USF&G names 4 executives to fill senior posts

January 31, 1991|By Peter H. Frank

The reorganization of USF&G Corp. continued yesterday as the giant Baltimore-based insurance company named four executives to top management positions, replacing the company's chief financial officer and creating a new post to manage strategic planning.

Yesterday's moves, which included the hiring of two new executives and the promotion of two others, were seen as part of a continuing restructuring of the company that was begun by Norman P. Blake Jr., who joined USF&G as chairman and chief executive officer two months ago.

The company said that Edwin G. Pickett, formerly senior vice president of finance, was named executive vice president and chief financial officer. As chief financial officer, Mr. Pickett replaced James A. Flick Jr., who will continue as an executive vice president, the company said.

Richard J. Potter, formerly president of Credit Life Insurance Co. in Springfield, Ohio, will join USF&G in mid-February as senior vice president in charge of strategic planning at the corporate level.

Jack Hart was named senior vice president for human resources, filling a post vacated earlier this month when Charles D. Zimmerman III became senior vice president of organization and operations development, said Kerrie Burch-DeLuca, a company spokeswoman.

Mr. Hart held a position similar to his new post when he was at Heller International in Chicago, the company Mr. Blake headed before coming to USF&G.

James N. Stanard, formerly executive vice president of F&G Re, the reinsurance subsidiary of USF&G, was elected executive vice president of United States Fidelity and Guaranty Co., the property and casualty insurance subsidiary of the corporation.

Mr. Blake joined USF&G after the company's board announced plans to save $75 million a year, partly through employee layoffs, and said it was slashing the company's dividend by two-thirds.

One of Mr. Blake's first steps came within days of his appointment when the acting president of USF&G's life insurance subsidiary stepped down, completing a yearlong turnover of the corporation's top operating executives.

USF&G announced two weeks ago that it was eliminating 900 jobs, including 360 in Maryland, in an initial round of layoffs aimed at saving $42 million this year.

At that time, the company also detailed a series of cost-saving steps such as cutting its advertising and promotion budgets by $28 million, freezing salaries, selling one of two corporate jets and closing an executive dining room.

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