Genworth Announces Update To Leadership Structure
CFO/CIO Dan Sheehan stepping down, to be succeeded by Jerome Upton and Kelly Saltzgaber.
Genworth Financial Inc. on Monday announced an update to its senior leadership structure, separating the roles of chief financial officer and chief investment officer in early March.
At that time, Dan Sheehan will transition out of his current combined role of executive vice president, CFO and CIO. Jerome Upton will be appointed EVP and CFO, while Kelly Saltzgaber will be appointed EVP and CIO.
Sheehan will remain in his current combined role through the completion of the company's fourth-quarter financial close process and related Form 10-K filing, which is expected to occur in late February, the company said. He will then remain with the company in an advisory role until March 31, in order to ensure a smooth transition.
“Genworth has made significant progress, particularly over the last two years, in strengthening our financial foundation and flexibility,” said Tom McInerney, president and CEO of Genworth. “As we enter a new chapter for our company, I believe these changes to our leadership structure will further strengthen our ability to execute against our strategic priorities.”
McInerney continued: “Dan has been a good friend and colleague of mine for the past 10 years, and we could not have achieved the progress at Genworth without him. Over the last two years, he helped lead us through a very successful transition as CFO. Further, his depth of experience has made him an excellent investment leader, and he and the team have delivered outstanding results for many years. The board and I would like to thank Dan for his many years of service to Genworth.”
Upton currently serves as senior vice president, deputy CFO, and controller (principal accounting officer) for Genworth; while Saltzgaber serves as senior vice president, head of portfolio management.
“Both Jerome and Kelly were key deputies to Dan during his tenure, and key leaders that enabled us to successfully transform Genworth and achieve our financial and investment objectives," McInerney said. "I am highly confident that they will continue to build on the great progress Genworth has made under Dan’s leadership.”
On Upton, McInerney noted that, “Over the last 24 years, Jerome has been an exemplary finance leader in both mortgage insurance and corporate contexts. He also has played a key role in several significant strategic transactions the company has completed. I am confident Jerome will be a driving force in our continued strong financial performance to help deliver value for our shareholders over the long term.”
On Saltzgaber, he said she "brings more than 30 years of deep expertise in investment management with both investment firms and large financial institutions to the role of CIO. Since joining Genworth 10 years ago, she’s taken on roles with increasing scope and responsibility, while also designing and implementing our investments sustainability program. She’s a strong leader, focused on enabling both the performance and development of her team.