Municipal Bond Investors Assurance Corp. said yesterday that two senior vice presidents will be taking on new responsibilities.
Neil G. Budnick has been appointed assistant to the president, and William P. Condon has been. named director of research for MBIA's research and business development division.
Budnick, formerly senior vice president in the insurer's tax-backed and utility group, will report directly to David H. Elliott, president and chief executive officer of MBIA. On Jan. 1, 1994, Elliott will also assume the position of chairman of MBIA Inc., the parent of MBIA Corp.
In the new position, Budnick will join MBIA Corp.'s corporate marketing and business strategy committee and will be a member of the credit policy committee. He will retain his memberships on MBIA's European underwriting committee and remain on the boards of MBIA Corp. and MBIA Municipal Investors Service Corp., MBIA Inc.'s cash management subsidiary.
Following the realignment, Condon will continue as director of the health care, special revenue, and corporate utility departments. He will also assume Budnick's role as head of the tax-backed and utilities group. Condon's new duties further include responsibility for the municipal bond credit analysis of MBIA Corp.'s five new-issue product departments.
Condon will continue to report to Robert R. Godfrey, executive vice president of MBIA Corp.'s research and business development division.
Condon is a public finance veteran with 27 years of experience, while Budnick has been a municipal market participant for 1 5 years.
Following a stint at Standard & Poor's Corp., Budnick joined the managing agency of Municipal Bond Insurance Association, the predecessor to MBIA, in 1984. He was elected MBIA Corp.'s vice president in 1985, senior vice president in 1987, and a director in 1989.
Also a former Standard & Poor's employee, Condon joined MBIA's managing agency as a vice president in 1983 and was elected senior vice president in 1985. He currently serves as a member on the insurer's credit policy committee and is a director of MBIA Corp.
Separately, MBIA Inc. said last week that John F. Kiley, a former Washington State assistant treasurer, has joined MBIA Municipal Investors Service Corp. as senior director of market development.
Kiley, who held his state position from 1972 to 1982, will assist the MBIA Inc. unit in expanding cash management services for Midwestern and Western public issuers.
The MBIA unit offers an investment management program known as CLASS, or Cooperative Liquid Asset Securities System. It manages about $1.1 billion in funds for more than 420 public entities.
Kiley will be based in MBIA-MISC's new office in Olympia, Wash.