A California company that recently launched a service targeted at financial institutions has hired an experienced mergers and acquisitions consultant, while a mortgage bond insurer disclosed in public filings that a senior executive is out and two current executives were promoted.
In a Securities and Exchange Commission filing earlier this month, Ambac Financial Group Inc. agreed to a $212,000 severance package for Robert G. Shoback. He resigned as senior director on Dec. 31, 2009.
Shoback will also receive up to $25,000 for legal expenses and outplacement services. He will remain available as a consultant for 12 months.
A Jan. 7 SEC filing indicated Ambac said its managing director and controller, Robert Eisman, was appointed senior managing director and chief accounting officer as of Jan. 6. Eisman will earn $500,000 annually.
David Trick will also earn $500,000 in his new gig as Ambac's chief financial officer, treasurer and senior managing director. Trick, who was already managing director and treasurer, started in the new position on Jan. 6. Before starting at Ambac in 2005, Trick spent eight years as an executive at The Bank of New York Mellon.
New York-based Ambac says subsidiary Ambac Assurance Corp. is a guarantor of public finance and structured finance obligations.
John F. Woodhead recently became a senior management consultant at Los Angeles-based Applied Facts, which just launched a regulation compliance and risk mitigation service for financial institutions, a news release last week indicated.
Woodhead has more than 35 years' experience with mergers, acquisitions and integrations of financial institutions.