Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) announced today
that Paul DeRosa, a principal of Mt. Lucas Management Corporation, a
hedge fund management firm located in Princeton, New Jersey, has joined
its Board of Directors effective July 7, 2008. The addition of Mr.
DeRosa to the Ambac Board increases its membership to seven. Of the
seven, other than the Chief Executive Officer, all are non-employee
directors.
Commenting on the appointment, Ambac President and Chief Executive
Officer, Michael Callen, stated, “The addition
of Mr. DeRosa to our Board further enhances its depth and expertise. His
skills will be particularly valuable to Ambac at this time. I’ve
known Paul for over 30 years and I look forward to working with him on
the challenges facing Ambac.”
During the past 30 years, Mr. DeRosa has served in a variety of
positions, starting as a research economist at the Federal Reserve Bank
of New York. In 1975, he joined Citibank NA., where he was responsible
for developing Citibank’s business in
financial derivatives in the early 1980’s and
was also the head of the bank’s proprietary
bond trading. In addition to his line responsibilities, Mr. DeRosa
authored Citibank’s interest rate risk
management system, which subsequently became the model for the system
adopted by the BIS. Mr. DeRosa then co-founded Eastbridge Capital Inc.,
a bond trading company and primary dealer in United Treasury bonds,
becoming CEO of the holding company in 1995. He joined Mt. Lucas in 1998.
Mr. DeRosa holds a PhD from Columbia University and is the author of
several books and articles on subjects in economics.
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 from Moody's Investors
Service, Inc. and a AA rating from Standard & Poor's Ratings Services;
Moody’s rating is on negative outlook while
Standard & Poor's maintains a credit watch negative. Ambac Financial
Group, Inc. common stock is listed on the New York Stock Exchange
(ticker symbol ABK).
Ambac Financial Group, Inc.
Investors / Media:
Vandana Sharma,
212-208-3333
vsharma@ambac.com
or
Fixed
Income:
Peter Poillon, 212-208-3222
ppoillon@ambac.com
