Ambac Financial Group has appointed Diana Adams as its new president and CEO, replacing David Wallis who will retire July 6. Adams will also assume Wallis's responsibilities as director of bond insurer Ambac Assurance Corp.
Kevin Doyle, general counsel, is also retiring July 29, and will be replaced by Stephen Ksenak.
"Since joining Ambac in 1996 David Wallis has provided invaluable service to the company," said Michael Callen, chairman of Ambac Financial's board. "In October 2008, amid a period of unprecedented turmoil in the financial markets, David was appointed President and Chief Executive Officer of Ambac, and has led the company admirably during extremely trying times."
Wallis will remain a director of Ambac Financial, which filed Chapter 11 bankruptcy in November of 2010. Adams, currently chief administrative officer, will assume her new duties July 7. Adams will also be a director of both Ambac Financial and Ambac Assurance.
"Diana Adams has been a highly regarded leader within Ambac for more than 10 years," Callen said. "Her demonstrable skills and depth of experience in many facets of our business make Diana a worthy successor to David Wallis."
Prior to assuming her responsibilities as administrative chief, Adams oversaw Ambac's efforts in the emerging markets and structured insurance space, and in 2008 assumed responsibilities in international and structured finance. Adams joined Ambac in 2000.
"I look forward to leading the company through its next phase, as Ambac Financial prepares to emerge from bankruptcy," Adams said in a statement. "David Wallis and I will continue to work closely together to orchestrate a smooth transition. Working with Ambac's employees and regulators, I am confident that we can succeed in implementing strategies that add value to our constituents."
She added that Ambac has the "capacity to make an enormous difference in outcome if we execute the current strategies and carefully develop new ones in response to changing conditions in the coming years."
Kevin Doyle has also resigned as general counsel, effective July 29. He will be replaced by Ksenak on July 30.
"Kevin Doyle joined Ambac 20 years ago and has been a highly valued general counsel and member of our management team for more than a decade," Chairman Callen said. "His tireless efforts and judicious counsel have been instrumental in guiding the company through very challenging times." Ksenak has been with the company since 2002.
"Until their departures, Messrs. Wallis and Doyle will continue to work to develop and file a plan of reorganization for Ambac Financial before the expiration of its current exclusivity period on July 6, 2011." Callen said.
A spokesman for Ambac did not return calls seeking comment.