AMBAC FINANCIAL GROUP, INC.'S PHILLIP B. LASSITER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, ANNOUNCES INTENTION TO RETIRE EARLY NEXT YEAR
NEW YORK, May 6, 2003--Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced that Phillip B. Lassiter, Chairman and Chief Executive Officer, has advised the Board of Directors of his intention to retire early next year. At the January 2004 Board of Directors meeting, the Board anticipates naming 18-year Ambac veteran Robert J. Genader, currently President and Chief Operating Officer, as successor Chief Executive Officer. Upon Mr. Lassiter's relinquishing of the CEO title next year, the Board has requested, and he has agreed to continue on as Chairman of the Board and as an active advisor on new markets and business opportunities for Ambac.
Mr. Lassiter commented, "I will have served almost 13 years as CEO and have witnessed as well as participated in remarkable change and growth at Ambac and within our industry. As I turn sixty, I feel it is the right time for me personally to turn over the helm to my long-serving senior partner, Robert Genader. As most know, for the last eight years, Bob has been directly responsible for orchestrating and leading Ambac's expansion into the asset-backed, structured and international markets. The results of this effort have been hugely successful by any standard and future prospects for these and all of our business segments are equally exciting. Importantly, this change will provide additional opportunities to further broaden and develop Ambac's future generation of senior leadership. We are fortunate to have superb bench strength upon which to draw."
Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac's principal operating subsidiary, Ambac Assurance Corporation, is a leading guarantor of municipal and structured finance obligations. It has earned triple-A ratings, the highest ratings available, from Moody's Investors Service, Inc., Standard & Poor's Ratings Services, Fitch, Inc. and Rating and Investment Information, Inc. Ambac Financial Group, Inc. common stock is listed on the New York Stock Exchange (ticker symbol ABK).