Genworth Financial, Inc. Announces Management Changes
October 28, 2021 at 09:06 am EDT
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On October 28, 2021, Genworth Financial, Inc. announced that Ward E. Bobitz will resign as Executive Vice President and General Counsel, effective December 31, 2021, but will remain employed with the Company in an advisory role through June 30, 2022 to ensure a smooth transition to a new General Counsel. His resignation as an executive officer and termination of employment will trigger payments to him, vesting acceleration of certain equity awards and retirement benefits pursuant to the previously disclosed terms of the Company?s Key Employee Severance Plan. Upon Mr. Bobitz?s resignation, it is expected that Gregory S. Karawan will be appointed Executive Vice President and General Counsel. Mr. Karawan has been serving as a Vice President of the Company since June 2008 and as General Counsel of the Company?s U.S. Life Insurance segment since January 2007. On October 28, 2021, the Company also announced that Pamela M. Harrison will resign as Executive Vice President and Chief Human Resources Officer, effective December 31, 2021, but will remain with the Company through that date to ensure a smooth transition to a new Chief Human Resources Officer. Ms. Harrison is resigning to pursue other opportunities. Upon Ms. Harrison?s resignation, it is expected that Melissa Hagerman will be appointed Executive Vice President and Chief Human Resources Officer. Ms. Hagerman has been a Human Resources leader at the Company since 2014 and has served as the HR leader for Corporate & Investments and Talent Acquisition teams since 2018.
Genworth Financial, Inc., through its principal insurance subsidiaries, offers mortgage and long-term care insurance products. The Company is the holding company of Enact Holdings. The Company operates through three segments: Enact, Long-Term Care Insurance Segment and Life and Annuities. Through Enact Holdings and its mortgage insurance subsidiaries, Enact segment provides private mortgage insurance products and services. The segment is engaged in the business of writing and assuming residential mortgage guaranty insurance. Long-Term Care Insurance Segment includes long-term care insurance products. The segment offers individual long-term care insurance policies. Life and Annuities segment offers a variety of protection and retirement income products through its principal United States life insurance subsidiaries. The segment includes traditional and non-traditional life insurance, fixed annuities and variable annuities.