Mortgage insurance provider Genworth has announced the retirement of one of its board members after reporting a significant fall in profits for the first quarter of 2016.
Samuel Marsico will retire as a non-executive director from Genworth’s board, having been a designee of Genworth Financial and a member of the group’s risk committee since 2012.
Genworth said in a statement that Mr Marsico had made a significant contribution to the company, “bringing professional expertise in the areas of risk management and mortgage insurance specifically”.
“On behalf of my fellow directors and executive management, I thank Mr Marsico for his service, his commitment and his insights to both the board and the risk committee,” Genworth chairman Richard Grellman said.
The group said it was finalising a global search for Mr Marsico’s replacement.
The announcement of Mr Marsico’s departure came after Genworth reported a net profit after tax (NPAT) of $67.3 million and an underlying NPAT of $61.8 million for the March 2016 quarter, down 11.5 per cent and 24.8 per cent respectively over the prior corresponding period.
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