Genworth Financial Announces Two Changes To USMI Leadership Team

RICHMOND, Va., Feb. 9, 2012 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today announced two personnel changes that will strengthen the senior leadership team of its U.S. Mortgage Insurance (USMI) unit. Ray Romano recently joined USMI as senior vice president and chief risk officer (CRO), and Dean Mitchell recently accepted the role of senior vice president and chief financial officer (CFO).

Romano is a proven senior leader in the housing industry. Prior to joining Genworth, Romano was the executive vice president – chief credit officer with Freddie Mac in McLean, VA. During more than seven years with Freddie Mac, he had wide responsibility for credit management activities for the company, including credit policy, customer credit risk management, quality control, credit risk reporting and analytics, credit risk modeling, fraud risk management, counterparty risk, loan loss reserves and loan review.

Previously, Romano worked with Washington Mutual Bank, FSB as the senior vice president – chief credit and risk management officer – Home Loans Group. In this role, his core areas included credit policy, credit modeling & analytics, counter party risk, treasury compliance, quality control, regulatory compliance, credit operations and recourse administration. He also has held leadership positions with North American Mortgage Company, Dime Savings Bank of NY, FSB, and CITICORP. He earned his undergraduate degree in Finance from Long Island University.

"We are pleased to add Ray Romano's vast knowledge and industry experience to our executive leadership team," said Kevin Schneider, president and chief executive officer of Genworth's USMI business. "His talents will contribute to our focus on the long-term success of our mortgage insurance business."

Mitchell has been acting chief financial officer for U.S. Mortgage Insurance since August 2011, where he has been responsible for leading the finance and accounting functions while driving USMI's capital and regulatory agenda, and interfacing with the board of directors, rating agencies and investors. Prior to the CFO's role, Dean had been vice president – capital management for the U.S. Mortgage Insurance segment. Mitchell joined Genworth in June 2004 as a member of the Global Capital Management group. 

Before joining Genworth, Mitchell was treasurer of Reichhold Inc., a global chemical manufacturer located in Research Triangle Park, NC, and the director of treasury at Business Telecom, Inc, a privately held telecommunications provider located in Raleigh, NC. 

"Dean brings strong analytical, problem solving, communication and execution skills to the CFO role," said Schneider. "His contributions will be key to USMI's financial discipline and our positioning of the business for long-term success."