ACA Financial Guaranty Corp. has reportedly dethroned its chairman, former Fitch Chief Executive Officer H. Russell Fraser, and may greatly revamp its workforce in the next few months, sources familiar with the company said.
It is unclear what the future holds for Fraser, who helped found the financial guarantor in 1997. Sources said that last week a group of top officials at ACA, including its general counsel, led the charge to remove Fraser after a year in which the guarantor nearly was downgraded to junk status. Yet no one knew for certain at press time whether Fraser would leave the company or would move to another role within ACA. ACA did not returns calls for comment.