Genworth Expands CFO Role, Targets Value In Wealth Management

Harriet Davies

26 February 2013

Genworth Financial has appointed its chief financial officer as executive vice president of the business, with responsibility for driving key strategies such as growing the wealth management business and creating more value.

Martin Klein, who took over as CFO in May 2011, has operational responsibility for Genworth’s international protection and wealth management segments, its corporate and “other” division, and for corporate development activities.

At the wealth management business he will help the team develop new products and services to foster growth among financial advisors.

“Given the integral role corporate development will play in creating long-term value for Genworth, it makes sense to align that function under Marty," said chief executive Tom McInerney.

"As CFO, Marty helps drive our turnaround priorities that are designed to increase our financial strength and flexibility," said McInerney. "Now, he also will lead the related priorities of increasing international protection's and wealth management's value and exploring options to realize that value.”

McInerney took over as CEO on January 1, 2013. He was previously an advisor at The Boston Consulting Group. Before his appointment Klein had been serving as acting CEO since May 2012, when former CEO and chairman Michael Frazier resigned.

At the time, James Riepe became acting non-executive chairman of the board, a role he has maintained.