart has more than 36 years of experience in the insurance industry. He’s held positions in claims, underwriting, marketing, sales and management in both the field and corporate headquarters. He holds the designations of Chartered Property Casualty Underwriter (CPCU) and Accredited Adviser in Insurance (AAI).
•Jay Stewart, chief financial officer, will oversee the preparation of current financial reports, budgeting and financial forecasting. Stewart has more than 40 years experience in financial reporting, 30 years of that in the insurance industry, holding positions in senior management consulting, external auditing, and controlling corporate risk. He is also a certified public accountant.
•Rebecca Wanta, chief information officer, will develop and implement a comprehensive technology platform for the organization. Most recently, Wanta served as North America CIO for Best Buy.
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