Genworth Financial has named Martin Klein as its acting chief executive officer and James Riepe as non-executive chairman of the Board, following the resignation of its current chief executive officer Michael Fraizer.
Riepe said Fraizer led the company prior to and through its initial public offering by GE in 2004 and also through the recent financial and housing crisis.
Fraizer said the company has achieved good results since it went public in 2004 and as it transitions to the next generation Genworth, its the right time for him to move on to other opportunities.
Klein has been chief financial officer since May 2011, and will remain in that position, while Riep is Genworth director since March 2006, and has been the lead director since February 2009.
Klein said the company will continue to progress on initiatives to improve the performance of its businesses, generate and manage capital, and build holding company liquidity.
Klein previously served as a managing director and senior relationship manager of Barclays Capital, the investment banking division of Barclays Bank prior to joining Genworth.
Riepe is a retired vice chairman and a senior advisor at T. Rowe Price Group, and also served as the executive vice president of the Vanguard Group.
