subscribe to our newsletter
Genworth director announces retirement

Genworth director announces retirement

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.

[Related: YBR director resigns]

Genworth director announces retirement
mortgagebusiness logo

Latest News

It is incumbent upon home loan assessors to assume that a credit card holder has the capacity to meet full financial repayments within a “...

The number of Australian homes generating a resale profit has declined, with national resale gains the lowest they’ve been since October 2...

The federal government has announced the resignation of the corporate regulator’s deputy chair, Peter Kell, following seven years of servi...

FROM THE WEB

podcast

LATEST PODCAST: Upheaval at the major banks

Is enough being done to ensure responsible lending?