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Tuesday, November 24, 2009
Ambac CFO Resigns
FOXBusiness
Sean Leonard, CFO of bond insurer Ambac Financial Group (ABK) announced his resignation from the company on Tuesday “to pursue other interests.” Leonard has been with the company since 2005, and employees who worked under him will now report to CEO David Wallis until the position is filled.
The resignation is effective immediately, and comes on the heels of Ambac’s October announcement that it may file for bankruptcy protection. The company warned on November 9 that it could run out of money before the second quarter of 2011.
The New York-based company invested in risky mortgages during the housing bubble, and with credit markets tight, it could be difficult to access capital.
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