Genworth names new CEO

Genworth announced that Georgette Nicholas has been appointed CEO following the completion of an extensive global executive search.

The board also announced that Luke Oxenham has been appointed chief financial officer. Both appointments are effective as of 3 February.

“Ms Nicholas brings significant leadership capability and experience to her role as CEO,” GMA chairman Richard Grellman said.

“As acting CEO over the last four months, Ms Nicholas has taken action to focus the organisation on its strategy as well as simplifying business processes and strengthening important external and commercial relationships,” he said.

In her prior role as CFO, Ms Nicholas was instrumental in executing the IPO and establishing GMA as a public company.

Before coming to Australia from the US, she developed deep financial and mortgage insurance knowledge in various senior leadership roles with Genworth Financial Inc (GFI) in addition to senior finance roles with Deloitte and other public accounting firms, Mr Grellman said.

“Over a 30-year career, she has successfully navigated challenging economic and market environments and developed the strategic acumen and leadership capabilities that position her well to lead our business into the future,” he said.

Ms Nicholas said she was delighted to have the opportunity to lead GMA.

“Genworth Australia plays a vital role in supporting the home ownership aspirations of Australian families by enabling creditworthy borrowers to purchase a property sooner and with a smaller deposit,” she said. “We remain focused on our strategic priorities that will deliver long-term value to all shareholders.”

Commenting on Mr Oxenham’s promotion to the role of CFO, Mr Grellman said the advancement is testament to his strong performance and the extensive and relevant financial management and investor relations experience he brings to the role.

“As acting CFO and in prior roles in corporate finance and investor relations with this business, Mr Oxenham has provided leadership in the development and execution of our capital management, investment, investor relations and pricing strategies and in building out the capabilities within our finance team,” he said.

Prior to joining Genworth in March 2012, Mr Oxenham held various finance, investor relations and corporate services roles with Promina, Macquarie Group and with the Intoll Group, where he was CFO.

The appointment of Ms Nicholas as CEO follows the retirement of former Genworth CEO Ellie Comerford in October last year.

[Related: Genworth CEO steps down]