Another Investment forum Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Another Investment forum

QQQ 623.28

+0.7%

4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: Peter Dierks	5/3/2012 8:16:23 AM
	of 340

Genworth Chief Resigns in Wake of Australian MI Problems Michael D. Fraizer, chairman and CEO of Genworth Financial, resigned Tuesday afternoon, two weeks after the firm’s stock was hammered because of accelerating losses in its Australian mortgage insurance business. Fraizer is the second Genworth executive to resign within a week. On April 25 company SVP and chief investment officer Ronald Joelson parted ways with the company. A source close to the company said “the situation had been building for quite some time” but had no other information on the matter except to say, “Fraizer steered the firm through the housing crisis.” Not only is Genworth’s Australian MI division facing mounting foreclosure claims, but its American MI unit continues to lose market share to Radian and United Guaranty, according to figures compiled by National Mortgage News. Genworth named Martin P. Klein acting CEO, and appointed James Riepe nonexecutive chairman of the board. Klein has been CFO for just over a year. Riepe, a Genworth director since March 2006, has been lead director for three years. In a statement Genworth thanked Fraizer for his many years of service including shepherding the firm through its IPO in 2004. (The company was spun off from General Electric.)

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next