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CFO Sink Appoints Jim Malone as New Chairman of Citizens Board of Governors

7/25/2008

CONTACT:  Tara Klimek or Kevin Cate
(850) 413-2842
 
TALLAHASSEE—Florida Chief Financial Officer Alex Sink announced Friday the appointment of James R. Malone as the Chairman of the Board of Governors for Citizens Property Insurance Corporation, effective August 1, 2008. Citizens is one of the largest property and casualty insurance companies in the nation and the largest property insurer in Florida.
 
Malone, 65, from Naples, has more than forty years of experience as an entrepreneur, manager and CEO of several Fortune 500 companies.
 
“Jim’s tremendous experience leading major corporations and reputation for improving business practices will greatly benefit Florida’s insurance consumers,” said CFO Sink.  “As Chairman of the Citizens Board of Governors, Jim brings sound finance and management principles that will help ensure the largest property insurance company in the state operates with the transparency that the people of Florida expect.”
 
Malone is the founding managing partner of Naples-based Qorval LLC, an investment banking, financial advisory, and turn-around firm and chairman of Boyne Capital Partners. His efforts focus on improving company business practices, particularly during times of change and adversity. He previously led several Florida companies, including Brown Jordan International (Jacksonville), Avborne Heavy Maintenance (Miami), Anchor Glass Container (Tampa), Family Private Care (Palm Beach), and Amerifactors (Orlando). Additionally, Malone is a Director of Regions Financial (NYSE – Birmingham, AL), and Ametek (NYSE – Philadelphia, PA).
 
Malone’s civic interests and leadership roles include serving as a founding Trustee of the Naples Children and Education Foundation.  The foundation has raised more than $70 million for the children of Collier County through the Naples Winter Wine Festival, an event Malone and his wife Linda chaired in 2007.  He has also received national recognition for his leadership in Junior Achievement and served as a member of the Business Council for the United Nations in New York City for more than 20 years.  Malone currently serves as a member of the Board of Trustees for Florida Gulf Coast University. 
 
As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink  oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating insurance fraud. CFO Sink also serves as the State Fire Marshal.