- 657
Mike Frazier, Genworth CEO of many years, resigns...interesting news...
Genworth CEO Resigns
- Thread starter billberry12
- Start date
Arthur Rudnick
Guru
- 1,652
Re: Genworth
Top Dog.............
Chairman of the Board, President and Chief Executive Office
I'm not sure, but I think he got caught in a hooker scandal in Cartagena
Top Dog.............
Chairman of the Board, President and Chief Executive Office
I'm not sure, but I think he got caught in a hooker scandal in Cartagena
Last edited:
- Thread starter
- #3
- 657
Re: Genworth
ahhhhhhh.....................
ahhhhhhh.....................
Arthur Rudnick
Guru
- 1,652
Re: Genworth
Here's the deal.............
The latest release from the DJ Newswire follows:
Genworth CEO Fraizer Resigns Abruptly, CFO Klein Takes Over
By Erik Holm of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Michael Fraizer, the chairman and chief executive of Genworth Financial Inc. (GNW), resigned abruptly on Tuesday, two weeks after the insurance company postponed a plan to raise funds by selling shares of an Australian subsidiary.
Chief Financial Officer Martin Klein was named acting CEO, and the lead director of Genworth's board, James Riepe, was named non-executive chairman, the company said in a statement Tuesday.
Genworth shares rose 5.7% to $6.50 in late trading after Fraizer's departure was announced. Fraizer had led the company since before it was spun off by General Electric Co. (GE) in 2004, and had remained at the helm through the financial crisis, when Genworth's U.S. mortgage-insurance unit began posting hundreds of millions in operating losses.
The company had struggled to get back on track, causing investors to punish Genworth's stock and, at times, publicly complain about the pace of the recovery. Shares had been down by 50% in the past year and 83% in the past five years.
But Fraizer and other executives began painting a rosier picture of Genworth's future in recent months. The company has built up capital, sold off some units, and finally been predicting that its U.S. mortgage insurer could begin operating in the black next year.
Another source of optimism: the company was planning to raise additional funds with the partial sale of its Australian mortgage-insurance subsidiary. Then, on April 17, the company said the Australian IPO was being put on hold. The sale of a 40% stake in the unit, originally planned to be completed in the second quarter, was pushed back to early 2013 as the company predicted a "modest" first-quarter loss at the unit.
When it was spun off by General Electric, Genworth's collection of insurance operations inspired investors to spend $2.8 billion in the largest public offering of the year--larger even than Google Inc. (GOOG), which raised $1.7 billion. Just four years later, amid the depths of the financial crisis, investors had lost confidence. Shares traded below a dollar in November 2008 and would revisit that low in March 2009. They rallied at various points as the company recovered, but shares dropped from $7.70 to $5.87 after the company announced the delay in the Australian IPO.
"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," Fraizer said in the statement.
Acting CEO Klein has been chief financial officer since May 2011, and he remains in this position. He previously served as a managing director at Barclays Capital, the investment-banking division of Barclays Bank PLC. Prior to that, Klein served as a managing director at Lehman Brothers, and as president of Lehman Re, a reinsurance subsidiary.
Klein "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," Riepe said in the statement. "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, a Genworth director since March 2006, had been the lead director since February 2009.
Here's the deal.............
The latest release from the DJ Newswire follows:
Genworth CEO Fraizer Resigns Abruptly, CFO Klein Takes Over
By Erik Holm of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Michael Fraizer, the chairman and chief executive of Genworth Financial Inc. (GNW), resigned abruptly on Tuesday, two weeks after the insurance company postponed a plan to raise funds by selling shares of an Australian subsidiary.
Chief Financial Officer Martin Klein was named acting CEO, and the lead director of Genworth's board, James Riepe, was named non-executive chairman, the company said in a statement Tuesday.
Genworth shares rose 5.7% to $6.50 in late trading after Fraizer's departure was announced. Fraizer had led the company since before it was spun off by General Electric Co. (GE) in 2004, and had remained at the helm through the financial crisis, when Genworth's U.S. mortgage-insurance unit began posting hundreds of millions in operating losses.
The company had struggled to get back on track, causing investors to punish Genworth's stock and, at times, publicly complain about the pace of the recovery. Shares had been down by 50% in the past year and 83% in the past five years.
But Fraizer and other executives began painting a rosier picture of Genworth's future in recent months. The company has built up capital, sold off some units, and finally been predicting that its U.S. mortgage insurer could begin operating in the black next year.
Another source of optimism: the company was planning to raise additional funds with the partial sale of its Australian mortgage-insurance subsidiary. Then, on April 17, the company said the Australian IPO was being put on hold. The sale of a 40% stake in the unit, originally planned to be completed in the second quarter, was pushed back to early 2013 as the company predicted a "modest" first-quarter loss at the unit.
When it was spun off by General Electric, Genworth's collection of insurance operations inspired investors to spend $2.8 billion in the largest public offering of the year--larger even than Google Inc. (GOOG), which raised $1.7 billion. Just four years later, amid the depths of the financial crisis, investors had lost confidence. Shares traded below a dollar in November 2008 and would revisit that low in March 2009. They rallied at various points as the company recovered, but shares dropped from $7.70 to $5.87 after the company announced the delay in the Australian IPO.
"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," Fraizer said in the statement.
Acting CEO Klein has been chief financial officer since May 2011, and he remains in this position. He previously served as a managing director at Barclays Capital, the investment-banking division of Barclays Bank PLC. Prior to that, Klein served as a managing director at Lehman Brothers, and as president of Lehman Re, a reinsurance subsidiary.
Klein "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," Riepe said in the statement. "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, a Genworth director since March 2006, had been the lead director since February 2009.
- 1,255
For LTCi -- I kept away from Genworth.
It was a gut feeling that they could be overextended in the LTCmarket at the time. That was way before the mortgage mess.
Let's see if Michael Fraizer starts selling his Genworth stocks off.
It was a gut feeling that they could be overextended in the LTCmarket at the time. That was way before the mortgage mess.
Let's see if Michael Fraizer starts selling his Genworth stocks off.
- Thread starter
- #7
- 657
What is that suppose to mean?
he was probably the worst CEO of all the CEO's of the Fortune 500 companies.
he was probably the worst CEO of any large insurance company.
- 1,926
They recently announced a rate increase on their TermUL, dropped their 15 and 30 year product and told their career LTC agents to expect new policies to roll out every year and a half with higher rates due to the low interest rate environment. IMO, none of these things give me a good feeling.
Arthur Rudnick
Guru
- 1,652
Low interest rates are effecting every carrier, not only Genworth.
