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According to a memo and press release issued by the State Compensation Insurance Fund (SCIF), two top executives will be leaving the agency.
At a board meeting last week, it was announced that CEO Tom Rowe and CFO Dan Sevilla will "step away from overseeing day-to-day operations immediately."
Rowe served as CEO/president since August 2010 and Sevilla began serving as interim CFO in October 2010.
The board has named current SCIF General Counsel Carol Newman as interim CEO and current SCIF CIO Pete Guastamachio as interim CFO.
These changes come roughly one year after Rowe announced that SCIF was able to eliminate nearly 40% of its workfoce without a layoff.
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