MBIA Announces Senior Executive Changes
MBIA Inc. has made organizational changes it says will further strengthen and develop its senior management team. Gary C. Dunton will become president of Public and Corporate Finance and continue as chief investment officer and president of the company's Investment Management and Financial Services Division. Neil G. Budnick, former president of Public and Corporate Finance, has been named chief financial officer.
Julliette S. Tehrani, executive vice president and former CFO, will become special assistant to the chairman. The transition to these new roles will begin immediately and be completed effective December 31, 1998.
David H. Elliott, chairman and chief executive officer, said, "These changes will broaden the responsibilities and experience of both Gary Dunton and Neil Budnick. Julie Tehrani brings a wealth of experience and expertise to her new role and will provide invaluable counsel to me and the company as we address the issues that come with our growth. These moves demonstrate MBIA's commitment to develop strong management talent, and they will further broaden the depth of our senior team."
As president of the Public and Corporate Finance Division, Dunton will be responsible for the company's municipal and corporate bond insurance business in the new issue and secondary markets. Dunton joined MBIA in 1997 as president of the Investment Management and Financial Services Division and chief investment officer.
Prior to joining MBIA, he had served as a member of MBIA's board of directors while he was president of the Family and Business Insurance Group of USF&G Insurance. He served as executive vice president of USF&G Field Operations and Commercial Lines after joining the company in 1992. Previously, Dunton held senior positions with Aetna Life & Casualty Company in insurance operations, finance and investments for 12 years. He holds a bachelor's degree in business administration from Northeastern University and an MBA from the Harvard Graduate School of Business Administration. Dunton is a member of the CPCU Society and the Institute of Chartered Financial Analysts.
As chief financial officer, Budnick will head the Finance Division, responsible for treasury activities, capital and corporate planning, banking relations, corporate accounting, reinsurance, information technology and investor relations. Budnick was named president of the Public and Corporate Finance Division at the beginning of 1998. He was appointed director of public finance in 1996 and named executive vice president in 1997. From 1993 to 1996, Budnick served as assistant to the chairman. He was promoted to senior vice president in 1987 and has been responsible for tax-backed, utility, health care, education, asset-backed, transportation and new product areas during his career at MBIA. Prior to joining MBIA in 1984, he spent five years with Standard & Poor's Corporation, where he was managing vice president in the Public Finance Department. Budnick holds a Bachelor of Arts degree from Boston College and received his master's degree in public administration and finance from the University of Colorado.
Tehrani has been chief financial officer of MBIA since 1995. During her 21-year career at MBIA, she has played a key role in establishing financial policies, practices and information systems while she developed and led the corporate finance, accounting and information technology functions. Joining MBIA's managing agency in 1978, Tehrani became an assistant vice president in 1981 and a year later was promoted to vice president and treasurer. In 1985 she was appointed senior vice president and in 1994 she was promoted to director of finance. Earlier in her career, Tehrani co-founded Technology Marketing Corporation, a prominent telemarketing publishing company. Tehrani received a master's degree in business administration from the University of Connecticut's graduate school of business. She also holds a Bachelor of Arts degree and a Master of Science degree in psychology. She has completed advanced programs at Harvard University and Stanford University.