Boston, MA 10/23/2013 (wallstreetpr) – As of December 13, the current vice president and chief executive officer of the life insurance division of Genworth Financial Inc (NYSE:GNW) Mr. Patrick B. Kelleher is leaving the company. For the sake of operational convenience and consistency Tom McLerney will take over Patrick’s position in an interim capacity until a favorable candidate is identified to fill the position.
After masterminding the sale of Genworth’s Financial Wealth Management Inc to 2 private-equity companies, Mr. Charles Goldman will take over the chairmanship of the board of trustees of the same company. This comes after the sale of the company over spring. Mr. Goldman intends to kick the company’s gears into high mode after the company started recording an unsteady performance over the last several years. The company has $ 20 billion in assets and started experiencing a downward net inflow in 2011.
Despite the difficulties that the company faces, Goldman believes that the company is in the right place at the right time and that the company can accelerate. Of course the extent of truth in that statement depends on the leadership of Goldman and the other leaders that take up the company.
Genworth Financial wealth Management was put on sale in 2012 by the parent company Genworth Financial Inc. and Goldman stated that a company on sale for more than a year is hardly ideal. As is usual and with no exception in this case, the sale was kept secret which proved to be very complex to operate especially in making management moves. However, now with the sale finally completed the company might make a recovery.
The parent company however does not seem to be doing badly at the stock market. As of October 22, the company had a market capitalization of over $16 billion, with its stocks gaining 1.22% to settle at $14.06 per share, which is the highest share price so far in 52 weeks.
