Security Capital Assurance Ltd Announces the Appointment of Fred Corrado and Paul E. Hellmers to its Board of Directors; Annual Shareholder Meeting to be Held May 20, 2008
Thursday April 10, 9:00 am ET
HAMILTON, Bermuda, April 10 /PRNewswire-FirstCall/ -- Security Capital Assurance Ltd (NYSE: SCA - News; "SCA" or the "Company") announced today that it has appointed Fred Corrado and Paul E. Hellmers to SCA's board of directors. Following these two appointments, SCA's board will have nine members.
"We are pleased to welcome Fred and Paul as new members of the board. Their collective expertise in finance and risk management will be a strong addition to the Company's board and we look forward to the counsel and experience that they will bring to SCA," said SCA's chairman, Michael P. Esposito, Jr.
Fred Corrado is being nominated as a Class II Director to fill the vacancy created by the resignation of Brian M. O'Hara from the Company's board on November 26, 2007. Paul E. Hellmers is being nominated as a Class I Director to fill the vacancy created by the resignation of Alan Z. Senter from the Company's board on December 27, 2007.
Mr. Corrado has over 40 years experience in finance, general management and corporate governance. Mr. Hellmers has over 25 years of diverse investment banking, real estate, insurance and general management experience.
Mr. Corrado served as chief financial officer and vice chairman of the board of directors for Great Atlantic & Pacific Tea Co., Inc. ("A&P") from his appointment in 1992 to his retirement in 2002. Mr. Corrado joined A&P in 1987. Prior to that, Mr. Corrado served as president and chief operating officer of Nabisco Brands Ltd ("Nabisco") from 1984 to 1986 and was a member of its board of directors. Mr. Corrado joined Nabisco in 1973.
Mr. Corrado currently serves as director and audit committee chair of Novell, Inc. (since November 2002). He also is a member of the Approva Corporation advisory board of directors (since 2005); a director of the New Jersey Performing Arts Center (since 1999); and is a business strategy, acquisitions and integration consultant (since 2002). From 1998 to 2006, he served as director, member of the executive committee and chair of the finance committee of Covenant House. Mr. Corrado is a certified public accountant in New York State; a member of AICPA and NYSSCPA; a member of FEI and former chairman of their CFO Financial Advisory Council. Mr. Corrado graduated with a B.B.A. from Manhattan College and is a graduate of Harvard Graduate School of Business' Advanced Management Program.
Mr. Hellmers served as president and chief executive officer of Centre Solutions (Bermuda) Ltd from 1998 to 2002. From 1995 to 1998, he served as managing director and co-founder of Zurich Structured Finance. Prior to that, Mr. Hellmers served as a principal for Morgan Stanley & Co., Inc. in the Fixed Income Division, Structured Finance and Real Estate Debt Capital Markets Group and in the Investment Banking Division, Capital Markets Group, where he was a founding member of the Interest Rate and Currency Swap Group.
Since 2004, Mr. Hellmers has served as the co-chairman of the board of directors and Executive Director of Phoenix Four, Inc. He graduated summa cum laude from the University of California at Los Angeles with a B.A. and received his M.B.A. from Stanford University.
The Company also announced that its annual general meeting of shareholders will be held at the offices of Security Capital Assurance Ltd, A.S. Cooper Building, 26 Reid Street, Hamilton, HM 11, Bermuda on Tuesday, May 20, 2008 at 8:30 a.m. local time.
surf's up......crikey
