Genworth Financial up 2% on CEO Resignation

Genworth Financial

is trading higher on the session following the announcement that its CEO, Michael D. Fraizer, is resigning. The company also reported a Q1 EPS of $0.06 vs $0.11 estimates and revenues $2.43 billion vs $2.57 billion estimate. Fraizer stated: "The Genworth team has accomplished much as we built the business and since the company went public in 2004. After navigating through the recent financial and housing crisis, and as the company transitions to the next generation Genworth, I believe this is the right time for me to move on to other opportunities. It has been an honor to serve our customers and work with so many talented employees over the years, and I wish them all the very best." Genworth Financial is currently trading at $6.27, a gain of $0.12 or 1.95%.