Transamerica Names Chief Executive

Transamerica Corp. elected company President Frank C. Herringer to the additional post of chief executive, a change that will become effective when James R. Harvey on April 25 relinquishes his position as CEO to concentrate on his current duties as chairman.

The change is part of a long-term plan of orderly succession of Transamerica’s senior management, said Harvey, chief executive of the San Francisco-based insurance and financial services company since 1981 and chairman since 1983. Harvey, 56, said Transamerica has been restructured from a highly diversified company into one that focuses on financial services during the past 10 years.

“Now, therefore, seems to be the right time to make this transition,” Harvey said.

United Artists film company was among the far-flung enterprises Transamerica divested during Harvey’s tenure, a 1981 deal that industry analysts applauded. Some of the company’s prime business operations--life insurance, property and casualty insurance, home equity lending and inventory financing--are headquartered in Los Angeles and Woodland Hills. The company is also involved in money management and real estate services.

Herringer joined Transamerica in 1979 as a vice president and was named president in 1986. He has been a Transamerica director since 1986. Herringer, 48, will continue to oversee Transamerica’s subsidiaries.