Dr. Laurence H. Meyer Not Available for Renomination to Board Due to
Other Professional Responsibilities
ARMONK, N.Y.--(BUSINESS WIRE)--
MBIA Inc. (NYSE: MBI) (the Company) today announced that its board of
directors has nominated Steven J. Gilbert for election to the board at
MBIA’s 2011 Annual Meeting of Shareholders. In addition, Dr. Laurence H.
Meyer has informed the board that he is not available for renomination
to the board due to the demands of his other professional
responsibilities, including his consulting firm, Macroeconomic Advisers.
MBIA Chairman Daniel P. Kearney said, "Larry Meyer has been an
invaluable asset to MBIA’s board over the past seven years. We are
deeply appreciative to him for his many significant contributions,
particularly through the economic turbulence of the past few years. At
the same time, we are pleased to have nominated Steve Gilbert for
election to our board. Steve’s extensive financial services and board
level experience will be a tremendous complement to our existing board,
and will serve the Company well as we move forward. We hope that our
owners share the board’s confidence in him and support his election at
our Annual Meeting.”
Mr. Gilbert is currently Chairman of the Board of Gilbert Global Equity
Partners, L.P., a private equity fund, Vice Chairman of Stone Tower
Capital LLC, a credit manager, Vice Chairman of the Executive Board of
MidOcean Capital Partners, L.P. and Chairman of the Board of CPM, Inc.
He was previously Chairman and Senior Managing Director of SUN Group
(USA), an investment firm, from 2007 to 2009. Previously, Mr. Gilbert
was Managing General Partner of Soros Capital, L. P., Commonwealth
Capital Partners, L.P., and Chemical Venture Partners. Mr. Gilbert was
admitted to the Massachusetts Bar in 1970 and practiced law at Goodwin
Procter & Hoar in Boston, Massachusetts. Mr. Gilbert has also served on
the boards of more than 25 companies over the span of his career.
Dr. Meyer has served as a Director of the Company since 2004. He is
Senior Managing Director and Co-founder of Macroeconomic Advisers, which
began in 1982 as Laurence H. Meyer & Associates. Dr. Meyer is also a
Director of the National Bureau of Economic Research, a fellow of the
National Association of Business Economists, and a Director of
Macroeconomic Advisers, LLC and Macroeconomic Consultants, Inc. Dr.
Meyer was a member of the Board of Governors of the Federal Reserve
System from 1996 to 2002. From 1969 to 1996, he was a professor of
economics and a former Chairman of the Economics Department at
Washington University in St. Louis.
Forward-Looking Statements
This release includes statements that are not historical or current
facts and are “forward-looking statements” made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. The words “believe,” “anticipate,” “project,” “plan,” “expect,”
“intend,” “will likely result,” “looking forward” or “will continue,”
and similar expressions identify forward-looking statements. These
statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from historical earnings and
those presently anticipated or projected, including, among other risks,
the possibility that the Company will not realize the estimated amount
of the insurance loss recoveries arising from its contractual claims
related to ineligible mortgages, the possibility that the Company will
experience severe losses or liquidity needs due to increased
deterioration in its insurance portfolios; the possibility that loss
reserve estimates are not adequate to cover potential claims; the
Company’s ability to fully implement its Strategic Plan as outlined in
the Company’s most recent Annual Report on Form 10-K; the Company’s
ability to favorably resolve litigation claims against the Company; an
inability to achieve high, stable credit ratings; and changes in general
economic and competitive conditions. These and other factors that could
affect financial performance or could cause actual results to differ
materially from estimates contained in or underlying the Company’s
forward-looking statements are discussed under the “Risk Factors”
section in MBIA Inc.’s most recent Annual Report on Form 10-K, which may
be updated or amended in the Company’s subsequent filings with the
Securities and Exchange Commission. The Company cautions readers not to
place undue reliance on any such forward-looking statements, which speak
only to their respective dates. The Company undertakes no obligation to
publicly correct or update any forward-looking statement if it later
becomes aware that such result is not likely to be achieved.
MBIA Inc., headquartered in Armonk, New York is a holding company whose
subsidiaries provide financial guarantee insurance, as well as related
reinsurance, advisory and portfolio services, for the public and
structured finance markets, and asset management advisory services. The
Company services its clients around the globe with offices in New York,
Denver, San Francisco, Paris, London, Madrid and Mexico City. Please
visit MBIA's website at www.mbia.com.
Source: MBIA Inc.