Genworth CFO To Lead Life-Insurance, Wealth-Management Operations

   DOW JONES NEWSWIRES 
 

Genworth Financial Inc. (GNW) named Chief Financial Officer Patrick B. Kelleher as president and chief executive of its life-insurance and wealth-management businesses.

The 52-year-old will replace Pamela S. Schutz, who previously said she would retire in February. Kelleher has been chief financial officer since he joined the insurer in 2007.

Genworth President and CEO Michael D. Fraizer said, "Pat brings a broad and deep background and has contributed strongly to the company's positioning, financial discipline and improved performance coming out of a challenging period."

Meanwhile, Kevin Walker, 48, will work under Kelleher as financial chief of the retirement-and-protection business that he will lead. Walker joins Genworth from Allianz SE (AZSEY, ALV.XE), where he spent a decade.

Genworth's retirement-and-protection business reported a 7.3% drop in second-quarter earnings as the life-insurance segment was hurt by higher death rates, though sales jumped 31%.

Shares closed at $12.96 Wednesday and didn't trade premarket. The stock has risen 14% this year.

-By Jodi Xu, Dow Jones Newswires; 212-416-3037; [e-mail];