Genworth Financial Reports Executive Changes & Compensation on Dec 31

Ticker: GNW · Form: 8-K · Filed: 2024-01-03T00:00:00.000Z

Sentiment: neutral

Topics: executive-changes, compensation, corporate-governance

TL;DR

**Genworth filed an 8-K about executive changes and compensation on December 31, 2023.**

AI Summary

Genworth Financial, Inc. filed an 8-K on January 3, 2024, reporting an event that occurred on December 31, 2023. The filing indicates changes related to the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.' This matters to investors because changes in leadership or executive compensation can signal shifts in company strategy, financial health, or future performance, potentially impacting the stock's value.

Why It Matters

Changes in executive leadership and compensation can directly influence a company's strategic direction and operational efficiency, which are critical factors for long-term stock performance.

Risk Assessment

Risk Level: medium — Changes in executive leadership can introduce uncertainty regarding future company direction and performance, warranting a medium risk assessment.

Analyst Insight

An investor should monitor subsequent filings or company announcements for specific details regarding the executive changes and compensation arrangements to understand their potential impact on Genworth's future strategy and financial health.

Key Players & Entities

FAQ

What specific event did Genworth Financial, Inc. report in this 8-K filing?

Genworth Financial, Inc. reported an event under Item 5.02, titled 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers,' which occurred on December 31, 2023.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on December 31, 2023.

What is the filing date of this 8-K for Genworth Financial, Inc.?

The filing date for this 8-K by Genworth Financial, Inc. was January 3, 2024.

On which stock exchange is Genworth Financial, Inc.'s Class A Common Stock registered?

Genworth Financial, Inc.'s Class A Common Stock, with par value $.001 per share and trading symbol GNW, is registered on the NYSE (New York Stock Exchange).

What is the business address of Genworth Financial, Inc. as stated in the filing?

The business address of Genworth Financial, Inc. is 6620 West Broad Street, Richmond, VA 23230.

Filing Stats: 722 words · 3 min read · ~2 pages · Grade level 10.4 · Accepted 2024-01-03 16:30:54

Key Financial Figures

Filing Documents

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously reported on December 14, 2023, Brian K. Haendiges, Executive Vice President—U.S. Life Insurance, informed Genworth Financial, Inc. (the "Company") of his intention to resign from this position effective December 31, 2023. Mr. Haendiges did resign his position as Executive Vice President—U.S. Life Insurance, effective December 31, 2023. Mr. Haendiges will remain employed with the Company in an advisory role through April 2024 to ensure a smooth transition to a new Executive Vice President—U.S. Life Insurance. Effective January 1, 2024, the Company appointed Jamala M. Arland as Executive Vice President—U.S. Life Insurance. Ms. Arland, age 42, has served as a Senior Vice President—Long-Term Care Insurance In-Force since May 2022 with oversight responsibilities of the Company's in-force long-term care insurance products. From January 2019 through May 2022, she served as a Vice President in Long-Term Care In-Force leading the execution of the Company's multi-year rate action plan. Ms. Arland joined the Company in May 2005 and has held various actuarial roles at the Company in life valuation and annuity product development. She is the industry representative to the California Long-Term Care Taskforce, as appointed by the state Senate Rules Committee. Ms. Arland is a Fellow in the Society of Actuaries, a member of the American Academy of Actuaries (AAA), previously serving as chair of the AAA LTC Reform Subcommittee, and is a charterholder in the CFA Institute. Ms. Arland received a Bachelor of Mathematics (Actuarial Science and Statistics) degree from the University of Waterloo. In connection with her appointment as Executive Vice President—U.S. Life Insurance, Ms. Arland will receive an annual base salary of $500,000 and an annual incentive target of 100% of her base salary. Ms. Arland is eligi

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 3, 2024 GENWORTH FINANCIAL, INC. By: /s/ Jerome T. Upton Jerome T. Upton Executive Vice President and Chief Financial Officer

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