NU Online News Service, May 11, 1:24 p.m. EDT
Armonk, N.Y.-based financial guarantee insurer MBIA Inc. said it has separated the positions of chairman and chief executive officer to "maintain the highest standards of corporate governance."
The company said that at the recommendation of CEO Jay Brown, MBIA named Daniel P. Kearney as non-executive chairman. Mr. Brown will continue as CEO and will remain a director.
Mr. Kearney has served as a director of the company since 1992 and as lead director since May 2008, MBIA said. He is currently a financial consultant and retired as executive vice president of Aetna Inc. in 1998.
Prior to joining Aetna in 1991, he served as president and CEO of the Resolution Trust Corp. Oversight Board from 1989 to 1991.
From 1988 to 1989, Mr. Kearney was a principal at Aldrich, Eastman & Waltch Inc., a pension fund adviser. Prior to that, Mr. Kearney was a managing director at Salomon Brothers Inc., in charge of the mortgage finance and real estate finance departments from 1977 to 1988.
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