Ambac Financial Group Inc. chief operating officer Robert J. Genader will replace chiefexecutive officer Phillip B. Lassiter in the number one position early next year, thefirm announced last week.
| Lassiter |
After serving as CEO for nearly 13 years, Lassiter said he will retire, though he willcontinue to chair the board and to advise the incoming executive on new markets andbusiness opportunities."I thought it was right for me personally because I thought I'd like a slightly lessstructured lifestyle while staying active at Ambac and business in general," saidLassiter, 60.
"I also think it's the right time to prepare the next generation for leadership down theroad," Lassiter said. He added that now is a good time to step down, "particularly sinceour position in the marketplace has never been better."
Lassiter said Genader, an 18-year Ambac veteran, is well suited to the promotion. Forthe last eight years, Genader has been directly responsible for orchestrating andleading Ambac's expansion into the asset-backed, structured, and international markets.
"[Genader] at one time or another had responsibility for every function of the company,"said Lassiter, who will serve in an advisory position "to do everything I can to helpBob."
Lassiter joined Ambac as CEO in 1991, right before the firm went public. Prior to that,he worked for Citibank for 22 years and in 14 different positions, the last as deputysector head of the North American investment and corporate banking activities.
Ambac, New York-based parent company of bond insurer Ambac Assurance Corp., is triple-Arated by Moody's Investors Service, Standard & Poor's, and Fitch Ratings. Ambac is oneof the four most prominent bond guarantors.
This is Ambac's second leadership shift in recent months. In December, the firmannounced the departure of chief financial officer Frank J. Bivona. After having servedas CFO for 16 years, Bivona announced his intention to pursue a financial managementposition in the financial services industry, a position not available at Ambac.
Bivona was replaced by former managing director and corporate controller ThomasGandolfo. Gandolfo had worked closely with Bivona for eight years before accepting theCFO position. Howard Pfeffer, senior managing director, assumed Bivona'sresponsibilities of overseeing the firm's investment and swap activities, in addition tohis responsibilities in domestic public finance business.
