New York, N.Y., USA - December 26, 2014, New York, N.Y., USA - Ambac Financial Group, Inc. (AFG), a holding company whose subsidiaries, including Ambac Assurance Corporation (AAC), provide financial guarantees and other financial services, announced leadership changes.
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Diana N. Adams is resigning as president and CEO of AFG, effective as of the close of business on December 31, 2014.
Ms. Adams will also step down from the Board of Directors of each entity.
Ms. Adams has served as the President and Chief Executive Officer of Ambac and Ambac Assurance since July 7, 2011.
Prior to that, Ms. Adams was a Senior Managing Director and Ambac’s Chief Administrative Officer with executive responsibility for Human Resources, Technology and Administration.
Earlier, she had overseen Ambac’s origination efforts in the Emerging Markets and Structured Insurance, and in 2008 assumed responsibility for other areas including International and Structured Finance.
Ms. Adams joined Ambac in 2000 following the winding down of the international joint venture between the company and MBIA, which she had joined the prior year.
Earlier in her career, Ms. Adams was a Vice President at JP Morgan in the capital markets and structured products divisions, and prior to that she held roles at Mitsubishi Bank in acquisition finance, and at Merrill Lynch in investment banking.
Ms. Adams holds a JD from Harvard Law School and a BA in Economics from Johns Hopkins University.
Effective January 1, 2015 Board Co-Chair Nader Tavakoli was appointed interim President and Chief Executive Officer of AFG and Executive Chairman of AAC.
Mr. Tavakoli has been Co-Chair and a Director of AFG and AAC since May 1, 2013.
Mr. Tavakoli is Chairman and Chief Executive Officer of EagleRock Capital Management, a private investment partnership.
Among his other current professional activities, Mr. Tavakoli is also a Director and Litigation Trustee of MF Global Holdings, where he is pursuing claims against former management and others in connection with recovery of losses incurred at that company.
Prior to founding EagleRock in 2002, he managed substantial investment portfolios with Odyssey Partners and Highbridge Capital Management, both private investment partnerships.
During his nearly 25 year investment career, Mr. Tavakoli has made investments across numerous industries, including significant investments in financial services companies.
Mr. Tavakoli began his professional career as an attorney with the law firm of Milbank, Tweed, Hadley and McCloy, where he primarily represented institutional clients in banking, litigation and corporate restructuring matters.
Board Member Jeffrey S. Stein was appointed Chairman of the Board of AFG.
Mr. Stein has been a Director of AFG and AAC since May 1, 2013. Mr. Stein is Co-Founder and Managing Partner of Power Capital Partners LLC, a private equity firm founded in 2011. He currently serves as a director on the Boards of Dynegy Inc. and Granite Ridge Holdings, LLC.
Mr. Stein is an investment professional with more than 20 years of experience in the high yield, distressed debt and special situations asset class who has substantial experience investing in the financial services industry.
Previously Mr. Stein was Co-Founder and Principal of Durham Asset Management LLC, a global event-driven distressed debt and special situations asset management firm.
David Trick, Senior Managing Director, Chief Financial Officer and Treasurer of AFG and AAC, will assume the additional role of interim President and Chief Executive Officer of AAC.
Mr. Trick has served as Chief Financial Officer and a Senior Managing Director of AFG and AAC Assurance since January 2010.
Mr. Trick has executive responsibility for managing Ambac's financial affairs, including financial reporting, investment management, asset liability management, financial planning, tax strategy, capital resources, operations, capital markets, liquidity, and investor relations.
In addition, since May 2006, he has served as Treasurer of AFG and AAC. ■