Ambac Financial Group Inc. has appointed Claude LeBlanc president and CEO, effective Jan. 1, 2017.

LeBlanc will also join the company's board. Nader Tavakoli has resigned as president and CEO and from the board, effective immediately, to pursue other opportunities. Tavakoli's employment will end Dec. 31. Chairman Jeffrey Stein will oversee the company's business and affairs through the end of the year.

LeBlanc will leave his role as CFO and chief restructuring officer at Syncora Holdings Ltd., effective Dec. 31.