Ambac Financial names Paul DeRosa to board of directors

Ambac Financial Group has appointed Paul DeRosa, a principal of Mt Lucas Management Corporation, to its board of directors, effective July 7, 2008.

The addition of Mr DeRosa to the Ambac board increases its membership to seven. Of the seven, other than the CEO, all are non-employee directors.

During the past 30 years, Mr DeRosa has served in a variety of positions, starting as a research economist at the Federal Reserve Bank of New York. He joined Mt Lucas in 1998. He holds a PhD from Columbia University.

Michael Callen, president and CEO of Ambac, said: The addition of Mr DeRosa to our board further enhances its depth and expertise. His skills will be particularly valuable to Ambac at this time. I’ve known Paul for over 30 years and I look forward to working with him on the challenges facing Ambac.