Financial Guaranty Insurance Company said it expects to nameJohn S. Dubel as its new chief executive officer replacing Frank J.Bivona, whose contract expires at the end of the year.

The appointment is to be final at the next meeting of the NewYork-based guaranty insurer's board of directors.

Mr. Bivona has been CEO since December 2003.

“Over the past several months FGIC and its leadership team havemade significant progress in FGIC's recovery and remediationefforts,” said Thomas C. Wajnert, chairman of the board in astatement. “On behalf of the board, I'd like to thank Frank who wasa critical engineer of these endeavors.”

Mr. Dubel has been FGIC's chief risk officer since January ofthis year with responsibility for Credit Risk Management, theSpecial Exposure Group and Portfolio Risk Review.

From 2006 through 2007, Mr. Dubel was a managing director ofGradient Partners, L.P., a single strategy distressed hedge fund.Before joining Gradient, from 2002 to 2006, Mr. Dubel was amanaging director with AlixPartners, LLC, a firm specializing inturnaround and crisis management.

While at AlixPartners, he served as CEO of Cable & WirelessAmerica, president and chief operating officer at RCN Corporation,chief restructuring officer of Anchor Glass Container Corporationand Acterna Corporation, and CFO at WorldCom Inc.