August 19, 2013
Met Council taps N.Y. finance chief Frankel to replace Rapfogel
The Metropolitan Council on Jewish Poverty is bringing in New York City’s finance chief, David Frankel, to succeed the fired William Rapfogel as executive director and CEO.
The Met Council announced the appointment of Frankel, who has been the commissioner of the Department of Finance since 2009, on Monday. His department collects more than $30 billion in revenue for the city.
“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.
Frankel will officially join the Met Council on Sept. 30.
Rapfogel, who headed the organization since 1992, was dismissed earlier this month after an internal investigation discovered financial malfeasance related to the company’s insurance policies. He is under investigation by the New York State attorney general and comptroller.
Met Council is one of New York’s largest human services agencies, providing services to 100,000 New Yorkers annually.
“We are proud and delighted to welcome David to Met Council,” said Steven Price, president of the social services agency board. “His integrity, passion for public service and understanding of the importance of our work will be extremely valuable resources for Met Council and our employees, volunteers, donors and partners as we work together to address the problem of poverty in New York.”
Prior to the Department of Finance, Frankel was a managing director at Morgan Stanley from 2004 to 2009, and he was the head of global operations for the AIG Trading Group from 1992 to 2004.
He also served as deputy commissioner of New York City Housing and Preservation and as special counsel to the commissioner for the Department of Correction. From 1978 to 1988, he practiced law at two New York firms.
New York Mayor Michael Bloomberg said Frankel “commanded the respect of anyone who worked with him because of his commitment to fairness.”
“Over the past four years,” the mayor said, “he has been dedicated to leveling the playing field for all New Yorkers by going after individuals and businesses that don’t play by the rules and protecting the ones that do.”