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December 11, 2012
09:54 EDTGNWGenworth trading higher after naming new CEO
Genworth Financial (GNW) is trading higher this morning after its board of directors selected Thomas J. McInerney as the company's president and CEO. McInerney most recently served as an adviser to The Boston Consluting Group and previously served as the COO of ING Groep (ING) and President of Aetna Financial Services (AET). McInerney's appointment is effective as of January 1, 2013 and he will also be elected to Genworth's board of directors. The company says James S. Riepe will continue to serve as non-executive chairman. Acting CEO Marty Klein will re-assume his full-time role as CFO when McInerney becomes CEO. Genworth shares rose 33c, or 4.91%, to $7.05 in early morning trading.
News For GNW From The Last 14 Days
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August 4, 2015
19:27 EDTGNWOn The Fly: After Hours Movers
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18:58 EDTGNWGenworth believes mortgage business compliant with PMIERs capital requirements
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18:56 EDTGNWGenworth reports Q2 net EPS 24c, consensus 26c
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July 22, 2015
05:21 EDTGNWGenworth enters into talks with AXA to sell lifestyle protection business
Genworth Financial (GNW) announces it has entered into exclusive negotiations with AXA S.A. (AXAHY) after receiving an irrevocable offer to purchase its lifestyle protection insurance business. The company expects to accept the offer and execute an associated purchase agreement upon completion of the French works council consultation process. The sale price is expected to be approximately $510M and the company will record an after-tax loss of approximately $310M in Q2 related to the expected sale and pension settlement costs. Net proceeds from the transaction, net of pension settlement costs and transaction related expenses, are estimated to be approximately $400M. Genworth plans to use these proceeds to advance compliance with the Private Mortgage Insurer Eligibility Requirements and to reduce debt levels. The sale is expected to close by the end of 2015 and is subject to other customary conditions, including requisite regulatory approvals.

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