Citizens Property Insurance Board of Governors Selects Florida Office of Financial Regulation Commissioner Tom Grady as Interim CEO
Mar 5, 2012
At its meeting today, March 5, 2012, the Citizens Property Insurance Corporation (“Citizens”) Board of Governors (“Board”) unanimously appointed Florida’s current Financial Regulation Commissioner Tom Grady as interim Chief Executive Officer. Mr. Grady will serve in this position until a permanent CEO is selected to replace Scott Wallace, whose resignation is effective April 6, 2012.
Board member Carol Everhart nominated Mr. Grady for the position, and Board member Tom Lynch seconded her motion.
A lifelong Floridian and Naples resident, Mr. Grady was appointed to the Florida Office of Financial Regulation in 2011. He is a former state legislator from Collier County’s District 76.
Commissioner Grady will attend an orientation in Tallahassee and Jacksonville beginning March 12 and will begin serving in the position on March 26, 2012, the Board decided.
According to Board Chairman Carlos Lacasa, the issue of Mr. Grady’s compensation is delegated to the Board Chairman per Citizens’ Plan of Operation. Accordingly, Chairman Carlos Lacasa said he will meet with Mr. Grady to discuss the issue.
The interim CEO will serve until a permanent CEO is hired, Chairman Lacasa explained. Choosing a permanent CEO will likely take a minimum of 60 days, if not longer. The Board is scheduled to select a recruiting agency on Thursday, March 8, 2012.
Mr. Lacasa said his chief concern is for the interim CEO to continue moving forward with programs already in place.
“We have a very ambitious capital program that involves the issuance of Cat bonds, pre-event liquidity bonds and the significant purchase of reinsurance,” Mr. Lacasa stated. “I would not want to have anything interfere with the successful closing of those financial packages before the storm season.”
If the course needs to be changed for any strategic purpose, the interim CEO must first consult with the Board chairman in order to decide if the matter needs to be brought to the Board for a vote, Chairman Lacasa said, explaining that the goal is to send a message that Citizens is in good hands, is stable and on a positive track forward.
The interim CEO is eligible to apply for the permanent position.
With no further business before the Board, the meeting was adjourned.
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