RICHMOND, Va., Dec. 5, 2012 /PRNewswire/ -- Genworth Financial, Inc. (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.About Genworth FinancialGenworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement – including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management – and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital. Genworth has approximately 6,300 employees and operates through three divisions: Insurance and Wealth Management, which includes U.S. Life Insurance, Wealth Management and International Protection segments; Global Mortgage Insurance, which includes U.S. and International Mortgage Insurance segments; and the Corporate and Runoff division. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia SOURCE Genworth Financial, Inc.