Susan Comparato to serve as Acting Chief Executive Officer and President
HAMILTON, Bermuda, Aug. 11 /PRNewswire-FirstCall/ -- Syncora Holdings Ltd.
('Syncora' or the 'Company')(NYSE: SCA) announced today that Mr. Paul S.
Giordano, 45, will step down from his position as Chief Executive Officer and
President of the Company and resign his seat on the Company's Board of
Directors, effective August 15, 2008. The Company also announced that Susan
Comparato, 38, will serve as Acting Chief Executive Officer and President, in
addition to her existing responsibilities as General Counsel.
'On behalf of the Board of Directors, we'd like to thank Paul for his
service and dedication during his tenure as Chief Executive Officer. We
greatly appreciate his hard work over the past few months which resulted in
the successful completion of the first phase of Syncora's critical
restructuring initiatives. The entire Board joins me in wishing Paul every
success in his future endeavors,' commented Michael P. Esposito, Jr., Chairman
of the Board of Directors of Syncora Holdings Ltd.
'I wish to thank the Board of Directors and my colleagues at Syncora for
their extraordinary effort and commitment over the last few months. With the
successful completion of the first phase of the restructuring behind us, I
fully understand and agree with the Board's decision that now is the right
time for new leadership to take the company forward,' said Mr. Giordano. 'I
wish everyone at Syncora the best of success for the future.'
Commenting on Susan Comparato's appointment, Mr. Esposito said, 'Susan has
played an instrumental role in helping navigate the company during these
challenging times. Her leadership and insight have been critical in terms of
stabilizing the Company and working constructively with the regulators and
third parties to execute the first phase of the restructuring process. Susan
brings a deep knowledge of our industry, significant business acumen and,
importantly, a steady hand to help guide Syncora and its employees as we work
toward completing the next phase of the company's restructuring plan.'
Susan Comparato, Acting Chief Executive Officer and President said, 'I
look forward to working with the board and management team as we work towards
successfully executing the next phase of the company's restructuring efforts.'
As Syncora's General Counsel, Ms. Comparato has been responsible for
Syncora's interaction with all regulatory institutions with oversight of
Syncora as a publicly traded insurance holding company. She provided legal
counsel and guidance for Syncora's business initiatives and served as an
executive officer and a member of the Company's executive committee.
Prior to her appointment as General Counsel, Ms. Comparato had served as a
Managing Director and General Counsel of Syncora Guarantee Inc.
