Ambac Announces Management Changes
Cathleen J. Matanle, in mutual agreement with Ambac, will retire from her position as Senior Managing Director and Head of Portfolio and Credit Risk Management as of September 30, 2016. Upon Matanle’s retirement, David Barranco, currently Senior Managing Director and Head of Restructuring and Corporate Development, will assume additional responsibilities for the Portfolio and Credit Risk Management Group. Barranco will continue to report directly to Nader Tavakoli, President and Chief Executive Officer, according to a statement.
With this change, Ambac will complete the consolidation of its portfolio risk management function from three teams into one, combining portfolio surveillance, credit and, risk and loss mitigation for both the Ambac Segregated Account and Ambac Assurance.
Commenting on today’s announcement, Tavakoli said, “We are grateful for Cathy’s 15 years of dedicated service to Ambac. We deeply appreciate her many contributions to the company and wish her well in her future endeavors. We’d also like to congratulate Dave as he expands the scope of his responsibilities at Ambac.”
The company, which guarantees $2.5 billion in Puerto Rico debt, recently sued the commonwealth to paralyze the clawback of government money. It also sued the Puerto Rico Highway Authority to have the agency put in receivership.