Genworth CEO McInerney to Retire; CFO Upton Expected to Succeed

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Genworth Financial announced on October 30 that President and CEO Tom McInerney will retire at the end of the year. He has told the board he will also leave its ranks on December 31, 2026.

The board expects to name Jerome Upton, the company's chief financial officer, as his successor. Upton would also be appointed to the board.

Angela Simmons is expected to become executive vice president and CFO. Both changes take effect on January 1, 2027. Simmons currently serves as CFO of Genworth's Closed Block.

The board's view

Melina Higgins, chair of the board, thanked McInerney for his "outstanding leadership and commitment to Genworth." She said that during his tenure the company strengthened its financial foundation, delivered substantial value to shareholders and advanced a vision for the future in CareScout.

Higgins described Upton's knowledge of the company, his broad leadership experience and his role in shaping strategy as the reasons he is "the right leader to guide the next chapter."

Upton said he was grateful for the board's confidence. He said he has spent 28 years developing an appreciation of the company's people, its businesses and its customers. He plans to build on the foundation laid under McInerney and to execute the strategy "with discipline."

McInerney called leading Genworth for 14 years a privilege. He pointed to strengthening the financial position, returning capital to shareholders, tackling the challenges of the legacy long-term care business and launching CareScout. He said Upton, Simmons and the wider management team will keep positioning the company for long-term success.

The two successors

Upton has been with the company and its predecessors since 1998 and has been CFO since March 2023. He has held executive roles in finance and operations across several business lines and geographies. According to the company, he has worked closely with McInerney on the improved financial and operating position.

Simmons joined Genworth in 2002. Her roles have covered capital markets, SEC reporting and controllership. Before becoming CFO of the Closed Block in 2020, she was controller for U.S. Life Insurance. She also spent more than a decade leading the SEC reporting function.

Genworth is a holding company based in Richmond, Virginia, and trades on the NYSE under GNW. Its brands include CareScout, Genworth and Enact. It is the majority owner of Enact Holdings, a U.S. mortgage insurer listed on Nasdaq.

Source: Genworth Financial