Stephen Berger, executive vice president at GE Capital Corp. and chairman of Financial Guaranty Insurance Co., has resigned, according to a market source.
The source said Berger plans to return to Odyssey Partners, a private limited partnership where he was an investment banker in the early 1980s.
Odyssey Partners would neither confirm nor deny that Berger is returning.
Berger was director of corporate development with Oppenheimer & Co. before he became executive director of the Port Authority of New York and New Jersey in 1985.
In June 1990, he left his post at the authority to join FGIC as president and chief executive officer after Gerald L. Friedman, FGIC's founder, stepped down.
Last January, Berger left FGIC to join the bond insurer's parent, GE Capital. He was replaced as president and chief executive officer by Ann C. Stern.
"We enjoyed having Stephen as part of the GE Capital team. We are sorry to see him go, but we wish him well," a spokesman for FGIC's parent said. "GE Capital has many exceptionally talented people. We will name a successor shortly."
