Ambac installs new chief executive

Ambac Financial Group Inc. of New York has selected David W. Wallis as its new president and chief executive.
OCT 22, 2008
Ambac Financial Group Inc. of New York has selected David W. Wallis as its new president and chief executive. He is also now the president and CEO of Ambac Assurance Corp. Mr. Wallis replaces Michael A. Callen, interim president and CEO since January of this year. Mr. Callen will maintain his position as executive chairman of the board of directors. Previously, Mr. Wallis was the chief risk officer of Ambac, and he had oversight of the company’s credit risk management, capital and risk analysis, as well as its portfolio risk management.

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