MBIA Inc. announced several management shifts in the wake of the resignation of its president and assumption of duties by its chief executive officer.
The Armonk, N.Y.-based bond insurer said Neil Budnick, president, has left the company to pursue other interests. Gary C. Dunton, chief executive officer, will assume his responsibilities.
Mark Zucker, managing director and head of global structured finance, also will be leaving the company to pursue other interests. William Fallon, managing director and head of corporate strategy, has been named as his replacement.
Messrs. Budnick and Zucker will leave MBIA by April 30, the company said.
In a statement, Mr. Dunton had warm praise for the executives and expressed confidence in Mr. Fallon's assumption of the role.
Prior to joining MBIA in 2005, Mr. Fallon was a partner with the insurance group at McKinsey & Company and was co-leader of the firm's corporate finance and strategy practice. While there, he served as a key member of the North American wholesale financial institutions and risk management practices.
MBIA also announced that Willard Hill, managing director and chief compliance officer, was named chief marketing and communications officer. He will assume responsibility for investor relations, corporate marketing and communications, government relations, and the MBIA Foundation.
Charlie Williams, managing director and head of investor relations, will retire on March 31 after 15 years with the company. Greg Diamond, a director and head of equity investor relations, will manage both equity and fixed-income investor relations.
Dan McManus, a director in the legal division supporting the public finance division, was named chief compliance officer and will take over the compliance function from Mr. Hill in addition to continuing to support public finance.
Messrs. Fallon, Hill, Diamond and McManus will assume their new positions effective March 1.
Last month, MBIA entered into a $75 million settlement agreement with the Securities and Exchange Commission, New York State attorney general and the Department of Insurance over allegations it covered up $170 million in losses through a fraudulent insurance scheme.
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