The sub-prime crisis continues to exact a heavy toll on executive leadership. Early today bond issuer Ambac Financial’s Board of Directors announced that Robert J. Genader, the company's CEO, will retire effective today. In his place, the Board of Directors appointed Michael A. Callen as Chairman and Interim Chief Executive Officer. Mr. Callen has been Presiding Director and a member of the Audit and Risk Assessment; Compensation; and Governance committees of Ambac’s Board of Directors.
Expect more heads to roll as the crisis continues to exact its pound of flesh particularly from the financial related sectors.
Stay tuned.
For more:
MarketWatch (update 1/18)
Businessweek
Dealbreaker
Deal Journal
Financial Times
NASDAQ
CFO.com
Financial News
Portfolio.com
Bloomberg
DealBook
Bloggingstocks
Ambac Press Release
CNBC
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