Ambac Financial Group Inc. last week named Gregory Raab chief risk officer, which puts him in charge of managing the company's $430 billion in net par outstanding.

Coming to Ambac from General Electric Co., Raab takes over the CRO position from David Wallis, who last October became president and chief executive officer of the company. He will be a member of the executive management team and oversee Ambac's credit, surveillance, and capital planning and risk analysis departments.

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