Ambac Financial Group, Inc. Board of Directors Names David W. Wallis Chief Executive Officer
21 Ottobre 2008 - 3:56PM
Business Wire
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced
that David W. Wallis has been named President and Chief Executive
Officer of Ambac and Ambac Assurance Corporation (AAC), effective
immediately. Mr. Wallis succeeds Michael A. Callen, who was named
Interim President and Chief Executive Officer in January 2008. Mr.
Callen will remain in his position as Executive Chairman of the
Board of Directors. A 12-year veteran of Ambac, Mr. Wallis
previously held the title of Chief Risk Officer. As CEO, he has
also been appointed a Director of both Ambac and AAC. �After
conducting a comprehensive search, I am delighted that our Board
has selected David,� Mr. Callen said. �David is a strong leader who
has had the opportunity to review and manage Ambac�s insured
portfolio for the last three years. David�s credit and risk
management expertise and wide breadth of experience prior to his
taking on the role of Chief Risk Officer will serve the Company
well as we continue to navigate these uncertain markets.� �I am
honored to accept this position,� Mr. Wallis commented. �Ambac has
an incredible opportunity to meet the challenges posed by the
current business environment. My immediate focus is to restore
confidence in our balance sheet through aggressive risk reduction.
Our remediation efforts will allow us to maximize the value of our
portfolio. I fully expect to maintain our commitment to
transparency and disclosure.� Mr. Wallis continued, �However, my
ultimate goal is to bring this company back to its position of
leadership in the industry. I am confident in the experience and
dedication of my colleagues at Ambac and I look forward to working
closely with them to achieve our goals.� As Ambac�s Chief Risk
Officer, Mr. Wallis was responsible for Credit Risk Management,
Capital and Risk Analysis, and Portfolio Risk Management. From July
2005 to January 2008, Mr. Wallis served as a Senior Managing
Director and Head of Portfolio and Market Risk Management. 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. 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 Financial Group, Inc. 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 guarantor of public finance and structured finance
obligations, has earned a Aa3 rating (on review for downgrade) from
Moody's Investors Service, Inc. and a AA rating (negative outlook)
from Standard & Poor's Ratings Services. Ambac Financial Group,
Inc. common stock is listed on the New York Stock Exchange (ticker
symbol ABK). Forward-Looking Statements This release contains
statements that may constitute "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Any or all of management�s
forward-looking statements here or in other publications may turn
out to be wrong and are based on Ambac�s management current belief
or opinions. Ambac�s actual results may vary materially, and there
are no guarantees about the performance of Ambac�s securities.
Among events, risks, uncertainties or factors that could cause
actual results to differ materially are: (1)�changes in the
economic, credit, foreign currency or interest rate environment in
the United States and abroad; (2)�the level of activity within the
national and worldwide credit markets; (3)�competitive conditions,
pricing levels and reduction in demand for financial guarantee
products; (4)�legislative and regulatory developments; (5)�changes
in tax laws; (6) changes in our business plan, our decision to
discontinue writing new business in the financial services area, to
significantly reduce new underwriting of structured finance
business and to discontinue all new underwritings of structured
finance business for six months from March 6, 2008; (7)�the
policies and actions of the United States and other governments;
(8)�changes in capital requirements whether resulting from
downgrades in our insured portfolio or changes in rating agencies�
rating criteria or other reasons; (9)�changes in Ambac�s and/or
Ambac Assurance�s credit or financial strength ratings;
(10)�changes in accounting principles or practices relating to the
financial guarantee industry or that may impact Ambac�s reported
financial results; (11)�inadequacy of reserves established for
losses and loss expenses; (12)�default by one or more of Ambac
Assurance�s�portfolio investments, insured issuers, counterparties
or reinsurers; (13)�credit risk throughout our business, including
large single exposures to reinsurers; (14)�market spreads and
pricing on insured collateralized debt obligations (�CDOs�) and
other derivative products insured or issued by Ambac; (15)�credit
risk related to residential mortgage securities and CDOs; (16)�the
risk that holders of debt securities or counterparties on credit
default swaps or other similar agreements seek to declare events of
default or seek judicial relief or bring claims alleging violation
or breach of covenants by Ambac or one of its subsidiaries;
(17)�the risk that our underwriting and risk management policies
and practices do not anticipate certain risks and/or the magnitude
of potential for loss as a result of unforeseen risks; (18)�the
risk of volatility in income and earnings, including volatility due
to the application of fair value accounting, or FAS 133, to the
portion of our credit enhancement business which is executed in
credit derivative form; (19)�operational risks, including with
respect to internal processes, risk models, systems and employees;
(20)�the risk of decline in market position; (21)�the risk that
market risks impact assets in our investment portfolio; (22)�the
risk of credit and liquidity risk due to unscheduled and
unanticipated withdrawals on investment agreements; (23)�changes in
prepayment speeds on insured asset-backed securities; (24) factors
that may influence the amount of installment premiums paid to
Ambac; (25)�the risk that we may be required to raise additional
capital, which could have a dilutive effect on our outstanding
equity capital and/or future earnings; (26)�our ability or
inability to raise additional capital, including the risks that
regulatory or other approvals for any plan to raise capital are not
obtained, or that various conditions to such a plan, either imposed
by third parties or imposed by Ambac or its Board of Directors, are
not satisfied and thus potentially necessary capital raising
transactions do not occur, or the risk that for other reasons the
Company cannot accomplish any potentially necessary capital raising
transactions; (27)�the risk that Ambac�s holding company structure
and certain regulatory and other constraints, including adverse
business performance, affect Ambac�s ability to pay dividends and
make other payments; (28)�the risk of litigation and regulatory
inquiries or investigations, and the risk of adverse outcomes in
connection therewith, which could have a material adverse effect on
our business, operations, financial position, profitability or cash
flows; (29)�changes in expectations regarding future realization of
gross deferred tax assets; (30) risks relating to the re-launch of
Connie Lee; (31) other factors described in the Risk Factors
section in Part I, 1A of our Annual Report on Form 10-K for the
fiscal year ended December 31, 2007 and in Part II, Item 1A of our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2008,
and also disclosed from time to time by Ambac in its subsequent
reports on Form 10-Q and Form 8-K, which are or will be available
on the Ambac website at www.ambac.com and at the SEC�s website,
www.sec.gov; and (32)�other risks and uncertainties that have not
been identified at this time. Readers are cautioned that
forward-looking statements speak only as of the date they are made
and that Ambac does not undertake to update forward-looking
statements to reflect circumstances or events that arise after the
date the statements are made. You are therefore advised to consult
any further disclosures we make on related subjects in Ambac�s
reports to the SEC.
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