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Ambac Financial Group Names David W. Wallis CEO

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Staff writer | New York, USA | October 21, 2008
Ambac Financial GroupOctober 21, 2008, New York, USA - Ambac Financial Group, Inc. announced that David W. Wallis has been named President and Chief Executive Officer of Ambac and Ambac Assurance Corporation (AAC), effective immediately.
Mr. Wallis holds an Economics degree from Downing College, Cambridge and an MBA from the City University Business School in London. A 12-year veteran of Ambac, Mr. Wallis previously held the title of Chief Risk Officer. As CEO, he has also been appointed a Director of both Ambac and AAC. As Ambac’s Chief Risk Officer, Mr. Wallis was responsible for Credit Risk Management, Capital and Risk Analysis, and Portfolio Risk Management. From July 2005 to January 2008, Mr. Wallis served as a Senior Managing Director and Head of Portfolio and Market Risk Management. Mr. Wallis joined Ambac in 1996 in Ambac’s London office where he helped develop and lead Ambac’s European Structured Finance and Securitization business. In 2003, he transferred to Ambac’s New York headquarters where he was a member of the Credit Risk Management team. Prior to joining Ambac in 1996, he was an investment banker at NatWest in the Debt Structuring Group, having previously held positions in Japan and in Strategic Planning.

Mr. Wallis succeeds Michael A. Callen, who was named Interim President and Chief Executive Officer in January 2008. Mr. Callen will remain in his position as Executive Chairman of the Board of Directors.