Genworth Financial has announced the departure from its board of Dennis D. Dammerman.
Mr. Dammerman is scheduled to retire Dec. 31 from General Electric Co., Genworth's former parent, the company said on Wednesday. He stepped down that day from the Genworth board of which he has been a member since the company's initial public stock offering in May 2004. Mr. Dammerman is a vice chairman and executive officer of General Electric and the chairman of GE Capital Services.
General Electric, after divesting large blocks of shares, currently owns 18% of Genworth's common stock and has announced its intention to sell all of its remaining stake by the end of 2006. Consistent with this shift in ownership, Genworth has added independent directors to its board and will continue doing so.
Saiyid T. "Sy" Naqvi, the chief executive officer of DeepGreen Financial, an online home-equity lender, joined the board this month, and Nancy J. Karch, a director emeritus and retired senior partner of the McKinsey & Co. global management consulting firm, was elected to the Genworth board in late October.
