Mortgage insurer Genworth Financial has announced that in early March, Dan Sheehan will transition out of his current combined role of Executive VP, CFO and CIO, whereupon Jerome Upton will be appointed Executive Vice President and CFO, and Kelly Saltzgaber will be appointed Executive Vice President and CIO.
Sheehan will remain in his current combined role through the completion of the company’s Q4 financial close process and related Form 10-K filing, which is expected to occur in late February.
Genworth states that he will then remain with the firm in an advisory role until March 31, 2023, to ensure a smooth transition.
Tom McInerney, President and Chief Executive Officer of Genworth, commented, “Genworth has made significant progress, particularly over the last two years, in strengthening our financial foundation and flexibility.
“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. 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.”
McInerney continued, “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.”
“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.
“I am highly confident that they will continue to build on the great progress Genworth has made under Dan’s leadership.”
Upton is currently serving as Senior Vice President, Deputy CFO and Controller (Principal Accounting Officer) for Genworth, while Saltzgaber is currently serving as Senior Vice President, Head of Portfolio Management.
McInerney added, “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.”
He concluded, “Kelly 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 ten 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.”
