Genworth appoints new CFO and CRO following departure

US-based insurance holding company Genworth Financial has appointed Dan Sheehan as its new chief financial officer (CFO) and Brian Haendiges as chief risk officer (CRO).

Sheehan replaces Kelly Groh who has decided to leave Genworth, and will resign as executive vice president and CFO upon completion of the company's second quarter financial close process in early August.

Sheehan will retain his current role as chief investment officer (CIO), responsible for managing Genworth's $73 billion investment portfolio. He has been with Genworth and its predecessor company for 22 years, serving in leadership roles of increasing responsibility.

Haendiges will assume the CRO responsibilities from Groh, who has served as interim CRO since January 2020.

Haendiges was most recently senior vice president of US pricing and product management at MassMutual, where he was responsible for pricing and profitability for MassMutual's US portfolio, including life insurance, disability, long term care, annuity and retirement. Prior to that, he held leadership roles at ING and Aetna.

Tom McInerney, president and chief executive officer of Genworth, said: "The Board and I would like to thank Kelly for her many outstanding contributions to Genworth over the course of her 24-year career. Kelly's exceptional financial and leadership capabilities have strengthened Genworth's ability to navigate complex challenges. In her five years as CFO, Kelly's guidance has been critical as we worked to improve our liquidity and overcome hurdles throughout the China Oceanwide transaction process. Kelly expressed a desire to step away from the company to be closer to her family on the west coast, and we have a transition plan in place that we believe creates a strong foundation for Genworth's future. I wish her all the best in the next chapter of her life."

He added: "I am pleased that Dan, who has deep and extensive experience leading financial operations at Genworth, will assume the CFO role at this critical time for our company. In my experience, aligning investment operations under the CFO role is very effective, as it brings both sides of the balance sheet together under one comprehensive point of view. I am confident Dan will seamlessly assume these responsibilities, with the support of our outstanding finance and investments teams, as we seek to execute near-term actions to support Genworth's liquidity and continue to pursue the transaction with China Oceanwide."

"I am also pleased that Brian Haendiges will join Genworth's leadership team to oversee our risk management operations," concluded McInerney. "Brian and I have worked together over the course of our careers, and I look forward to working with him again during this critical time for Genworth."