Less than a week after firing its longtime head William Rapfogel amid a criminal probe, The Metropolitan Council announced today that David M. Frankel will take over the post as Executive Director and CEO.
Frankel will leave his post as Commissioner of the Department of Finance for the city of New York, a title he has held since 2009. He will officially join the Met Council on September 30.
“Met Council’s work has improved the lives of many thousands of New York’s neediest people for more than 40 years, and I am honored and excited by the opportunity to lead such a respected and vital institution,” Frankel said in a release from the organization.
Mayor Michael Bloomberg who has worked closely with Frankel said of him: “Always willing to make the tough decisions and never afraid to try innovative new solutions to stubborn old challenges, David is a leader any organization would be lucky to have.”
Before working for the city, Frankel worked in the private sector as Managing Director at Morgan Stanley from 2004 to 2009, and the head of global operations for the AIG from 1992 to 2004.
Frankel will take over less than two months after Rapfogel was fired for “financial irregularities.” In a release the board of directors said that they had “recently became aware of specific information regarding financial irregularities and apparent misconduct in connection with the organization’s insurance policies…the Board has terminated Mr. Rapfogel, effective immediately.”
Shortly after that release, New York State Attorney General Eric T. Schneiderman confirmed an that an ongoing criminal investigation is being conducted by his office into Rapfogel and the organization.
The city temporarily stopped all funding to Met Council after the firing of Rapfogel. There is currently no word on when funding will resume.