George Reichert, formerly chief information officer (CIO) with Nortel Networks, has joined Genworth Financial Inc.'s U.S. Mortgage Insurance (USMI) unit as CIO.
While at Nortel Networks, Reichert helped lead the vision for the company's IT restructuring plan. Previously, he led IT teams at Lenovo and DHL.
In addition, Genworth Financial announced that it has promoted Paul Gomez, formerly senior vice president for the company's U.S. Life Insurance Operations team, as chief operations officer for its USMI division.
In his new role, Gomez will focus on maximizing USMI's operational effectiveness.
‘This is an exciting time for USMI as we begin to plan for prudent growth,’ says Rohit Gupta, president and CEO of Genworth USMI, in a release. ‘As we continue looking at how to best align our operations teams to achieve our loss mitigation goals and provide exceptional customer service, Paul's experience with running large customer service teams and analytics will be key to our work.’
Gupta added that Reichert ‘is a results-driven leader with a proven ability to develop and execute IT strategy as well as motivate and empower people. I'm pleased to have him on board to focus on how we can best leverage technology to drive the business forward and effectively manage change.’
Genworth Financial Inc. offers mortgage insurance that helps consumers achieve homeownership while assisting lenders in managing their risk and capital. The company also offers life insurance, long-term care insurance, financial protection coverage and independent advisor-based wealth management, among other services.
In related news, Genworth Financial recently announced that it has closed the sale of its Wealth Management business, including Genworth Financial Wealth Management and alternative solutions provider, the Altegris companies, to a partnership of Aquiline Capital Partners and Genstar Capital for $412.5 million.
As per the deal, the company will record an additional after-tax loss of up to $10 million related to the sale in the third quarter. Proceeds of approximately $360 million, net of transaction costs and payments to settle obligations to the former owners of its Altegris businesses, together with cash on hand at Genworth Holdings, Inc., will be used to address the company's remaining 2014 debt at maturity or before.
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