AMBAC Inc. yesterday announced that R. Daniel Massey, president and chief operating officer, is resigning "to pursue other career interests," effective Aug. 1.

Mr. Massey joined AMBAC in January 1988 as president and chief executive officer. Last year, shortly after AMBAC completed its initial public stock offering, Phillip B. Lassiter left Citibank to become AMBAC's chairman and chief executive officer.

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