Moffett Resigns Post on MBIA's Board of Directors

David Moffett earlier this week resigned from his position on MBIA Inc.'s board of directors following the announcement that he will lead Freddie Mac as its chief executive officer.

He joined the board in May 2007 after retiring from his position as vice chairman and chief financial officer of U.S. Bancorp that February. He served as chairman of MBIA's audit committee and also as a member of its credit risk committee.

"Freddie Mac has an outstanding person to lead them forward," said Jay Brown, MBIA chairman and CEO, said in a statement. "David's wealth of experience in finance and accounting has been invaluable to MBIA, particularly as we evaluated and increased our capital position and began the transformation of the business for the future. We wish him much success in his new role in bringing stability to the mortgage and housing markets."

"We are grateful to David for his leadership of the audit committee, as well as the expertise and commitment he brought with him," Dan Kearney, lead director of MBIA's board, said in a statement. "Clearly he is superbly qualified for this important position and we will miss him as a board member."

 

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