Robert Mills, chief financial officer of Assured Guaranty, will become chief operating officer, effective June 1. He will fill the role that has been vacant since March 31, when Séan McCarthy resigned.
Mills has been CFO of the holding company for two bond insurers since he joined in 2004. Before joining Assured, Mills was CFO and COO of UBS Americas.
"Bob Mills has been with us since the initial public offering and was the leader of the FSA integration process, helping us to achieve our expense-reduction goals," said president and chief executive Dominic Frederico. Assured went public in 2004 and acquired bond insurer Financial Security Assurance on July 1, 2009. FSA was later renamed Assured Guaranty Municipal Corp. At the time of McCarthy's resignation in March, he said he was leaving "to pursue other opportunities." Since then, all operating units have reported directly to Frederico.
When Mills relinquishes his financial duties on June 1, they will be assumed by Robert Bailenson. Bailenson is currently chief accounting officer and will continue to hold the accounting responsibilities.
Bailenson, who has been with the company since 1990, has been the chief accounting officer since May 2005. Frederico said this should ensure that he "will assume his new duties seamlessly."
"Assured Guaranty is fortunate to have great breadth of senior management expertise, as these appointments demonstrate," Frederico added. Mills and Bailenson "have both made important contributions to our operating efficiency, financial management, and transparent reporting; I know they will continue to do so in their new roles."
Assured Guaranty is the public holding company for Assured Guaranty Corp. and Assured Guaranty Municipal Corp.