A large financial services company has announced the arrival of a chief financial officer, the departure of a top insurance executive and plans to cut costs.
Genworth Financial Inc., Richmond, Va., is hiring Patrick Kelleher to be CFO. Before Kelleher assumes the CFO title in March, he will be a senior vice president at Genworth, the company says.
Kelleher, 49, has been the chief financial officer at Transamerica Reinsurance, Charlotte, N.C., a unit of AEGON N.V., The Hague, Netherlands, since 1998. Kelleher also has worked for units of Manulife Financial Corp., Toronto, and Sun Life Financial Inc., Toronto.
Kelleher has a bachelor’s degree from Franklin & Marsh College. He is a fellow both of the Society of Actuaries in the United States and of the Canadian Institute of Actuaries.
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Kelleher will receive an annual base salary of $400,000, a hiring bonus of $300,000 and at least $200,000 in additional payments by March 1, 2008, according to a report Genworth filed with the U.S. Securities and Exchange Commission.
Kelleher also will receive 20,000 Genworth stock appreciation rights and 10,000 restricted Genworth stock units, Genworth says.
Kelleher will succeed Victor Moses, Genworth’s senior vice president for actuarial and risk, who has been Genworth’s acting CFO.
Genworth’s last permanent CFO, Richard McKenney, left in August 2006 to become CFO of Sun Life.
Genworth also says George Zippel, president of the company’s protection unit, has resigned.