Genworth Financial is making a leadership transition at the start of 2027. President and CEO Thomas J. McInerney will retire at year-end, with Jerome T. Upton taking over as CEO and joining the board on January 1. Angela R. Simmons, a longtime Genworth finance executive, will become chief financial officer on the same date.
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McInerney’s departure: McInerney will retire as president and CEO at the close of business on December 31, 2026, and leave the board at the same time. The company said his retirement is not related to a disagreement over its operations, policies or practices.
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Upton to become CEO and director: The board plans to appoint Upton as president and CEO effective January 1, 2027, and elect him to fill the board seat vacated by McInerney. The two executives will work together on the transition before McInerney’s departure.
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Upton’s existing responsibilities: Upton is due to serve as Genworth’s principal accounting officer on an interim basis beginning in early November, following Darren W. Woodell’s resignation. He also served as interim CEO from July 7 to September 2, 2026, while McInerney was on medical leave.
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Simmons to become CFO: Simmons will take over as executive vice president and CFO on January 1. She has worked at Genworth since 2002 in roles covering capital markets, reporting, controllership and finance. She became CFO of the company’s Closed Block businesses in 2020 and previously led U.S. Life Insurance controllership and the company’s SEC reporting function.
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Compensation terms remain pending: Genworth expects to approve new compensation arrangements for Upton and Simmons in connection with their appointments, but has not yet provided the terms.
The changes put Upton in the CEO role and on the board, while Simmons assumes the companywide CFO position. Upton’s interim accounting-officer duties are scheduled to begin before the CEO transition; the company has not provided further details on the timing or structure of that interim assignment.