Genworth Financial announced Wednesday that Michael D. Fraizer, its chairman and chief executive officer, has resigned.
The Richmond, Va., company’s board named Martin P. Klein acting chief executive officer and James S. Riepe non-executive chairman of the board.
Klein has been the company’s 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.:
Riepe said Genworth’s 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 has been a senior vice president and 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. Before that, he was 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.
Riepe is a retired vice chairman and a senior advisor at T. Rowe Price Group, Inc. Before joining T. Rowe Price in 1982, he was an executive vice president of the Vanguard Group.