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Genworth Names New CEO

By John Reid Blackwell, Richmond Times-Dispatch, Va.
McClatchy-Tribune Information Services

Dec. 11--Genworth Financial Inc. has named Thomas J. McInerney, a former executive with ING Groep NV and Aetna Financial Services, as its top executive.

The appointment comes a little more than seven months after the Henrico County-based insurer's founding chief executive, Michael Fraizer, resigned as the company continued to struggle with losses in its mortgage insurance business.

McInerney will take over as president and chief executive officer on Jan. 1. He also will be elected to the Genworth board of directors.

Marty Klein, who has served as acting CEO since Fraizer's departure on May 1, will return full-time to his role as the company's chief financial officer. James S. Riepe will continue to serve as the company's non-executive board chairman.

McInerney has a long history in financial services businesses, Genworth said in a statement.

Most recently, he served as an advisor to The Boston Consulting Group. At ING, he was chief operating officer and a member of the management board for insurance, responsible for the worldwide insurance and investment management businesses.

jblackwell@timesdispatch.com

(804) 775-8123

This has been a breaking news update. Read more in tomorrow's Richmond Times-Dispatch.

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(c)2012 the Richmond Times-Dispatch (Richmond, Va.)

Visit the Richmond Times-Dispatch (Richmond, Va.) at www.timesdispatch.com

Distributed by MCT Information Services

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