Ambac Financial Appoints Claude LeBlanc As President And CEO

(RTTNews) - Ambac Financial Group Inc. (AMBC) said that it has appointed Claude LeBlanc as President and Chief Executive Officer, effective as of January 1, 2017.

LeBlanc, a seasoned financial services executive with more than 25 years of experience in structured finance, debt and equity capital markets, business restructuring and capital management, will also join the Ambac Board of Directors. He succeeds Nader Tavakoli, who has resigned from his roles as President and CEO and as a Director of Ambac, effective immediately, to pursue other opportunities.

The company has entered into a separation agreement with Mr. Tavakoli, pursuant to which the term of his employment will end on December 31, 2016.

Jeffrey Stein, Chairman of the Ambac Board, will oversee the business and affairs of the Company, at the direction of the Board, through the end of 2016.