Genworth Financial announced a major executive leadership transition today. President and Chief Executive Officer Tom McInerney notified the Board of Directors of his decision to retire. He will step down from his role and leave the Genworth Board of Directors on December 31, 2026. Following his departure, the Board expects to name current Chief Financial Officer Jerome Upton as President and CEO. The Board will also appoint Upton to the Genworth Board of Directors on January 1, 2027. Additionally, Closed Block CFO Angela Simmons will assume the role of Executive Vice President and Chief Financial Officer.
“On behalf of the Board, I want to thank Tom for his outstanding leadership and commitment to Genworth,” said Melina Higgins, Chair of Genworth’s Board of Directors. “During his tenure, Genworth significantly strengthened its financial foundation, delivered substantial value to shareholders, and advanced a vision for the future of the company in CareScout. The Board is confident that Jerome will carry this strong progress forward. Jerome’s deep knowledge of Genworth, broad leadership experience, and integral role in shaping our strategy make him the right leader to guide the next chapter for the company.”
“I am grateful for the Board’s confidence and honored to lead Genworth in this new chapter,” said Upton. “Over the past 28 years, I have developed a deep appreciation and understanding of our people, our businesses, and the customers who depend on us. I look forward to building on the strong foundation we established under Tom’s leadership, executing our strategy with discipline, and working every day to create long-term value for our customers, shareholders, and associates.”
Incoming Leadership Brings Decades of Institutional Experience
Jerome Upton joined Genworth and its predecessor companies in 1998. He took over as CFO in March 2023. Throughout his 28-year career, Upton held critical executive roles in finance and operational divisions across multiple global locations. Moreover, his strategic contributions helped strengthen Genworth’s overall financial foundation and operational efficiency significantly.
“It has been a privilege to lead Genworth over the past 14 years and work with such talented and dedicated people,” said McInerney. “I am very proud of the progress we have made together from strengthening our financial position and returning capital to shareholders to addressing the challenges of our legacy long-term care business and launching CareScout. Jerome has been a trusted partner in this work, and I believe he, Angela, and the broader management team will continue to position Genworth for long-term success.”
Strengthening Financial Management and Future Growth
Similarly, Angela Simmons brings extensive internal experience to her new role as CFO. Simmons joined Genworth in 2002. Over two decades, she led capital markets, SEC reporting, controllership, and corporate finance units. Before becoming Closed Block CFO in 2020, she managed U.S. Life Insurance controllership and led SEC reporting for ten years.
In addition, Simmons ensured the sustainability of the Closed Block division throughout. This ensured that she helped protect the stability of Genworth’s balance sheet for the future.
Finally, this smooth transition of leadership sets up Genworth for sustainable growth into the future.
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Source: Businesswire
