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Politics

Calls for State Treasurer Janet Cowell's Resignation Grow

Janet Cowell
nctreasurer.com
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The State Employees Association of North Carolina, or SEANC, wants Democrat Janet Cowell to resign --- either from her elected job as treasurer, or her newer, appointed positions to two corporate boards.

The group is the latest to join the chorus of criticism directed at Cowell.

In a statement, the president of SEANC said Cowell can serve the voters or earn million in the priviate sector, but cannot do both.

In addition to her $125,000 annual salary, Cowell has recently accepted two positions to corporate boards.

In February, Cowell was named to the board of Channel Advisor, an e-commerce technology company based in Morrisville. She’ll receive a $50,000 retainer and $150,000 in restricted stock for her work on the board of Channel Advisor.

She's also recently joined the board for James River Group Holdings, a specialty insurance agency based in Bermuda and will also receive $75,000 from the private insurance company.

SEANC has joined industry experts and former Democratic state treasurer Richard Moore in calling her hybrid employment unethical and unacceptable.

Cowell received approval from the State Ethics Commission to serve on the boards. However, critics say accepting such a position is unheard of while still in office.

Cowell is the sole fiduciary of the state’s $87 billion pension fund, the 12th largest pension fund in the country. She isn't seeking a third term as state treasurer.
 

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