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Established in 1914 by the state legislature, State Fund is California's most reliable provider of workers' compensation insurance and a vital asset to California businesses. State Fund supports California's entrepreneurial spirit and plays a stabilizing role in the economy by providing fairly priced workers' compensation insurance, helping California employers keep their workplaces safe, and restoring injured workers.




State Fund Announces Five New Exempt Management Appointments

October 02, 2008

Executive-Level Positions Created by Governance Legislation Attract Top-Tier Talent

SAN FRANCISCO – State Compensation Insurance Fund today 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 Friday night by Governor Schwarzenegger, and are a significant step in State Fund’s efforts to improve its corporate governance, operational strength and customer service.

“I am pleased to announce the appointment of these 5 executives as we continue our work to transform State Fund,” said State Fund President Jan Frank. “The addition of these positions will bring immediate, deep functional expertise into our organization, lessening our need to use outside consultants over time and ultimately decreasing our cost of doing business.”

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. Jerome has a Bachelor of Arts degree in economics from California State University, Fresno.
  • Carol Newman, General Counsel, will direct all State Fund legal matters and 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 extensive operational knowledge of the property and casualty insurance business. Newman has a bachelor’s degree in Social Work from the University of Illinois where she also earned her Juris Doctorate degree.
  • Doug Stewart, Chief Risk Officer, will develop a comprehensive and integrated approach for risk management across State Fund’s operations and for 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. Stewart has a bachelor’s degree in economics from the University of California in Santa Barbara and a master’s degree in business administration from Santa Clara University. 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. Stewart earned a bachelor’s degree in accounting from California State University in Los Angeles, and a master’s degree in business administration from California State Polytechnic College. 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, where she developed a forward-looking technology strategy. Becky holds master’s degrees in business administration from Pacific Coast Banking School at the University of Washington and from Golden Gate University. She earned her bachelor’s degree in management information systems from Chapman University.

"These new exempt management positions and the considerable talent we have selected to fill them bring our management structure and expertise in line with other companies of comparable size and scope,” said Jeannie Cain, State Fund Board Chair. “This board has worked very hard to chart a new course and it is very exciting and rewarding to see the transformation take shape.”

EDITOR’S NOTE: Established by the California Legislature in 1914, State Fund is a nonprofit, self-supporting, fairly competitive public enterprise that guarantees a permanent workers’ compensation insurance marketplace at cost for California employers. State Fund has acted as both a moderating and stabilizing influence on the workers' compensation market.

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