Genworth: Looking At A ‘Multi-Step Restructuring’ Of Company
February 23, 2015 by Kody Leibowitz
Lynchburg, VA – Some local jobs may be in jeopardy.
Genworth Financial tells ABC 13 that they are looking at a multi-step restructuring. The Henrico County-based company announced it lost $760 million loss for the fourth quarter last year.
Genworth has two sites in Lynchburg: one downtown, another on Albert Lankford Drive.
“Some positions at Genworth’s Richmond headquarters and US Life Insurance will also be affected,” company spokesperson Tom Topinka said in a statement. “It’s premature to publicly provide any more specifics, as details of the restructuring are still being worked out.”
Full statement from Genworth Financial:
“During our analyst call we said we’ve committed to a multi-step restructuring that we expect to generate more than $100 million in annual savings over the next two years. It began last month with the announcement of the alignment of some of our U.S. Life Insurance and holding company functions and leadership positions. Some positions at Genworth’s Richmond headquarters and US Life Insurance will also be affected. It’s premature to publicly provide any more specifics, as details of the restructuring are still being worked out.”
