Genworth Names Kevin Schneider as Operating Chief
December 16 2015 - 09:30AM
Dow Jones News
Genworth Financial Inc. on Wednesday named Kevin Schneider as
chief operating officer in a newly created role, effective the
first of the year.
Mr. Schneider, tasked with overseeing the company's daily
operations, has been with the firm since it went public in 2004. He
most recently worked as Genworth's executive vice president and
previously held senior positions at GE Capital.
In his new role, Mr. Schneider will report to Chief Executive
Tom McInerney, who said the appointment will enable him to focus on
driving Genworth's growth strategy and other priorities.
Earlier this year, Genworth said that it planned to sell some
operations as part of a move to comply with tighter federal
requirements for mortgage insurers that want to do business with
Fannie Mae and Freddie Mac. In October, the firm struck a deal to
sell its European mortgage-insurance business to AmTrust Financial
Services Inc. for about $60 million in cash.
In its most recent year, Genworth reported a loss of $1.24
billion, down from a profit of $560 million a year earlier.
Shares in the company, down 55% this year, were inactive
premarket.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
December 16, 2015 09:15 ET (14:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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