Genworth Assigns Klein to Oversee Units Targeted for Sale

Genworth Financial Inc. (GNW), the seller of life insurance and mortgage guaranties, said Chief Financial Officer Martin Klein will take on new duties overseeing units the company has targeted for possible sale.

Klein, 53, was given the additional title of executive vice president and will have operational responsibilities for international protection and wealth-management segments, the Richmond, Virginia-based insurer said today in a statement.

Genworth may sell those businesses as it seeks to boost value for shareholders by divesting units that aren’t central to its strategy, Klein said in October. Heads of the units previously reported to Pat Kelleher, the executive vice president who oversees insurance. Klein served as acting chief executive officer from the time of Michael Fraizer’s departure in May until Tom McInerney took over in January.

Klein “will lead the related priorities of increasing International Protection’s and Wealth Management’s value and exploring options to realize that value,” McInerney said in the statement.

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