Genworth Financial CEO says 'reinvent everything' The Associated Press
RICHMOND, Va. — Some people would say, Genworth Financial Inc. CEO Michael Fraizer just has all the luck.
Fraizer, a 52-year-old with no formal business schooling has risen to the top of a $9 billion company.
"The harder I work, the luckier I get," Fraizer said in an interview with The Associated Press. "I always hear people say, 'That's just luck.' Well, luck's made."
It's his hard-earned luck that has put him in a position most wouldn't envy. He's charged with leading a private mortgage insurance business as millions of homeowners have defaulted on their loans amid the worst housing market in years.
Like others, Genworth, which also sells life insurance and other financial products, has faced deteriorating financial conditions. It was hit hard by investment losses over the past couple of years as stock and credit markets weakened.
In March of last year, Genworth's shares dropped to 84 cents. Several of its corporate neighbors in the Richmond area, including Circuit City Stores Inc. and LandAmerica Financial Group Inc., had already declared bankruptcy and folded, and many feared for Genworth as well.
This weekend, PBS was having one of those pledge drives that I can’t stand. Oh, I know, they need the money…but I don’t like having to watch them beg for it. I wish they had some kind of button I could press after I make my contribution that makes me able to see the programs instead of the beggars.