HENRICO COUNTY, Va. (WTVR) – Michael D. Fraizer, the chariman and CEO of Genworth Financial, Inc.resigned Tuesday, according to a press release from the Henrico County-based company. The company said the Board named Martin P. Klein as acting chief executive officer and James S. Riepe non-executive chairman of the Board.
The Wall Street Journal reported Fraizer’s announcement came as the company reported disappointing quarterly results. [Read more]
“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 in a statement. “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.”
Frazier said he believed now was the time 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,” Fraizer said in the statement.
Genworth said it would search for a permanent CEO.