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Genworth Announces Election of New Independent Board Member

Genworth Financial(NYSE: GNW) announces that it has elected David M. Moffett as a new independent director.

Moffett, 60, retired as chief executive officer and a director of the Federal Home Loan Mortgage Corporation (Freddie Mac) in March 2009. Before arriving at Freddie Mac in September 2008, Moffett served as a senior advisor with the Carlyle Group LLC from May 2007-September 2008. He is also a former vice chairman and chief financial officer of U.S. Bancorp and Firstar Corporation. Moffett has been a director at eBay Inc. since July 2007 and at CIT Group, Inc. since July 2010. He also previously served on the boards of directors of MBIA Inc., The E.W. Scripps Company and Building Materials Holding Corp.

"As Genworth continues to execute its strategy of rebuilding value for shareholders, we believe David's extensive experience and perspectives will provide invaluable insights," said James S. Riepe, Genworth non-executive chairman of the board.

Moffett holds a Bachelor of Arts degree in Economics from the University of Oklahoma and an MBA from Southern Methodist University. Moffett's election to Genworth's board of directors increases the size of the board from seven to eight directors.

Posted-In: News Management

 

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