Ambac Financial Group announced that David Wallis will take on the newly created role as chief risk officer. In this new position, Wallis will be responsible for capital and risk analysis, portfolio risk management and credit risk management. Previously, Wallis oversaw portfolio and credit risk management. Reporting to Wallis will be Bob Selvaggio, who will head capital and risk analysis and Cathy Matanle, who will head portfolio risk management. The credit risk management group will retain two distinct and separate focuses on public and structured finance, respectively. U.S. public finance credit risk management will be headed up by Peter Cain while Bob Bose and Rick Persaud will co-head structured and international finance. All three will report to Wallis. William McKinnon, the previous head of credit risk management has retired, Ambac said. Also leaving the firm is Peter Poillon, who is leaving to pursue other opportunities, according to Ambac. Vandana Sharma will take on Poillon's role of head of investor relations. Sharma joined Ambac in 2007 from Barclays where she was responsible for allocating counterparty limits and approving counterparty exposures for all monolines. Paul Burke will continue to oversee fixed-income investor relations.

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