Ambac Financial Group, Inc. Announces Corporate Reorganization
11 Avril 2005 - 4:39PM
PR Newswire (US)
Ambac Financial Group, Inc. Announces Corporate Reorganization NEW
YORK, April 11 /PRNewswire-FirstCall/ -- Ambac Financial Group,
Inc. (NYSE:ABK) today announced that John Uhlein, Executive Vice
President, will assume responsibility for commercial asset-backed
securities and Emerging Markets, in addition to his current
responsibilities which include consumer asset-backed securities,
structured insurance and conduits. Douglas Renfield- Miller, Senior
Managing Director, will assume responsibility for Ambac's European
operations in addition to his current responsibility for the
Australia/Asia-Pacific business. Robert J. Genader, President and
Chief Executive Officer, commented, "John has built a strong
franchise in Europe -- one that is well known for market innovation
and efficient execution. I am extremely pleased with the success of
the team to date. I've asked John to come back full time to New
York to help continue the expansion of our domestic structured
finance businesses." Mr. Genader continued, "Doug has done a
wonderful job of developing our Australia, Asia and Japan
franchises as well as niche structured finance markets domestically
and I am optimistic that his formidable experience and knowledge of
the global structured markets will enhance our success
internationally. These moves, I believe, will broaden the depth of
the senior management team and continue to strengthen the Ambac
franchise." In a separate release today, Ambac announced that it
had hired Sean T. Leonard, Partner at PricewaterhouseCoopers LLP,
as Senior Vice President and Chief Financial Officer. Thomas J.
Gandolfo, current Senior Vice President and Chief Financial
Officer, will take over responsibility for Ambac's investment and
other capital market activities. Ambac Financial Group, Inc.,
headquartered in New York City, is a holding company whose
affiliates provide financial guarantees and financial services to
clients in both the public and private sectors around the world.
Ambac's principal operating subsidiary, Ambac Assurance
Corporation, a leading guarantor of public finance and structured
finance obligations, has earned triple-A ratings, the highest
ratings available from Moody's Investors Service, Inc., Standard
& Poor's Ratings Services, Fitch, Inc. and Rating and
Investment Information, Inc. Ambac Financial Group, Inc. common
stock is listed on the New York Stock Exchange (ticker symbol ABK).
DATASOURCE: Ambac Financial Group, Inc. CONTACT: Investors and
Media - Peter R. Poillon of Ambac Financial Group, Inc.,
+1-212-208-3333, Web site: http://www.ambac.com/
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