Ambac Financial Group Inc., the rating-challenged bond insurer, said it has named David W. Wallis president and chief executive officer of Ambac and Ambac Assurance Corp. effective immediately.

Mr. Wallis succeeds Michael A. Callen, who was named Interim president and CEO in January. Mr. Callen will remain in his position as executive chairman of the New York-based operation.

A 12-year veteran of Ambac, Mr. Wallis previously held the title of chief risk officer.

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