CIFG Holding, the holding company for CIFGs financial guaranty subsidiaries, said that John Pizzarellis employment as chief executive officer is ending upon the successful completion of a settlement reached between CIFG and its derivatives counterparties and insured bondholders on the companys troubled structured finance portfolio.
The company intends to name Lawrence English as Pizzarelli's replacement.
I want to applaud John for his efforts, said Allan Chapin, board member of CIFG Holding. He inherited an enormously complex and difficult situation and oversaw the negotiations which have resulted in a global agreement which is the best possible outcome for all parties concerned.
The agreement successfully commutes roughly $12 billion in notional ABS CDS and CRE CDO exposures and left CIFG with a significantly improved capital position and claims paying ability.
I want to thank our shareholders and my colleagues for all of their hard work through this difficult period, said Pizzarelli. Because of their perseverance, we were able to reach a final agreement, protecting CIFGs remaining policyholders, especially in public finance.
English is CEO of Lawrence P. English, a renewal and turnaround management firm. He served as Chairman and CEO of QuadraMed Corp. from 2000 to 2006, leading a turnaround
of that troubled company.
Before specializing in turnarounds, English served for many years at CIGNA where he seved as president of CIGNA HealthCare.
Pizzarelli came to CIFG from Lehman Brothers. Prior to that, he spent 20 years at MBIA where he was head of global public finance.
Pizzarelli became CEO of CIFG in December 2007 after Jacques Rolfo's resignation. Rolfo was CEO from 2000 to 2007.