On the day State Fund workers won back pay for furloughs that a judge ruled to be illegal, SCIF president Jan Frank announced her resignation.
Here's a statement sent to SCIF workers:
It is with deep regret that I am announcing my resignation as President and CEO of State Compensation Insurance Fund, effective October 23, 2009. My mother is quite ill and I have decided to prioritize spending time with her.
I want to acknowledge and thank you for your support and hard work. State Fund has been an important pillar for California's economy for almost a hundred years. I am very proud of what we have accomplished over the past two years. I am confident that together we have created sustainable change for the organization and that what we have put in place will provide a strong foundation for the future.
President and CEO
SCIF board chairwoman Jeanne Cain said a search for Frank's replacement would begin immediately. An interim boss will be appointed Oct. 21.
Here is Cain's statement, posted on the SCIF Web site:
The Board thanks Jan for her leadership and the strong foundation she has laid for State Fund's future. State Fund has achieved great progress over the past two years in our effort to create a stronger, more transparent and customer-focused organization. We are fortunate to have an excellent executive team and solid momentum to ensure that evolution continues during this important transition.
Despite the significant economic challenges facing California, State Fund remains financially strong and poised to continue providing a guaranteed workers' compensation market to California's businesses. State Fund is a stable provider of workers' compensation insurance and a vital asset to the state's economy.