Rhode Island's scandal-scarred state-sponsored workers' compensation insurer said it has hired a search firm to find a replacement for the chief executive officer it fired in April.
Joseph Solomon, the former CEO, was let go without severance, along with David Clark, vice president of underwriting, after a series of investigations revealed that certain businesses with cozy links to Beacon management were charged improperly low rates.
Beacon's board announced today that a nationwide executive search would be conducted by the Witt/Kieffer firm headquartered in Oak Brook, Ill.
Carl Hayes, board chairman, said the company was selected because directors were impressed with their credentials and expertise in the insurance sector. He said board members reviewed multiple companies with expertise in executive searches and after winnowing the choice to three voted unanimously for Witt/Kieffer.
“We would like to have a new CEO engaged by the end of the year, but this process will not be driven by a deadline. Our goal is to get the best candidate for the job with the requisite skill set to manage The Beacon in an effective, transparent and productive manner. Our policyholders, the Rhode Island business community and the employees of The Beacon deserve nothing less,” Mr. Hayes said in a statement
“The search process will be diligent, objective and thorough. The Beacon Mutual Insurance Company needs a CEO who can move the company forward. The search process will not be driven by favoritism and no particular candidate has the inside track on the post,” added Mr. Hayes.
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