Genworth CEO to retire at year's end

SUMMARY:

* Tom McInerney will retire as leader of Genworth Financial at year-end

* Jerome Upton expected to be McInerney's successor

* Angela Simmons will become executive vice president and chief financial officer

Tom McInerney will retire as president and CEO of Fortune 1000 insurer Genworth Financial at the end of the year, according to a Friday announcement.

At that time, the Henrico County company's board expects to name Genworth CFO Jerome Upton as McInerney's successor as president and CEO. Upton will also join the company's board.

Angela Simmons, currently chief financial officer of Genworth's Closed Block, is expected to become executive vice president and chief financial officer.

McInerney, who has led Genworth since 2013, took a leave of absence in early July to focus on his health. At that time, Upton stepped into the role of interim head.

In an Aug. 20 Securities and Exchange Commission filing, the company announced that McInerney would return as president and CEO, resuming day-to-day operational responsibilities, on Sept. 2.

"On behalf of the board, I want to thank Tom for his outstanding leadership and commitment to Genworth," Board Chair Melina Higgins said in a statement Friday. "During his tenure, Genworth significantly strengthened its financial foundation, delivered substantial value to shareholders and advanced a vision for the future of the company in CareScout. The board is confident that Jerome will carry this strong progress forward. Jerome's deep knowledge of Genworth, broad leadership experience and integral role in shaping our strategy make him the right leader to guide the next chapter for the company."

Upton has been with Genworth and its predecessors since 1998 and has served as CFO since March 2023. He previously served in a number of roles, including chief financial and operations officer of the company's global mortgage insurance businesses from 2012 to 2019.

Earlier in his career, Upton worked for KPMG Peat Marwick, where he served in accounting positions before becoming a senior manager of insurance.

Upton sits on the board of Enact Holdings, a majority-owned subsidiary of Genworth Financial and a U.S. private mortgage insurance provider. He previously served on the boards of Genworth Mortgage Australia and Genworth MI Canada, both private mortgage insurance providers. Genworth sold its interests in those companies in 2021 and 2019, respectively.

Upton received a degree in accounting from the University of North Carolina at Pembroke.

Simmons has been with Genworth since 2002. She's held leadership roles in capital markets, SEC reporting, controllership and finance. Prior to stepping into the role of Closed Block CFO in 2020, Simmons served as controller for life insurance in the United States and spent more than a decade leading Genworth's SEC reporting function.

During his tenure at Genworth, McInerney helped launch the CareScout Quality Network, a credentialed network of 500 long-term and home care providers offering services at preferred pricing. Last year, CareScout introduced its first insurance product that covers nursing homes, home health care and hospice care, and completed its approximately $15 million acquisition of senior care tech company Seniorly.

"It has been a privilege to lead Genworth over the past 14 years and work with such talented and dedicated people," McInerney said in a statement. "I am very proud of the progress we have made together — from strengthening our financial position and returning capital to shareholders to addressing the challenges of our legacy long-term care business and launching CareScout."

McInerney previously held executive roles with the ING Group, a Dutch financial services company. He also held several leadership positions with Aetna, where he began his career as an insurance underwriter in 1978.

He earned an economics degree from Colgate University and an MBA from Dartmouth College.

McInerney sits on several boards, including United Way Worldwide and Virginia Learns.

Genworth Financial, which reported $7.3 billion in 2025 revenue, is based in Henrico County. It has 3,100 employees.

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