New Postal Chief Named, Praises Adopted Nation

California banker Anthony M. Frank, a refugee from Nazi Germany who says he hopes to return some of what his adopted nation has given him, was appointed Tuesday as the nation’s 69th postmaster general.

Frank will take over the reins of the U.S. Postal Service on March 1, succeeding Preston R. Tisch, who will return to private business.

Frank, 56, said he is taking early retirement as chairman and chief executive officer of First Nationwide Financial Corp. because of his desire to perform public service.

“The courtesy this country gave to my family and myself when we arrived from Nazi Germany in 1937 is not forgotten and I would like to return some of that,” he said.

Financial Crisis Awaits

Frank will be faced immediately with a financial crisis caused by recent congressional action that forced the Postal Service to absorb about $1.25 billion in added costs over the next 21 months.

Rising costs could confront the service with a deficit as high as $1.7 billion in this fiscal year alone--even allowing for a postal rate increase planned in the next few months, postal officials said.

This is a “very difficult situation,” Frank said, declining to specify what actions he might take to deal with the problem.

John N. Griesemer, chairman of the Postal Service Board of Governors, which oversees the agency, said about 50 people were considered for the $99,500-a-year job.

Frank was selected for his management abilities and ability to look to the future, Griesemer said. “He has shown an innate ability to anticipate and manage for change and to do so successfully,” he said.