Syncora Holdings Ltd. Announces Paul S. Giordano to Step Down as Chief Executive Officer
August 11 2008 - 4:45PM
PR Newswire (US)
Susan Comparato to serve as Acting Chief Executive Officer and
President HAMILTON, Bermuda, Aug. 11 /PRNewswire-FirstCall/ --
Syncora Holdings Ltd. ("Syncora" or the "Company")(NYSE:SCA)
announced today that Mr. Paul S. Giordano, 45, will step down from
his position as Chief Executive Officer and President of the
Company and resign his seat on the Company's Board of Directors,
effective August 15, 2008. The Company also announced that Susan
Comparato, 38, will serve as Acting Chief Executive Officer and
President, in addition to her existing responsibilities as General
Counsel. "On behalf of the Board of Directors, we'd like to thank
Paul for his service and dedication during his tenure as Chief
Executive Officer. We greatly appreciate his hard work over the
past few months which resulted in the successful completion of the
first phase of Syncora's critical restructuring initiatives. The
entire Board joins me in wishing Paul every success in his future
endeavors," commented Michael P. Esposito, Jr., Chairman of the
Board of Directors of Syncora Holdings Ltd. "I wish to thank the
Board of Directors and my colleagues at Syncora for their
extraordinary effort and commitment over the last few months. With
the successful completion of the first phase of the restructuring
behind us, I fully understand and agree with the Board's decision
that now is the right time for new leadership to take the company
forward," said Mr. Giordano. "I wish everyone at Syncora the best
of success for the future." Commenting on Susan Comparato's
appointment, Mr. Esposito said, "Susan has played an instrumental
role in helping navigate the company during these challenging
times. Her leadership and insight have been critical in terms of
stabilizing the Company and working constructively with the
regulators and third parties to execute the first phase of the
restructuring process. Susan brings a deep knowledge of our
industry, significant business acumen and, importantly, a steady
hand to help guide Syncora and its employees as we work toward
completing the next phase of the company's restructuring plan."
Susan Comparato, Acting Chief Executive Officer and President said,
"I look forward to working with the board and management team as we
work towards successfully executing the next phase of the company's
restructuring efforts." As Syncora's General Counsel, Ms. Comparato
has been responsible for Syncora's interaction with all regulatory
institutions with oversight of Syncora as a publicly traded
insurance holding company. She provided legal counsel and guidance
for Syncora's business initiatives and served as an executive
officer and a member of the Company's executive committee. Prior to
her appointment as General Counsel, Ms. Comparato had served as a
Managing Director and General Counsel of Syncora Guarantee Inc.
(formerly known as XL Capital Assurance Inc.) the financial
guarantee subsidiary of Syncora, since 2004. During that time, she
played an integral role in Syncora's transition to a public holding
company. Ms. Comparato joined Syncora Guarantee Inc. in 2001
serving as associate general counsel with a focus on asset-backed
securities and collateralized debt obligations. Prior to joining
Syncora Guarantee Inc., Ms. Comparato worked for Barclays Capital,
where she was an associate director, risk finance. Ms. Comparato
began her career at Sidley & Austin, as an associate attorney
in the securitization group. Ms. Comparato graduated magna cum
laude from Georgetown University with a B.S. in Finance. She
received a J.D. from the College of William and Mary. She is a
member of the Association of Financial Guaranty Insurers'
government affairs committee. In a separate release, the company
announced its 2008 second quarter and six-month financial results
today. The company will host an investor's conference call on
Tuesday, August 12, 2008 to discuss the financial results beginning
at 8:30 am Eastern Daylight Time (EDT). To access the conference
call, please dial +1 888-694-4702 (U.S.) or +1 973-582-2741
(International). Please ask to be connected to "Syncora Holdings'
Q2 2008 Investors Call" and provide the following passcode:
56950360. Syncora will also broadcast a live audio webcast of the
conference call. The webcast will be available by visiting the
"Investor Relations" section of the Company's website located at
http://www.syncora.com/. Following the investor conference call, an
archive of the call will be available for 30 days by dialing +1
800-642-1687 (U.S.) or +1 706-645-9291 (International). The
passcode for replay participants is: 56950360. The audio webcast of
the conference call will also be archived for 30 days in the
"Investor Relations" section of the Company's website located at
http://www.syncora.com/. About Syncora Holdings Ltd Syncora
Holdings Ltd. is a Bermuda-domiciled holding company whose common
shares are listed on the New York Stock Exchange (NYSE:SCA).
Syncora Holdings Ltd. was formerly known as Security Capital
Assurance Ltd. For more information, please visit
http://www.syncora.com/. Contacts: Investors Frank Constantinople
+1 441-279-7450 Media Michael Gormley +1 441-279-7450
FORWARD-LOOKING STATEMENTS This release contains statements about
future results, plans and events that may constitute
"forward-looking" statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
You are cautioned that these statements are not guarantees of
future results, plans or events and such statements involve risks
and uncertainties that may cause actual results to differ
materially from those set forth in these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control.
These factors include, but are not limited to: higher risk of loss
in connection with obligations guaranteed by the Company due to
deterioration in the credit markets stemming from the poor
performance of subprime residential mortgage loans; the outcome of
our negotiations with the Financial Counterparties concerning the
commutation, termination, amendment or otherwise restructuring of
their credit default swap contracts; the decision by our regulators
to take regulatory action with respect to Syncora Holdings'
operating subsidiaries at any time; the availability of capital and
liquidity; our assumptions concerning the tax treatment of the
transactions contemplated by the Agreements and related
transactions; the outcome of the efforts to refund Jefferson
County, Alabama's outstanding sewer system debt; the performance of
invested assets, losses on credit derivatives or changes in the
fair value of credit derivatives; recent and future rating agency
statements and ratings actions; the suspension of writing
substantially all new business and the Company's ability to
continue to operate its business in its historic form; the outcome
of litigation; the timing of claims payments and the receipt of
reinsurance recoverables; greater frequency or severity of claims
and loss activity including in excess of the Company's loss
reserves; the impact of provisions in business arrangements and
agreements triggered by the ratings downgrades; the impact of other
triggers in business arrangements including credit default swap
contracts; developments in the world's financial and capital
markets that adversely affect the performance of the Company's
investments and its access to such markets; changes in regulation,
tax laws, legislation or accounting policies or practices; changes
in officers and key employees; general economic conditions; changes
in the availability, cost or quality of reinsurance or
retrocessions; possible downgrade of the Company's reinsurers;
possible default by the counterparties to the Company's reinsurance
arrangements; the Company's ability to compete; changes that may
occur in Company operations and ownership as the Company matures;
and other additional factors, risks or uncertainties described in
Company filings with the Securities and Exchange Commission,
including in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2007, and also disclosed from time
to time in subsequent reports on Form 10-Q and Form 8-K. Readers
are cautioned not to place undue reliance on forward-looking
statements which speak only as of the date they are made. The
Company does not undertake to update forward-looking statements to
reflect the impact of circumstances or events that arise after the
date the forward-looking statements are made. DATASOURCE: Syncora
Holdings Ltd. CONTACT: Investors, Frank Constantinople,
+1-441-279-7450, ; or Media, Michael Gormley, +1-441-279-7450, ,
both of Syncora Holdings Ltd. Web site: http://www.scafg.com/
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