Ambac Announces Reorganization of Credit Risk Function
15 Février 2008 - 6:20PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced the
appointment of David W. Wallis as Chief Risk Officer. In this newly
created role, David will be responsible for three principal areas:
Capital and Risk Analysis, Portfolio Risk Management and Credit
Risk Management. While David previously had responsibility for
Portfolio Risk Management, the addition of Credit Risk Management
and a greater focus on capital will greatly enhance Ambac�s ability
to strengthen its underwriting process while retaining its focus on
risk-return driven capital management. Bob D. Selvaggio will head
Capital and Risk Analysis, while Cathy J. Matanle will head
Portfolio Risk Management, both reporting to Mr. Wallis. The Credit
Risk Management group will retain distinct Public and Structured
Finance reporting lines such that each will maintain their distinct
credit-driven focus. U.S. Public Finance Credit Risk Management
will be lead by Peter J. Cain; Bob R. Bose and Rick Persaud will
co-head Structured and International Finance. All three individuals
will report directly to Mr. Wallis. After many years of excellent
service, William T. McKinnon, who previously headed Credit Risk
Management, has retired from the Firm. Michael A. Callen, Chairman
and Chief Executive Officer, commented, �I am pleased that David
agreed to accept this challenge. I view this as an opportunity to
adjust our organizational structure to meet the changing dynamics
in the credit landscape. On behalf of the Board and senior
management team of Ambac, I would like to thank Bill for his many
years of excellent service to the Company. We wish him well in his
retirement.� Mr. Wallis joined Ambac in 1996 in Ambac�s London
office where he helped develop and lead Ambac�s European Structured
Finance and Securitization business. In 2003, he transferred to
Ambac�s New York headquarters where he was a member of the Credit
Risk Management team. He was promoted to Senior Managing Director
and Head of Portfolio and Market Risk Management in 2005. Prior to
joining Ambac in 1996, he was an investment banker at NatWest in
the Debt Structuring Group, having previously held positions in
Japan and in Strategic Planning. Mr. Wallis holds an Economics
degree from Downing College, Cambridge and an MBA from the City
University Business School in London. Ambac also announces the
appointment of a new head of Investor Relations. Vandana Sharma
will take over responsibilities from Peter R. Poillon, who is
leaving Ambac to pursue other opportunities. Ms. Sharma joined
Ambac�s Structured Credit Group in 2007. She came to Ambac from
Barclays where she was responsible for allocating counterparty
limits and approving counterparty exposures for all monolines.
Prior to Barclays, Ms. Sharma worked at S&P in both the
Insurance and CDO Groups. At S&P, Vandana was responsible for
analyzing the CDO exposures for the monolines. Paul Burke will
continue handle Fixed Income Investor Relations. 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 from Moody�s
Investors Service, Inc. and Standard & Poor�s Ratings Services;
and a double-A rating from Fitch, Inc. Moody�s has placed Ambac�s
triple-A rating on review for possible downgrade. Standard &
Poor�s has placed Ambac�s triple-A rating on �credit watch
negative.� Fitch has placed Ambac's double-A rating on �rating
watch negative.� Ambac Financial Group, Inc. common stock is listed
on the New York Stock Exchange (ticker symbol ABK).
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