OREANDA-NEWS. November 05, 2015. MBIA Inc. (NYSE:MBI) (the Company) today announced that Lois A. Scott (54) was elected to the Company’s Board of Directors, where she will serve as a member of the Audit Committee. At the same time, Sean Carney, a General Partner of Warburg Pincus & Co., has retired from the MBIA Inc. Board.

Ms. Scott is President of Epoch Advisors LLC, a private financial services company that advises clients on strategic business issues. From May 2011 to May 2015, Ms. Scott served as the Chief Financial Officer for the City of Chicago, Illinois. As CFO, she had financial oversight of essential City services as well as O’Hare Airport, Midway Airport, the City’s public-private partnership contracts, water and wastewater systems serving over 5 million people, and City-issued debt. She also served as a Trustee for two pension plans covering City employees. From January 2003 to May 2011, Ms. Scott was Co-founder and President of Scott Balice Strategies, LLC, a financial advisory firm that assisted public sector, nonprofit and corporate clients with financial strategy, restructuring and bankruptcy services, capital market transactions, ratings management, cash flow forecasting and public-private partnerships.

MBIA Chairman of the Board Charles Rinehart said, “Sean’s commitment and contributions to the Board have been significant and well-valued. We are grateful for his support in helping MBIA to navigate through some very challenging times and circumstances.” Mr. Rinehart continued, “Lois’ 30 years of public finance experience as an issuer, underwriter and financial advisor is an ideal combination of experience for MBIA Inc.’s Board as we move forward. We are excited to be working with her and gaining insights from her perspective and experience.”

From 1997 to 1998, Ms. Scott served as a White House Fellow during President Clinton’s administration, where she advised on the financial crisis in Southeast Asia and export finance. She was also named Counselor to the Chairman and Chaired the management committee of the Export-Import Bank of the United States.

Prior to that, Ms. Scott was Manager of the Chicago Public Finance Office and Managing Director of BancAmerica Securities, Inc. She also held various financial positions at Donaldson, Lufkin & Jenrette Securities Corporation, including Principal; L.F. Rothschild & Company, Inc.; and First National Bank of Chicago. In 1997, she was co-founder of Women in Public Finance and in 2011, she co-founded the Municipal CFO Forum with the Harris School of Public Policy, University of Chicago.