Former Suncorp chief joins Genworth board

In a trading update on Monday, Genworth chairman Richard Grellman revealed that the group’s CEO, Georgette Nicholas, has been appointed managing director of the company, while former Suncorp Bank CEO David Foster has been appointed a non-executive director, effective immediately.

Ms Nicholas was appointed chief executive officer on 3 February this year.

“Georgette has extensive financial and mortgage insurance experience. Over a 30-year career, she has successfully navigated challenging economic and market environments and developed the strategic acumen and leadership capabilities that position her well to lead our business into the future,” Mr Grellman said.

“I am delighted to have someone with the depth of Georgette’s experience join the Genworth board.”

Mr Foster is a company director with extensive business and finance experience, particularly in the financial services sector. He is currently a non-executive director at Thorn Group Limited, G8 Education, Kina Securities Limited and Motorcycle Holdings Limited.

He has held a number of senior leadership roles at Westpac and Suncorp Group, including CEO of Suncorp Bank.

“David brings significant experience in the banking and mortgage industry and is an excellent cultural fit with the board,” Mr Grellman said.

“My fellow directors and I look forward to having him join us.”

[Related: Westpac exit could hold silver lining for Genworth]