Genworth CEO steps down

Genworth Mortgage Insurance Australia has announced the retirement of its chief executive officer.

Genworth chairman Richard Grellman AM today announced that Ellie Comerford is retiring as CEO and managing director, and as a member of the board of directors, but will remain employed in an advisory role until 31 May 2016 to assist with transitional matters.

Georgette Nicholas, presently chief financial officer, has been appointed acting CEO effective from today.

In conjunction with this move, Luke Oxenham, director corporate finance and investor relations is being named acting CFO.

Commenting on the change, Genworth chairman Mr Grellman said the board would like to thank Ellie for her leadership and contributions over the last five years which culminated in the successful completion of the group’s IPO and delivery of solid financial results to date as an ASX 200 company.

“Ellie has focused on building a strong governance and risk management culture and has led from the front in the areas of diversity, employee development and community relations,” he said.

“We have appreciated Ellie’s dedication and commitment to our shareholders, customers and employees and wish her well for the future."

Ms Comerford said she was proud of the achievements made during her tenure as CEO and managing director of Genworth Australia, and thanked the entire Genworth Australia team for their achievements and their hard work and dedication.

"This is a great company which serves its customers and those Australians who have been able to realise their dream of home ownership, and I have been proud to lead it,” she said.

Ms Nicholas said that she is pleased to have the opportunity to provide leadership on an interim basis and reaffirmed that there is no change to the financial guidance that has been previously provided for 2015 financial year.

The board will conduct a global search process for a candidate to succeed Ms Comerford, under which internal and external candidates will be considered.

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