MBIA CEO Dunton named chairman
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- May
- 3
Gary C. Dunton, chief executive officer and president of MBIA Inc., is taking on the added job of board chairman.
The Armonk-based bond insurer announced today that Dunton, 52, has succeeded Joseph “Jay� W. Brown, 58, who announced his intention to retire as executive chairman earlier this year.
After joining MBIA nine years ago, Dunton became company president in 1999 and chief executive officer in 2004. Before joining MBIA, Dunton spent five years with USF&G Insurance Co.
“I am proud to take the helm of this great company from my mentor and business partner, and one of our industry’s true leaders,� Dunton said in a written statement. “Jay Brown’s legacy will be his outstanding contribution to strengthening our credit culture and balance sheet, promoting a culture of integrity at MBIA, and his extraordinary commitment to building long-term shareholder value.�
MBIA Inc., the world’s largest insurer of municipal bonds, reported last week that its first-quarter income dipped to $198.61 million from $198.99 million a year earlier. On a per-share basis, the company earned $1.46 both quarters. Wall Street analysts surveyed by Thomson Financial predicted that the company would earn $1.47 a share during the first three months of this year.
At the company’s annual meeting yesterday, shareholders elected all board members, including Richard H. Walker and David M. Moffett. Walker, general counsel of Deutsche Bank, was elected by the board in September. Moffett, former vice chairman and chief financial officer of U.S. Bancorp, was nominated by the board in February. This was the first time both stood for election by shareholders. MBIA’s board also approved an amendment to the company by-laws requiring that director nominees receive a majority, rather than a plurality, of votes in an uncontested election to be elected.
This entry was posted
on Thursday, May 3rd, 2007 at 5:57 pm by Jay Loomis.
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