Financial Guaranty Insurance Company said it expects to name John 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 New York-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 have made significant progress in FGIC's recovery and remediation efforts,” said Thomas C. Wajnert, chairman of the board in a statement. “On behalf of the board, I'd like to thank Frank who was a critical engineer of these endeavors.”
Mr. Dubel has been FGIC's chief risk officer since January of this year with responsibility for Credit Risk Management, the Special Exposure Group and Portfolio Risk Review.
From 2006 through 2007, Mr. Dubel was a managing director of Gradient Partners, L.P., a single strategy distressed hedge fund. Before joining Gradient, from 2002 to 2006, Mr. Dubel was a managing director with AlixPartners, LLC, a firm specializing in turnaround and crisis management.
While at AlixPartners, he served as CEO of Cable & Wireless America, president and chief operating officer at RCN Corporation, chief restructuring officer of Anchor Glass Container Corporation and Acterna Corporation, and CFO at WorldCom Inc.
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