National Public Finance Guarantee, an indirect subsidiary of MBIA, has appointed William Fallon, currently president and COO of MBIA, as the interim CEO. He will succeed Thomas McLoughlin, who will resign on July 23, 2010.
Prior to his position as president and COO of MBIA, Mr Fallon was head of MBIA Insurance’s global structured finance division. He joined MBIA in 2005 as a managing director and head of corporate and strategic planning. Prior to that, he was a partner in the Financial Institutions Group at McKinsey & Company.
Mr McLoughlin was named CEO of National Public Finance Guarantee Corporation upon its formation in February 2009. From 2005 to 2008, he was head of MBIA’s global public finance division. Previously, he was head of global transportation and infrastructure at MBIA.
From 1997 to 2004 Mr McLoughlin was head of MBIA’s western region based out of the company’s San Francisco office. Prior to joining MBIA in 1994, he served as a vice president with the government finance group of Legg Mason and as an assistant director of the Government Finance Officers Association.
Mr Fallon said: “Tom McLoughlin’s many contributions to the success of our business over the past 16 years cannot be overstated. He was instrumental in building National’s high quality insured portfolio and positioning the company as the world’s largest US public finance-only guarantor. We wish him continued success in the future.”