The Genworth campus off West Broad Street near Glenside Drive. (Photo by Michael Schwartz)
There’s been a changing of the guard at one of Richmond’s biggest companies.
Genworth Financial on Tuesday named Thomas McInerney as its president and chief executive. He’ll take the helm of the West End mortgage insurance and financial firm on Jan. 1.
He replaces Martin Klein, who has held the position in an interim capacity since longtime chief executive Michael Frazier resigned abruptly in May.
Thomas McInerney
McInerney, 56, was most recently an adviser to the Boston Consulting Group, a management consulting firm. He was previously chief operating officer at financial giant ING Groep and chief executive of ING Americas. That was preceded by a 20-year career at Aetna Financial Services, where he ultimately was president.
McInerney graduated from Colgate University with a bachelor’s in economics and received an MBA in finance and investments from the Tuck School of Business at Dartmouth.
He’ll be tasked with improving the bottom line of a Fortune 500 firm that was hit hard by the housing market downturn, which battered its mortgage insurance business.
Genworth over the past two years has sought to sell off pieces of the company with the goal of getting back in the black and increasing its stock price. It sold its tax and accounting advisers unit in a $79 million deal in April. In October 2010, it closed on a deal to sell its Medicare supplement business to Aetna for $290 million.
In January 2011, it did away with many of its annuities products, resulting in the elimination of 130 local jobs.
The company reported a profit in the third quarter of $34 million, compared with a net loss of $16 million in the same period of 2011.
Genworth is headquartered off West Broad Street near Glenside Drive. It has 6,300 employees, including 1,200 in Richmond.
Klein will resume his role as Genworth’s CFO once McInerney comes on board, the company said.
The Genworth campus off West Broad Street near Glenside Drive. (Photo by Michael Schwartz)
There’s been a changing of the guard at one of Richmond’s biggest companies.
Genworth Financial on Tuesday named Thomas McInerney as its president and chief executive. He’ll take the helm of the West End mortgage insurance and financial firm on Jan. 1.
He replaces Martin Klein, who has held the position in an interim capacity since longtime chief executive Michael Frazier resigned abruptly in May.
Thomas McInerney
McInerney, 56, was most recently an adviser to the Boston Consulting Group, a management consulting firm. He was previously chief operating officer at financial giant ING Groep and chief executive of ING Americas. That was preceded by a 20-year career at Aetna Financial Services, where he ultimately was president.
McInerney graduated from Colgate University with a bachelor’s in economics and received an MBA in finance and investments from the Tuck School of Business at Dartmouth.
He’ll be tasked with improving the bottom line of a Fortune 500 firm that was hit hard by the housing market downturn, which battered its mortgage insurance business.
Genworth over the past two years has sought to sell off pieces of the company with the goal of getting back in the black and increasing its stock price. It sold its tax and accounting advisers unit in a $79 million deal in April. In October 2010, it closed on a deal to sell its Medicare supplement business to Aetna for $290 million.
In January 2011, it did away with many of its annuities products, resulting in the elimination of 130 local jobs.
The company reported a profit in the third quarter of $34 million, compared with a net loss of $16 million in the same period of 2011.
Genworth is headquartered off West Broad Street near Glenside Drive. It has 6,300 employees, including 1,200 in Richmond.
Klein will resume his role as Genworth’s CFO once McInerney comes on board, the company said.