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Pinnacol Executives Won't Step Down Despite Public Criticism

First Posted: 01/18/11 09:35 AM ET Updated: 05/25/11 07:25 PM ET

Pinnacol

Executives at Pinnacol Assurance are remaining defiant in the wake of widespread public criticism over a February, 2010 golf junket that cost over $300,000.

On Monday, KMGH's Tony Kovalesky obtained an internal email that confirmed Pinnacol executives' intent to stay with the company despite calls from lawmakers and others for their resignation.

But, resignations will not happen according to an internal email obtained by 7NEWS. The email was sent to Pinnacol's agents and included talking points and frequently asked questions like, "Some are calling for the board members who attended the event to resign. Will they?"

The one-word answer, "No."

The email continued, "Some are calling for Ken Ross to resign. Will he?"

Again, the one-word answer, "No."

In January, Pinnacol--the tax-exempt workers comp insurer of last resort in Colorado--released financial records of its golf outing to Pebble Beach, California after months of battling an open records request.

The records revealed that the company lavished its executives with massages, rounds of golf, and expensive meals to the tune of $318,000.

In the wake of this revelation, State Senate President Brandon Shaffer called for Pinnacol's board, as well as its CEO to step down. Governor Hickenlooper, though a spokesman, stopped short of calling for resignations, but did tell the Denver Post through a spokesman that he "[didn't] think a trip like that was appropriate."

A bill to eliminate Pinnacol's tax exemptions to help balance the state's budget also cleared committee last week.

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Filed by Ethan Axelrod  |