Ambac Financial CEO Diana Adams Resigns

(RTTNews) - Bond insurer Ambac Financial Group, Inc. (AMBC) said Tuesday that Diana Adams is resigning as President and Chief Executive Officer of the company and its subsidiary Ambac Assurance Corp. by mutual agreement with the Board of Directors effective as of the close of business on December 31.

Ms. Adams will also step down from the Board of Directors of each entity.

Effective January 1, 2015 Board Co-Chair Nader Tavakoli has been appointed interim President and Chief Executive Officer of Ambac Financial and Executive Chairman of Ambac Assurance.

Board Member Jeffrey Stein has been appointed Chairman of the Board of Ambac Financial. David Trick, Senior Managing Director, Chief Financial Officer and Treasurer of Ambac Financial and Ambac Assurance, will assume the additional role of interim President and Chief Executive Officer of Ambac Assurance.

The company said its Board has set up a search committee and will commence a search for a permanent CEO. The company's board also plans to add one independent director and will commence a search for a candidate in early 2015, led by the Governance and Nominating Committee.