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Life Health > Life Insurance

Genworth's life division CEO to leave by year’s end

By Maria Wood

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Patrick B. Kelleher will leave his position as executive vice president and CEO of Genworth Financial, Inc.’s U.S. life insurance division at the end of the year, the company announced today.

No reason was given in the statement for Kelleher’s departure. A spokesperson for Genworth declined to comment further on the matter.

Tom McInerney, Genworth’s president and CEO, will serve as CEO of the U.S. life insurance division until a replacement for Kelleher is hired and will work on the transition of duties with Kelleher until his tenure officially ends on December 31.

Kelleher was appointed EVP and CEO of the life insurance unit in 2012. Prior to that appointment, he held a series of executive positions at Genworth, including heading the company’s insurance, wealth management, retirement and protection divisions as well as serving as chief financial officer from 2007 to 2011. He joined the company in 2007 after working at a number of insurers, among them, Transamerica Reinsurance, Manulife Financial and Sun Life.

“Under Pat’s leadership as CFO during the financial crisis and more recently as chief executive officer of the U.S. life insurance division, Genworth has made progress building financial flexibility, improving capital ratios, and repositioning the long-term care insurance business through important steps such as implementing appropriate levels of rate actions on our in-force business,” said McInerney in a statement. “We remain on track to achieve the 2013 goals and milestones for the U.S. life insurance division set out earlier this year and feel good about the strategic progress, financial position, and performance of the business, enabling a transition to a more significant business development and distribution focus.”

Genworth’s U.S. life insurance division offers life insurance, long-term care insurance and fixed annuities.

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