Make us your home page

Citizens gets veteran CEO James R. Malone



James R. Malone, the founder of a Naples consulting firm that specializes in turning around financially troubled companies, was appointed Friday to chair the board of Citizens Property Insurance Corp.

State-backed Citizens is Florida's largest property insurer with 1.2-million policyholders and about $425-billion in total risk exposure.

Malone, 65, is no stranger to the board room. He has been CEO of nearly a dozen companies, including Grimes Aerospace, Mail Contractors of America, and Cenveo, a provider of print and visual communications. And from 1993 to 1997, he served as chief executive officer of Anchor Glass Container, the long-troubled Tampa company that was saddled with losses during the mid and late 1980s under then-CEO Vince Naimoli.

Malone is currently the founding managing partner of Qorval LLC, an investment banking, financial advisory and turnaround firm.

"I don't want anybody thinking that Citizens is even close to financially distressed,'' Malone said in an interview Friday. "It's not that kind of a situation.''

Malone replaces Bruce Douglas, who announced in June he would not seek reappointment. Like Douglas, Malone begins his tenure with no direct property insurance industry experience.

"Jim's tremendous experience leading major corporations and his reputation for improving business practices will greatly benefit Florida's insurance consumers," said Florida CFO Alex Sink, who made the appointment. Malone will receive no salary to lead Citizens.

Malone said his lack of an insurance background could be helpful. "Because I don't have a strong bias going in,'' he said, "I have no selfish interest one way or another, and I don't have a long history of relationships to protect.''

Citizens gets veteran CEO James R. Malone 07/25/08 [Last modified: Sunday, July 27, 2008 12:52pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. One of the best places for investing in a rental house is in Tampa Bay

    Real Estate

    Two Tampa Bay ZIP Codes are drawing national attention.

    . If you're looking to invest in a house to rent out, few places are better than  ZIP Code 34607 in Hernando County's Spring Hill area, according to ATTOM Data Solutions.
 file photo]

  2. Tampa Chamber of Commerce announces small business winners


    TAMPA — The Greater Tampa Chamber of Commerce selected the winners of the 2017 Small Business of the Year Awards at a ceremony Wednesday night at the David A. Straz, Jr. Center for the Performing Arts. More than 600 attendees celebrated the accomplishments of Tampa Bay's small business community.

    Vincent Cassidy, president and CEO of Majesty Title Services, was named Outstanding Small Business Leader of the Year by the Greater Tampa Chamber of Commerce.

  3. International array of artists chosen as finalists for pier project

    Local Government

    ST. PETERSBURG — A diverse group of six artists will compete for a chance to install their work at the city's multimillion-dollar Pier District, expected to open in early 2019.

  4. Gourmet food fight between top chefs raises $200,000


    ST. PETERSBURG — The chefs came armed with their secret ingredients — pork rinds, truffle butter, pork bellies.

    (From left to right) Chefs Ryan Mitchell, Michael Buttacavoli, Ted Dorsey and Matthew Brennan compete during Tampa Bay Food Fight at The Coliseum in St. Petersburg on Tuesday. The event features chefs from the Tampa Bay area and benefitted Metropolitan Ministries. EVE EDELHEIT   |   Times
  5. HSN star Joy Mangano promotes new book: Inventing Joy


    ST. PETERSBURG — After more than 30 years, Joy Mangano knows a thing or two about promoting products. Now she's promoting herself.

    Inventor and entrepreneur Joy Mangano is releasing her first new book, Inventing Joy on Nov. 7. [TIERRA SMITH | Times]