RICHMOND, Va., July 28, 2020 /PRNewswire/ -- Genworth
Financial, Inc. (NYSE: GNW) today announced that Kelly L. Groh has decided to leave Genworth, and
will resign as executive vice president and chief financial officer
(CFO) upon completion of the company's second quarter financial
close process and related Form 10-Q filing, which is expected to
occur in early August. Following her resignation,
Dan Sheehan, Genworth executive vice
president and chief investment officer (CIO), will succeed Groh as
CFO. Groh will remain with Genworth in an advisory role for a
period of time to ensure a smooth transition.
"The Board and I would like to thank Kelly for her many
outstanding contributions to Genworth over the course of her
24-year career," said Tom McInerney,
president and chief executive officer of Genworth. "Kelly's
exceptional financial and leadership capabilities have strengthened
Genworth's ability to navigate complex challenges. In her
five years as CFO, Kelly's guidance has been critical as we worked
to improve our liquidity and overcome hurdles throughout the China
Oceanwide transaction process. Kelly expressed a desire to
step away from the company to be closer to her family on the west
coast, and we have a transition plan in place that we believe
creates a strong foundation for Genworth's future. I wish her
all the best in the next chapter of her life."
"I deeply appreciate and value the opportunities I have had at
Genworth and its predecessor companies over the last 24 years,"
Groh remarked. "I'm confident that Dan's background and
experience will provide continuity and leadership to Genworth's
strong and tenured finance team."
Sheehan will retain his role as CIO upon assuming the CFO
role. He has been with Genworth and its predecessor company
for 22 years, serving in leadership roles of increasing
responsibility and building a proven track record of execution for
the investments and risk teams. He assumed the CIO role in
April 2012 and is responsible for
managing Genworth's $73 billion
investment portfolio. Sheehan is a Chartered Financial
Analyst (CFA) and holds a B.A. in Economics from Harvard University and an MBA in Finance from
Babson College.
"I am pleased that Dan, who has deep and extensive experience
leading financial operations at Genworth, will assume the CFO role
at this critical time for our company," McInerney continued. "In my
experience, aligning investment operations under the CFO role is
very effective, as it brings both sides of the balance sheet
together under one comprehensive point of view. I am
confident Dan will seamlessly assume these responsibilities, with
the support of our outstanding finance and investments teams, as we
seek to execute near-term actions to support Genworth's liquidity
and continue to pursue the transaction with China Oceanwide."
In addition, Genworth will appoint Brian
Haendiges as executive vice president and chief risk officer
(CRO), effective September 8,
2020. He will assume the CRO responsibilities from Groh, who
has served as interim CRO since January
2020.
Haendiges has extensive experience across the financial
services, retirement and insurance industries. Most recently,
he was senior vice president of U.S. pricing and product management
at MassMutual, where he was responsible for pricing and
profitability for MassMutual's U.S. portfolio, including life
insurance, disability, long term care, annuity and
retirement. Prior to his nine years at MassMutual, Haendiges
held leadership roles at ING and Aetna. He is a Fellow of the
Society of Actuaries (FSA) and holds a B.S. in Actuarial Science
from the Worcester Polytechnic
Institute.
"I am also pleased that Brian
Haendiges will join Genworth's leadership team to oversee
our risk management operations," concluded McInerney. "Brian and I
have worked together over the course of our careers, and I look
forward to working with him again during this critical time for
Genworth."
Genworth will be hosting its second quarter 2020 earnings
conference call on July 30, 2020 at
9:00 a.m. (ET). Genworth's
dial-in information for the earnings call is available through the
company's website, http://investor.genworth.com.
Biographies
Dan
Sheehan
Dan Sheehan is
Executive Vice President, Chief Investment Officer of Genworth. He
assumed his role in April 2012 and
has the responsibility for managing Genworth's $73 billion investment portfolio.
Dan has been with Genworth / General Electric for the last 22
years. He started as Vice President, Risk Manager for Investments
Real Estate (1997-2002). His responsibilities included leadership
of the real estate risk team, review and/or approval of $4B+ of
transactions, and portfolio oversight responsibilities. In 2002, he
joined the Investments Risk team as Risk Manager, Insurance
Portfolios, with responsibility for risk management oversight of
the insurance investment portfolios. In 2004, Dan assumed
management responsibilities for the Investments Real Estate team as
a Senior Vice President. In early 2008, Dan's role broadened to
include direct management responsibility of the Portfolio
Management team, which included fixed-income trading. From
September 2009 to April 2012, Dan was SVP of Genworth's Asset
Management. He had responsibility for the overall performance of
Genworth's insurance investment portfolios (Corporates,
Structureds, Real Estate, Private Placements, and Trading).
Prior to joining Genworth / General Electric, Dan worked with
Sun Life of Canada (1993-1997) in
Wellesley Hills, MA as a Property
Investment Officer in the Real Estate Investments group. From
1987-1993, he worked for the Massachusetts Laborers Benefit Fund as
an auditor and auditing supervisor.
Dan, who is a CFA charter holder, graduated from Harvard University with a BA in Economics and later
received an MBA in Finance from Babson
College.
Brian
Haendiges
Brian
Haendiges has a wide range of experience across pricing,
risk, operational and actuarial roles. Most recently, Brian served
as President and Owner of HAE Consulting, a firm he established at
the request of a national insurer to expand its institutional
investment products business and advise on retirement blocks.
Prior to establishing HAE Consulting, Brian had a nine year
career at MassMutual, where he most recently served as Senior VP
and Head of US Pricing and Product Management between 2016 – 2019,
during which time he led a team of actuarial and quantitative
professionals to establish pricing and profitability for
MassMutual's US business portfolio, including life insurance,
disability, long term care, annuity, retirement, and new
initiatives. Previously, Brian served as Senior VP and Head of
Retirement Services Investments between 2014 – 2016 and Head of
Strategic Market Development of Investments between 2010 –
2014.
Prior to MassMutual, Brian served as EVP and Head of Defined
Benefit Administration between 2009 – 2010 at ING (now Voya), Vice
President and Executive Director of ING Center for Savings
Innovation between 2008 – 2009, and Vice President and Head of
ING's Institutional Business Group between 2000 – 2007.
Prior to 2000, Brian served in various roles of increasing
responsibility at Aetna and Unum, where he managed Governmental and
stable value business lines. Brian, who is a Fellow of the Society
of Actuaries (FSA) and a member of the American Academy of
Actuaries (MAAA), received a Bachelor of Science in Actuarial
Science from Worcester Polytechnic
Institute, graduating summa cum laude.
About Genworth Financial
Genworth Financial, Inc.
(NYSE: GNW) is a Fortune 500 insurance holding company committed to
helping families achieve the dream of homeownership and address the
financial challenges of aging through its leadership positions in
mortgage insurance and long term care insurance. Headquartered
in Richmond, Virginia, Genworth
traces its roots back to 1871 and became a public company in
2004. For more information, visit genworth.com.
From time to time, Genworth releases important information via
postings on its corporate website. Accordingly, investors and other
interested parties are encouraged to enroll to receive automatic
email alerts and Really Simple Syndication (RSS) feeds regarding
new postings. Enrollment information is found under the "Investors"
section of genworth.com. From time to time, Genworth's
publicly traded subsidiary, Genworth Mortgage Insurance Australia
Limited, separately releases financial and other information about
their operations. This information can be found at
http://www.genworth.com.au.
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SOURCE Genworth Financial, Inc.