Michael Callen, executive chairman of bankrupt bond insurance holding company Ambac Financial Group, announced his resignation Friday afternoon.

Callen, who became a director on the board of governors in 2001, notified Ambac that he would resign as of Jan. 31. He will become a non-executive chairman of the board on Feb. 1, according to a company filing with the Securities and Exchange Commission.

Callen’s new position will earn him an annual retainer fee of $150,000, in addition to the annual board retainer fee of $90,000 and director meeting fees.

Callen previously served as interim president and chief executive of Ambac from January through October 2008. He took the roles after the resignation of Robert Genader, which followed disagreements with the board about a capital-raising plan.

David Wallis has served as president and chief executive officer since October 2008.

Ambac Financial filed for bankruptcy under Chapter 11 in November 2010. Its primary operating unit, muni bond insurer Ambac Assurance Corp., ran into serious trouble in late 2007 because of decaying credit quality in its structured finance policies, which included contracts guaranteeing to cover losses on mortgage bonds and credit default swaps.

Callen did not receive a bonus for 2010. None of the company’s executive officers received an increase in his or her base salary for 2011, according to the filing.

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