Genworth CFO resigns

Genworth Mortgage Insurance Australia has announced that Michael Bencsik has resigned from his role of chief financial officer (CFO) – a role he has held since 2019 – effective 24 September 2021.

The lenders mortgage insurance (LMI) provider has announced that Michael Cant – who has previously held senior leadership roles at the Commonwealth Bank of Australia (CBA) – will be appointed as Mr Bencsik’s successor.

Mr Cant will commence the CFO role upon completion of his assessment under Genworth’s fit and proper policy, according to Genworth.

Mr Bencsik will remain as an employee of Genworth for a period of time after stepping down on 24 September to ensure a smooth handover and orderly transition to Mr Cant.

Mr Cant has over 30 years’ experience in the financial services industry across insurance, wealth management, and retail and business banking.

Prior to joining Genworth, Mr Cant held senior leadership roles at CBA, including heading the retail banking product function, leading CBA’s corporate business banking, CFO for the wealth management and insurance division, and general manager of distribution for Colonial First State.

Mr Cant has also worked at specialist life insurer Australian Casualty & Life, where he held the roles of managing director and CFO.

He is a fellow of the Institute of Actuaries of Australia, holds an economics degree from Macquarie University, and is a graduate of the advanced management program at Harvard University.

Commenting on Mr Cant’s appointment, Genworth chief executive Pauline Blight-Johnston said that she was “thrilled” to welcome him to the group.

She said: “His experience in business and financial leadership roles and depth of expertise in both banking and insurance will be a valuable contribution to our team as we work in partnership with our customers to deliver the future of LMI for Australian homeowners.

“I am very pleased to have Michael join my leadership team at this exciting time of innovation and growth in the Genworth business.”

Ms Blight-Johnston also thanked Mr Bencsik for his contribution since joining the team almost three years ago.

“[We] wish him all the best for the future as he pursues other leadership opportunities in financial services,” she said.

[Related: Genworth announces board reshuffle]

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