RAM Holdings' chief financial officer Rick Lutenski has decided to resign to pursue another employment opportunity.

His resignation is effective from September 29.

Commenting on Lutenski's departure, Vernon Endo, RAM's president and chief executive officer, thanked him for his many contributions, and said: "We are sorry to see Rick leave and certainly wish him the best in his new position. During more than three years with RAM he contributed significantly to its transformation to a publicly held company with an increasingly significant presence in the financial guaranty reinsurance market.

"We are especially pleased that he built a solid finance organization, staffed with a talented team, which will be able to effectively manage our financial operations until we recruit a new CFO."