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Why Genworth Financial (GNW) Stock Is Sinking Today

NEW YORK (TheStreet) -- Shares of Genworth Financial (GNW - Get Report) were falling 9.9% to $4.95 on Friday after the insurance company announced the resignation of CFO Martin Klein, effective October 15.

Martin resigned to take a senior leadership role at another financial service company, but will remain with Genworth in an advisory role through October 30.

Genworth named Senior VP Kelly Groh as its new CFO, effective immediately.

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"Kelly's broad financial background positions her well to provide the necessary continuity to ensure we maintain our current momentum and focus going forward," Genworth President and CEO Tom McInerney said in a statement.

"While this was a personal decision by Mr. Klein for another opportunity, we expect it to raise some investor concerns given Genworth's depressed stock price," Keefe, Bruyette & Woods analyst Ryan Krueger said in a note to investors, according to Bloomberg.

TheStreet Ratings team rates GENWORTH...


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