Ambac Financial Group Inc (AMBC)

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NEW YORK--(BUSINESS WIRE)--Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced the appointment of Gregory Raab as Chief Risk Officer (CRO). Mr. Raab assumes this responsibility from David Wallis, who was promoted to the role of President and Chief Executive Officer in October, 2008.

As CRO, Mr. Raab will be responsible for managing Ambac’s $430 billion of net insured par outstanding and will drive key decisions surrounding risk management and loss mitigation. Credit, Surveillance and Capital Planning and Risk Analysis will report to Mr. Raab. In addition, Mr. Raab will be a member of Ambac’s executive management team.

Ambac’s President and Chief Executive Officer, David Wallis, commented, “Greg's strategic, analytical and business experience will enhance our management team and overall organizational perspective. De-risking our portfolio is one of our key strategic initiatives. Greg’s leadership will support our aggressive remediation and commutation agenda while building a risk centric-culture that will harness the lessons learned from the current environment to rebuild and reinvent our business around our core strengths. I have every confidence that his guidance and oversight will contribute significantly to our future success.”

Mr. Raab brings more than 20 years experience in strategy development, risk management, securitization and structured finance. He comes to Ambac from GE where he established a Center of Excellence to source, analyze and acquire discounted ABS securities. Before joining GE, he was CEO and CRO of Axon Financial Services where he launched and managed a structured investment vehicle with $14 billion of assets. Prior to Axon, he served in a number of roles at Financial Guaranty Insurance Company in the structured finance, public finance and capital markets areas. Mr. Raab also served as Chief Risk Officer for GE's Structured Finance, Public Finance and Capital Markets Group. Earlier in his career, he worked at Fitch Ratings and was responsible for Taxable Fixed-Income and Asset and Mortgage-Backed securities.
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