James S. Riepe
, who retired from his position as T. Rowe Price
vice chairman at the end of 2005, has been elected to the board of directors at Genworth Financial
Genworth, an insurance holding company based in Richmond, Virginia, announced Riepe's election Tuesday. Riepe will add his expertise to their mix of "independent director with varied backgrounds who complement our core insurance skills," said Genworth chairman and chief executive officer Michael D. Frazier
in a press release.
Riepe is certainly a high-profile addition to the team. He spent 24 years with T. Rowe Price, during which time its assets under management expanded twentyfold, to $270 billion. In addition, he twice chaired the board of the ICI, and presently sits on the board of the Nasdaq Stock Market and the University of Pennsylvania board of trustees.
In his comments, Frazier noted the "extensive knowledge of investment markets, the retirement landscape and mutual-fund operations" Riepe brings to Genworth's board. Riepe developed and chaired T. Rowe's now well-established retirement services unit, a qualification of particular interest to Genworth, which has been offering annuity-based plan options to the 401(k) market.
Riepe replaces Dennis D. Dammerman
, retired vice chairman and executive officer of General Electric Company, who left the Genworth board in late December.
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