RICHMOND, Va., May 1, 2012 /PRNewswire/ -- Genworth Financial, Inc. (GNW) today announced that Michael D. Fraizer, the company's chairman and chief executive officer, has resigned. The Board has named Martin P. Klein acting chief executive officer and James S. Riepe non-executive chairman of the Board.
Klein has been chief financial officer since May 2011, and he remains in this position. Riepe, a Genworth director since March 2006, has been the lead director since February 2009.
"On behalf of the Board, we thank Mike for his dedication to Genworth and valuable contributions over the years, and we wish him well for the future," Riepe said. "He has led the company before and through its initial public offering by GE in 2004 and through the recent financial and housing crisis. He leaves Genworth with strong, competitive positions in its leadership lines, a sound foundation to build from, dedicated and talented employees, and loyal distributors. We are very pleased that Marty has agreed to serve in this acting role. He brings a good understanding of Genworth's businesses, along with strong leadership skills and analytical insights that the Board believes are important to building on Genworth's successes, while also addressing its challenges. With Marty and the rest of the senior management team, the Board is confident the company will be able to capitalize on its core strengths and successfully rebuild shareholder value." Riepe added, "The Board will move forward with the search for a permanent CEO in light of its continued review of the business portfolio."
Fraizer said, "The Genworth team has accomplished much as we built the business and since the company went public in 2004. After navigating through the recent financial and housing crisis, and as the company transitions to the next generation Genworth, I believe this is the right time for me to move on to other opportunities. It has been an honor to serve our customers and work with so many talented employees over the years, and I wish them all the very best."
Klein said, "We have a strong team at Genworth and will remain focused on continuing to rebuild shareholder value. We continue to make progress on initiatives to improve the performance of our businesses, generate and manage capital, and build holding company liquidity. I look forward to working through this transition with the Board and my Genworth colleagues as we maintain our focus on creating value for our distributors, policyholders, shareholders, and bondholders."
Klein has been senior vice president—chief financial officer of Genworth Financial since May 2011. He previously served as a managing director and senior relationship manager of Barclays Capital, the investment banking division of Barclays Bank, PLC. Prior to that, Klein served as a managing director and head of the Insurance and Pension Solutions Groups at Lehman Brothers, and as president of Lehman Re, a reinsurance subsidiary of Lehman Brothers. He has held various other positions within the insurance industry and is a Fellow of the Society of Actuaries and a Chartered Financial Analyst.
Riepe is a retired vice chairman and a senior advisor at T. Rowe Price Group, Inc. Prior to joining T. Rowe Price in 1982, Riepe was an executive vice president of the Vanguard Group.
About Genworth Financial
Genworth Financial, Inc. (GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,400 employees and operates through three divisions: Insurance and Wealth Management, which includes U.S. Life Insurance, Wealth Management and International Protection segments; Global Mortgage Insurance, which includes U.S. and International Mortgage Insurance segments; and the Corporate and Runoff division. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
Iowa View: Ethanol eases financial pains of Iowa families - Des Moines Register
Iowans are under financial pressure these days. Mortgage payments, saving for college and retirement, and feeding their families all weigh heavily on them. One thing relieving the stress of managing the family budget is ethanol.
Among car pooling, kids sporting events and getting to work on time, choosing the right fuel may not be uppermost on peoples minds. By choosing the right fuel, you can save a tremendous amount of hard-earned cash. That fuel is ethanol.
A recent fuel price analysis, conducted by Iowa State Universitys Center for Agriculture and Rural Development, found that pump prices would actually be $1.69 more per gallon across the Midwest if ethanol wasnt available. This $1.69 per gallon reduction adds up to a whopping $2,363 in annual savings for a typical Iowa family. That is a tremendous return on investment for 30 years of ethanol blending and local investment in ethanol production.
Fuel for our cars is a necessity, not a luxury. We cannot quickly (or cheaply) change where we live, where we work or what car we drive. When fuel costs go up, we are forced to cut back in other areas.
Ethanol prevents high gasoline prices from further eroding the Iowa family budget. One could argue that ethanol has saved the summer vacation because the $2,363 annual savings could buy fuel, lodging and fun for an Orlando trip. Closer to home, the ethanol savings could buy 15,753 diapers or 262 movie tickets or 39 pairs of athletic shoes. This adds to our economy, boosts tax revenue and provides more enjoyment.
As a domestically produced, renewable fuel, ethanol blends are providing consumers with a cost-effective fuel alternative that saves money. Ethanol also reduces the demand for high-cost, foreign oil by replacing 10 percent of our foreign fuel supplies.
It just makes sense to use more of what we produce here at home, instead of relying so heavily on foreign oil production to meet our transportation needs. And ethanol is making this happen.
The U.S. has now switched from being a major importer of gasoline to a major exporter of both gasoline and ethanol. As a result of this change, gas prices in the U.S. are measurably lower than would otherwise have been the case.
As crude oil costs increased last year, ethanol use rose, providing an increased savings of 32 cents per gallon. This price reduction effect has increased as ethanol production has grown in states with the greatest ethanol market penetration, like Iowa.
Bolstering ethanol use is keeping more money in the U.S. by cutting foreign oil demand. Our dependence on foreign oil has dropped from a high of 60 percent in 2005 to 45 percent in 2011. Roughly half of that drop is attributable to ethanol. Using more ethanol would boost household budgets, reduce demand for much of the foreign crude oil and be an investment in Iowa.
Lets keep more of the money we work so hard to get. Lets take advantage of the choices available when its time to fill our gas tanks. Lets keep money in the U.S. instead of supporting oil cartels. Remember, using ethanol slashes gas prices by $1.69 per gallon, saving the family budget over $2,300 a year.
World stocks erase year's gain, Brent at 2012 low - gmanetwork.com
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