Feedback & Followups
- December 29, 2012
Genworth Financial names new CEO
Richmond-based Genworth Financial Inc., a Fortune 500 insurance holding company, has named Thomas J. McInerney its new president and CEO.
As CEO, he replaces Michael Fraizer, who resigned in May. Fraizer had led Genworth since it was spun off as a publicly traded company from GE Capital in 2004. Martin Klein, the company’s chief financial officer, served as interim CEO.
McInerney has been an adviser with The Boston Consulting Group. Before that he held senior leadership positions at ING Groep and Aetna Financial Services.
In June, Moody’s Investor Service announced that it had cut its financial strength rating of Genworth’s U.S. Life Insurance division and would review for possible downgrade its ratings on the parent company and its U.S. mortgage insurance business. Those reviews were extended in September.
Klein announced in August that the board had completed a strategic review of Genworth’s operations. He later said that selling its U.S. mortgage insurance business would not be a good move for shareholders at this time, but the company was considering selling its international protection and wealth-management businesses.
Virginia Business looked at potential changes at Genworth in its August issue.
U.Va. placed ‘on warning’ for ouster attempt in June
The Southern Association of Colleges and Schools Commission on Colleges placed the University of Virginia “on warning” in December in reaction to last summer’s failed effort by the Board of Visitors to oust school President Teresa A. Sullivan.
The accrediting agency said the board had not complied with governance rules requiring faculty involvement in decision making and forbidding a small number of members from controlling the board. The agency will send an investigative team to the university in early 2013.
“This action does not imply any criticism of the University’s academic quality and programs, nor does it affect the institution’s ability to receive federal aid,” Provost John Simon said in an email.
Legislators say the agency’s warning could affect reappointment of Rector Helen Dragas to the U.Va. board. Gov. Bob McDonnell named Dragas to a new four-year term after Sullivan was reinstated. The reappointment, however, is subject to confirmation by the General Assembly.
The magazine examined ripple effects from the U.Va. turmoil in the November issue.