Kent Conrad Joins Genworths Board
Kent Conrad, the former Democratic U.S. Senator from North Dakota, has joined the board of Genworth Financial. He represented the state from January 1987 through January 2013 and is a former chairman of the Senate Budget Committee.
He is also a former state tax commissioner.
“Kent’s extensive budgetary and public policy experience and perspectives will provide invaluable insights as Genworth continues its focus on rebuilding value for shareholders,” said James S. Riepe, chairman.
In January, Genworth announced a restructuring in which it would establish a new holding company and then separate out its mortgage insurance business from its life insurance business into separate units under that new entity.
The month before, it appointed Thomas McInerney as chief executive, putting a coda on the problems which arose from the failed sale of the Australian mortgage insurance business which forced out then chairman and CEO Michael Fraizer. Riepe had become chairman immediately after the April 2012 events.