Board chair and two other members to leave in May
Mortgage insurer Genworth Financial has announced the addition of three new independent directors to its board, effective Friday last week.
The firm has elected insurance executives Jill Goodman, managing director at Foros Advisors, Howard Mills III, former superintendent of the New York Insurance Department, and Ramsey Smith, founder and CEO of ALEX.fyi. With the new additions, the Genworth board of directors will consist of 12 members. They will all stand for re-election at Genworth’s 2021 annual meeting of stockholders this coming May 20.
“We are delighted to have attracted such a diverse, experienced and talented group of three new directors to the Genworth board,” said Kent Conrad, Genworth board member and chair of the nominating and corporate governance committee. “Jill, Howard, and Ramsey bring fresh perspectives, informed by decades of relevant industry experience across mergers and acquisitions, insurance regulation, risk management, and business and product development.”
Additionally, Genworth announced that its current non-executive board chair, James Riepe, and board members David Moffett and Thomas Maloney plan to retire from service and will not stand for re-election. Genworth said that current board member Melina Higgins is expected to succeed Riepe upon her re-election.
“I am grateful to have had the opportunity to serve as lead director and then as chair throughout the company’s journey as a leading global mortgage and long-term care insurance provider over the last 15 years,” Riepe said. “I am confident the experience our new board members bring, combined with the knowledge and experience of the returning directors, will serve our investors well as Genworth pursues its future strategies. The transition of the chair role to Melina should be seamless, as she is eminently qualified and has been an excellent partner and leader on Genworth’s board for the last eight years.”
“I would like to thank Jim, David and Tom for their dedication and many years of service to Genworth,” Genworth President and CEO Tom McInerney said. “As Genworth enters its next chapter, I am pleased that Melina Higgins, who has served on Genworth’s board since 2013, will build on Jim’s legacy as our non-executive chair.”
