RICHMOND, Va., Oct 28, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Genworth Financial, Inc.
(NYSE: GNW) announced today that Nancy J. Karch has been elected to the
Genworth Financial Board of Directors. She fills one of two newly created
independent director positions.
Karch is director emeritus and retired senior partner of international
consulting firm McKinsey & Company. During her 26-year career with McKinsey,
she advised firms in retailing, mass merchandising, apparel manufacturing, and
the food and hospitality industries on issues of marketing, strategy, and
organization. At McKinsey, she held various leadership positions, including
managing partner of the retail and consumer industry sectors and managing
partner of McKinsey Southeast United States.
Karch currently serves on the boards of the Corporate Executive Board
Company and Liz Claiborne, Inc. She has also served on the boards of The
Gillette Company and Toys "R" Us, Inc.
"We are delighted to be able to add a director of Nancy Karch's extensive
experience and talent to Genworth's board as we continue to build strong
corporate governance and move toward a majority independent board," said
Michael D. Fraizer, chairman and chief executive officer. "We especially look
forward to tapping her expertise in consumer marketing as we refine strategies
to market the increasing array of products Genworth offers across protection,
retirement income and mortgage insurance, as well as future opportunities that
may evolve."
Genworth's board composition expanded by two independent positions as a
result of the reduction in holdings by its former parent, the General Electric
Company, from 52 percent to 27 percent subsequent to a secondary offering of
shares in September 2005. Genworth expects to fill the second vacancy as soon
as practicable.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading insurance holding
company, serving the lifestyle protection, retirement income, investment and
mortgage insurance needs of more than 15 million customers, and has operations
in 24 countries, including the U.S., Canada, Australia, the U.K. and more than
a dozen other European countries. For more information, visit
http://www.genworth.com.
SOURCE Genworth Financial, Inc.
Media: Tom Topinka, +1-804-662-2444, Thomas.topinka@genworth.com, or Investors:
Alicia Charity, +1-804-662-2248, Alicia.charity@genworth.com, both of Genworth
Financial, Inc.
