Security Capital Assurance Ltd Appoints Elizabeth A. Keys as Chief Financial Officer
28 May 2008 - 7:30AM
PR Newswire (US)
HAMILTON, Bermuda, May 27 /PRNewswire-FirstCall/ -- Security
Capital Assurance (NYSE:SCA) (the "Company" or "SCA") today
announced that it has appointed Elizabeth A. Keys as Senior Vice
President and Chief Financial Officer effective June 1, 2008. Ms.
Keys, 39, will succeed David P. Shea who will depart from the
Company to pursue other opportunities. Mr. Shea will serve as an
advisor to the Company until June 15, 2008 to help with the
transition of responsibilities. Mr. Paul S. Giordano, SCA's
President and Chief Executive Officer, said, "On behalf of all of
us at SCA, I want to thank David for his many contributions to the
Company since 2003. In particular, David was instrumental in
helping the Company execute its initial public offering in 2006. We
wish him all the best in his future endeavors." As Chief Financial
Officer, Ms. Keys will be responsible for managing the finance
function, overseeing and directing financial accounting, short-term
business planning, budgeting and long-range forecasting, and
directing the treasury and investments operation. She will report
directly to Paul Giordano and serve on the Company's executive
management committee. Capital management activities, rating agency
relationships and corporate strategy initiatives will continue to
be managed by Executive Vice President and Head of Corporate
Strategy, Claude LeBlanc. "As a senior member of SCA's finance
team, Beth has played an integral role in the development of our
financial capabilities, including business planning, forecasting,
expense control and management of other financial metrics," Mr.
Giordano added. "I look forward to collaborating with Beth on ways
to address the challenges facing the Company today." Since August
2006, Ms. Keys has served as SCA's Managing Director, Head of
Financial Planning and Analysis. In this role, she established and
led the financial planning and analysis function of SCA and its
subsidiaries. Prior to her most recent role, Ms. Keys served as the
Chief Financial Officer of XL Capital Assurance Inc. ("XLCA"), a
subsidiary of SCA. In that position, she was responsible for all
aspects of XLCA's financial activities, including financial
accounting and reporting and strategic and business planning.
Before joining XLCA in 2005, Ms. Keys served as Controller for GMAC
Commercial Finance, a subsidiary of General Motors Acceptance Corp,
where she was responsible for the division's quarterly reporting,
balance sheet management, development and monitoring of corporate
accounting policies and Sarbanes-Oxley compliance. Prior to her
role as GMAC Commercial Finance's Controller, Ms. Keys held
numerous positions of increasing responsibility in General Motors
Corporation's finance department from 1997 to 2004. Prior to
joining General Motors, Ms. Keys spent six years as an auditor at
Deloitte and Touche LLP's Singapore and Detroit offices where she
was responsible for coordinating and executing audits and due
diligence procedures for large multinational corporations. Ms. Keys
received her B.S. in Accounting from Boston College's Wallace E.
Carroll School of Management and her M.B.A., under a Fellowship,
from the Alfred P. Sloan School of Management at M.I.T. About
Security Capital Assurance Security Capital Assurance Ltd is a
Bermuda-domiciled holding company whose common shares are listed on
the New York Stock Exchange (NYSE:SCA). For more information,
please visit http://www.scafg.com/ . Contact: Investors Frank
Constantinople +1 441-279-7450 Media Michael Gormley +1
441-279-4750 Michele Loguidice +1 212-333-3810 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:
recent and future rating agency statements and ratings actions; the
outcome of the Company's dispute with Merrill Lynch International
concerning the Company's termination of seven credit default swap
("CDS") contracts; the Company's ability to successfully implement
its strategic plan; higher risk of loss in connection with
obligations guaranteed by the Company due to recent deterioration
in the credit markets stemming from the poor performance of
subprime residential mortgage loans; the suspension of writing
substantially all new business and the Company's ability to
continue to operate its business in its historic form; the
development and implementation of a strategic plan; 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; the performance of invested assets, losses on credit
derivatives or changes in the fair value of credit derivatives; the
availability of capital and liquidity; 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; changes in the Company's
reinsurance agreements with certain of its subsidiaries; the impact
of provisions in business arrangements and agreements triggered by
the ratings downgrades; the impact of other triggers in business
arrangements including CDS contracts; changes in regulation, tax
laws, legislation or accounting policies or practices; changes in
officers; 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 SEC, 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: Security Capital
Assurance CONTACT: Investors, Frank Constantinople,
+1-441-279-7450, , or Media, Michael Gormley, +1-441-279-4750, ,
both of Security Capital Assurance; or Media, Michele Loguidice,
+1-212-333-3810, , for Security Capital Assurance Web site:
http://www.scafg.com/
Copyright
Stellus Capital Investment (NYSE:SCA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Stellus Capital Investment (NYSE:SCA)
Historical Stock Chart
From Jul 2023 to Jul 2024