MBIA INC. (NYSE:MBI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 7.01(b).DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On August 9, 2017, consistent with the Company’s long-term succession plans, Joseph W. Brown informed the Board of Directors (the “Board”) of MBIA Inc. (“MBIA”) of his determination to resign as Chief Executive Officer, effective as of September 15, 2017.Mr. Brown also informed the Board that he intends to remain a member of the Board until the expiration of his term in May 2018, but does not intend to stand for re-election at the annual shareholder meeting in May of 2018.

On August 9, 2017, the Board elected William C. Fallon, the Company’s President and Chief Operating Officer, to the office of Chief Executive Officer of MBIA, effective as of September 15, 2017.

Mr. Fallon was elected to the Board of Directors in May 2017. He is the President and Chief Operating Officer of MBIA Inc. and the Chief Executive Officer of National Public Finance Guarantee Corporation, the Company’s indirect operating subsidiary. Mr. Fallon is responsible for overseeing the day-to-day operations of MBIA Inc. and its subsidiaries. Previously, Mr. Fallon was head of Global Structured Finance having joined the Company in 2005 as a Managing Director and head of Corporate and Strategic Planning.

Prior to joining MBIA, Mr. Fallon was a partner at McKinsey & Company, having joined the firm in 1991. At McKinsey, Mr. Fallon specialized in consulting with financial institutions and was co-leader of the firm's Corporate Finance and Strategy practice and a key member of the North American Wholesale Financial Institutions and Risk Management practices. He also worked extensively with financial institutions in the areas of value-based management, valuation, mergers and acquisitions, securitization and risk management.

Item 7.01REGULATION FD DISCLOSURE.

A copy of MBIA’s press release dated August 10, 2017, regarding the resignation of Mr. Brown and the election of Mr. Fallon has been attached hereto as Exhibit 99.1.

The information in the press release is being furnished, not filed, to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current Report, including Exhibit99.1, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 7.01.FINANCIAL STATEMENTS AND EXHIBITS.

99.1Press Release issued by MBIA Inc. dated August 10, 2017

MBIA INC Exhibit
EX-99.1 2 a51667138ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 MBIA Inc. Announces Senior Management Change Jay Brown to Step Down as CEO effective September 15; Bill Fallon Elected CEO Leadership Change Fulfills Succession Plan Designed by Brown and Independent Directors; Implemented Over Past Two Years PURCHASE,…
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About MBIA INC. (NYSE:MBI)

MBIA Inc. (MBIA) is a holding company. The Company, through its subsidiary, National Public Finance Guarantee Corporation (National), is engaged in providing financial guarantee insurance to the United States public finance markets. MBIA’s segments include United States (U.S.) public finance insurance, international and structured finance insurance, and corporate. The U.S. public finance insurance segment is operated through National, and is engaged in generating new insurance business in National, consistent with its portfolio management and return requirements, and to maximize the economics of its existing insured portfolio through surveillance and remediation. The international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries (MBIA Corp.). The corporate segment is operated through the Company and its subsidiaries, including its service company, MBIA Services Corporation (MBIA Services).