RICHMOND, Va. (AP) — Genworth Financial Inc. said Tuesday that Chairman and CEO Michael D. Fraizer has resigned, and the board has tapped Chief Financial Officer Martin P. Klein to fill as CEO while it searches for a successor.

Fraizer helped steer the insurer through its initial public offering by GE in 2004 and the recent financial and housing crisis. In a statement, he said this is "the right time for me to move on to other opportunities."

The board named James S. Riepe, a company director since 2006, non-executive chairman. Klein, who has been chief financial officer for about a year, will remain on the job while he's acting CEO.

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