DOW JONES NEWSWIRES
Genworth Financial Inc. (GNW) named Chief Financial Officer
Patrick B. Kelleher as president and chief executive of its
life-insurance and wealth-management businesses.
The 52-year-old will replace Pamela S. Schutz, who previously
said she would retire in February. Kelleher has been chief
financial officer since he joined the insurer in 2007.
Genworth President and CEO Michael D. Fraizer said, "Pat brings
a broad and deep background and has contributed strongly to the
company's positioning, financial discipline and improved
performance coming out of a challenging period."
Meanwhile, Kevin Walker, 48, will work under Kelleher as
financial chief of the retirement-and-protection business that he
will lead. Walker joins Genworth from Allianz SE (AZSEY, ALV.XE),
where he spent a decade.
Genworth's retirement-and-protection business reported a 7.3%
drop in second-quarter earnings as the life-insurance segment was
hurt by higher death rates, though sales jumped 31%.
Shares closed at $12.96 Wednesday and didn't trade premarket.
The stock has risen 14% this year.
-By Jodi Xu, Dow Jones Newswires; 212-416-3037;
jodi.xu@dowjones.com;