Brian Hurley announces his decision to transition from Chairman and Chief Executive Officer to Executive Chairman on January 1, 2015
Stuart Levings appointed as Successor
TORONTO, Aug. 28, 2014 /CNW/ - Genworth MI Canada Inc's. ("Genworth Canada") (TSX: MIC) Chairman and Chief Executive Officer, Brian Hurley, announced that after five years in his current roles he will transition to the newly created role of Executive Chairman effective January 1, 2015.
Concurrently, the Board of Directors today announced that Stuart Levings, Chief Operating Officer of Genworth Canada will succeed Mr. Hurley and take on the role of President and Chief Executive Officer effective January 1, 2015. To assist with the transition, Mr. Hurley will work with Mr. Levings on corporate strategy, overall business performance, board relations and leadership succession. Genworth Canada will continue to have a Lead Director on the board to provide leadership to the board of directors.
"Brian has had an outstanding career at Genworth Canada since its IPO in July 2009. He led the organization through a challenging period during which the Company increased its focus on risk management while maintaining strong customer relationships that drove growth in the business. The Board is very pleased that its succession planning process has resulted in an exceptional internal candidate, Stuart Levings, being named successor and looks forward to continuing to work with him as he takes on the CEO role," said Sidney Horn, Lead Director.
"I am confident that Stuart's outstanding leadership, financial experience and risk management background will drive the success of Genworth Canada in the future. That, combined with a long tenured and best-in-class executive team, leaves no doubt that the management of the company is in very strong hands. I look forward to working with the leadership team in my new role as Executive Chairman to ensure there is a seamless transition in Genworth Canada's management," noted Mr. Hurley.
"I am honoured to be asked by the Board to lead Genworth Canada and look forward to working with the executive team and all of our employees to maintain Genworth Canada's strong market presence and performance," said Stuart Levings.
About Genworth MI Canada Inc.
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For almost two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at June 30, 2014, Genworth Canada, had $5.7 billion total assets and $3.3 billion shareholders' equity. Find out more at www.genworth.ca.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These forward-looking statements include, but are not limited to, Genworth Canada's plans, objectives, expectations and intentions, including the Genworth Canada's focus on risk management, transition of management succession planning and other statements contained in this release that are not historical facts. These statements may be identified by their use of words such as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", or similar expressions, as they relate to Genworth Canada are intended to identify forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond Genworth Canada's control. Genworth Canada's actual results may differ materially from those expressed or implied by such forward-looking statements, including as a result of changes in global, political, economic, business, competitive, market and regulatory factors, and the other risks described in Genworth Canada's Annual Information Form dated March 17, 2014. Other than as required by applicable laws, Genworth Canada undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
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