Poizner to eye Insurance Commissioner, not PUC

San Jose businessman Steve Poizner is poised for a run at statewid office and will pass on an appointment to the California Public Utilities Commission:

Silicon Valley entrepreneur Steve Poizner said Wednesday he will run for California insurance commissioner next year and forgo his pending appointment to the state Public Utilities Commission due to conflicts of interest.

Poizner, 48, was selected in December by Gov. Arnold Schwarzenegger for a coveted appointment to the PUC. But Poizner's private investments containing telecommunications stocks raised concerns among consumer groups.

The PUC has been operating short-handed with four members while Poizner attempted to eliminate his financial conflicts of interest. The Governor's Office is considering potential replacements.

Before his PUC consideration, Poizner was best known in political circles for having spent $6.2 million of his own money last year in a losing Assembly race as the Republican candidate in a Democratic Bay Area district.