Reuters: Regulatory News: Genworth ex-CEO to get $2.25 mln lump sum

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Genworth ex-CEO to get $2.25 mln lump sum May 14th 2012, 13:59 Mon May 14, 2012 9:59am EDT May 14 (Reuters) - Life and mortgage insurer Genworth Financial Inc said former Chief Executive Michael Fraizer will get a one-time lump sum separation payment of $2.25 million as part of an agreement reached on Monday. Fraizer, who had held the top post at the company since it was spun off from General Electric Co in 2004, stepped down as CEO after the company posted worse-than-expected first-quarter earnings earlier this month. His employment with the company will end on June 29. The company said on Monday 400,000 of Fraizer's previously vested and outstanding stock appreciation rights (SARs), with a base price of $2.46, and 433,334 SARs with a base price of $7.80, will be exercisable until June 29, 2013. Shares of the company were down about 3 percent at $5.71 on the New York Stock Exchange.

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