Genworth Seeks to Limit Complexity as Share Price ‘Unacceptable’

Genworth Financial Inc. (GNW) may narrow its focus after the shares posted the biggest slump this year in the 81-company Standard & Poor’s 500 Financials Index, acting Chief Executive Officer Martin Klein said.

“We need to address the complexity of our business portfolio so it is simpler for investors to understand and more attractive for them,” Klein said today in a conference call discussing second-quarter results at the Richmond, Virginia- based company. He said the company’s share price and bond spreads are “unacceptable.”

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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