Genworth Financial Inc.

01/03/2024 | Press release | Distributed by Public on 01/03/2024 15:31

Management Change/Compensation - Form 8-K

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously reported on December 14, 2023, Brian K. Haendiges, Executive Vice President-U.S. Life Insurance, informed Genworth Financial, Inc. (the "Company") of his intention to resign from this position effective December 31, 2023. Mr. Haendiges did resign his position as Executive Vice President-U.S. Life Insurance, effective December 31, 2023. Mr. Haendiges will remain employed with the Company in an advisory role through April 2024 to ensure a smooth transition to a new Executive Vice President-U.S. Life Insurance.

Effective January 1, 2024, the Company appointed Jamala M. Arland as Executive Vice President-U.S. Life Insurance.

Ms. Arland, age 42, has served as a Senior Vice President-Long-Term Care Insurance In-Forcesince May 2022 with oversight responsibilities of the Company's in-forcelong-term care insurance products. From January 2019 through May 2022, she served as a Vice President in Long-Term Care In-Forceleading the execution of the Company's multi-year rate action plan. Ms. Arland joined the Company in May 2005 and has held various actuarial roles at the Company in life valuation and annuity product development. She is the industry representative to the California Long-Term Care Taskforce, as appointed by the state Senate Rules Committee. Ms. Arland is a Fellow in the Society of Actuaries, a member of the American Academy of Actuaries (AAA), previously serving as chair of the AAA LTC Reform Subcommittee, and is a charterholder in the CFA Institute. Ms. Arland received a Bachelor of Mathematics (Actuarial Science and Statistics) degree from the University of Waterloo.

In connection with her appointment as Executive Vice President-U.S. Life Insurance, Ms. Arland will receive an annual base salary of $500,000 and an annual incentive target of 100% of her base salary. Ms. Arland is eligible to participate in the Company's Amended and Restated Senior Executive Severance Plan. In addition, Ms. Arland will be entitled to participate in other benefits that are available to our executive officers, such compensation and benefit plans and arrangements are described in the Company's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 5, 2023.