Russell E. Leatherby was named president of...

Russell E. Leatherby was named president of UniCare Financial Corp. in Irvine, succeeding his father, Ralph W. Leatherby, in what they acknowledge is a first step in the eventual transition of leadership. The elder Leatherby, 63, who founded the worker-compensation firm in 1979, will continue as chairman and chief executive. The younger Leatherby, 35, who has been the firm’s secretary and general counsel, will relinquish those posts when he takes over as president Jan. 1. No one has been named to take over his duties, but current employees are being considered. Though the company’s stock is traded on the American Stock Exchange, Ralph Leatherby controls about 60% of the stock. Russell Leatherby has long been expected to take over for his father. Russell Leatherby of Laguna Hills is a graduate of the University of the Pacific and its McGeorge School of Law in Sacramento. He was in private practice before joining UniCare in 1980.