Finance/Insurance: THOMAS J. McINERNEY
PRESIDENT AND CEO, GENWORTH FINANCIAL INC., HENRICO COUNTY
Published
In May, Fortune named McInerney the sixth-most overpaid CEO in the Fortune 500. Although McInerney was far from being the top breadwinner on the list — his total compensation for 2021 was $8.5 million — the rankings were compiled by comparing CEO pay vs. performance, based on shareholder returns.
Genworth, which offers life, mortgage and long-term care insurance, has struggled for years due to the housing market collapse and increasing costs of long-term care. For the Fortune article, a Genworth spokesperson pointed out that under McInerney’s leadership the company has reduced debt and strengthened its balance sheet.
In September 2021, Genworth completed an initial public offering of Enact Holdings Inc., its private mortgage insurance subsidiary. By reducing ownership of Enact from 100% to 81.6%, Genworth made $535 million in net proceeds. Also last year, Genworth formally terminated a long-delayed deal by China-based Oceanwide Holdings Group Co. Ltd. to acquire Genworth.
McInerney joined Genworth as CEO in 2013. Previously he was chief operating officer for ING Group’s global insurance and investment management businesses.
PERSON I ADMIRE: My dad. He put the happiness of his five kids ahead of himself.
SOMETHING I’D NEVER DO AGAIN: I would never miss the chance to visit my parents on holidays because of work.
