Business Context and Reporting Period
Company: Genworth Financial, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: September 12, 2013
Event: Election of a new independent director and appointment to a board committee.
Key Financial Metrics
This filing does not contain financial performance data. Revenue, profit, cash flow, margins, debt, and liquidity metrics are not reported in this document.
Material Changes
- Board Composition: The Board of Directors increased its size to ten directors.
- New Appointment: Melina E. Higgins was elected as a new independent director.
- Committee Assignment: Ms. Higgins was appointed to the Legal and Public Affairs Committee.
Management Commentary and Background
The Board's decision was made upon the recommendation of the Nominating and Corporate Governance Committee. Ms. Higgins brings significant experience from a nearly 20-year career at The Goldman Sachs Group, where she served as a Managing Director and Partner. Her background includes managing over $30 billion in assets and overseeing global private equity and private debt investments. She has also served as an independent director of Mylan, Inc. since February 2013.
Regarding compensation, Ms. Higgins will participate in the Company's compensation plans for non-management directors as described in the director compensation summary filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2012.
Investor Verification Checklist
- Verify the updated Board of Directors composition and committee assignments.
- Review the director compensation summary in the Form 10-Q for the period ended June 30, 2012, to understand the compensation structure for the new director.
- Confirm the effective date of the new director's service (September 12, 2013).