Default image not being resized

I'm trying to show all the users on a page using Views with taxonomy and relationship to users, using user profile picture and resize it to thumbnail size using Imagecache Profiles.

It works fine when user uploads their own picture, but does not resize default image set by admin.

I'm not sure if this module has anything to with this, but tried to resize the default image
through admin/config/people/accounts - picture display style but it does not change the size of default image at all (when I change setting on this, it affects other user uploaded pictures).

Please let me know if you need more details.