RICHMOND, Va., Dec. 21 /PRNewswire-FirstCall/ -- Genworth Financial
announced that Dennis D. Dammerman will step down from its board, effective
today, reflecting his retirement from General Electric Company (GE) at the end
of this year and GE's continued reduction in holdings of Genworth shares.
Dammerman, vice chairman and executive officer of GE and chairman of GE
Capital Services, has been a Genworth director since the company's initial
public stock offering in May 2004.
"Dennis has provided us exceptional support during our early history as a
publicly traded company," said Michael D. Fraizer, chairman and chief
executive officer. "We will miss his counsel, and wish him all the best as we
embark on an independent future and he embarks on a new phase of his life
after nearly 40 years of outstanding service to GE."
GE currently owns 18 percent of Genworth's common stock and has announced
its intention to sell all of its remaining interest by the end of 2006.
Consistent with this reduction, Genworth has been adding independent directors
to its board and will continue to do so.
Saiyid (Sy) T. Naqvi, chief executive officer of DeepGreen Financial, an
online home-equity lender, joined the board this month. Nancy J. Karch,
director emeritus and retired senior partner of international consulting firm
McKinsey & Company, was elected to the Genworth board in late October.
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, with 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
SOURCE Genworth Financial, Inc.
CONTACT: Investors: Alicia Charity, +1-804-662-2248,
Alicia.Charity@genworth.com; Media: Tom Topinka, +1-804-662-2444,
Thomas.Topinka@genworth.com, both of Genworth Financial, Inc.