Genworth Financial Cuts About 80 Positions at Virginia Offices

Genworth Financial Inc. has cut nearly 80 positions at two Virginia operations.

The move comes days after the Richmond-based company’s chairman and CEO, Michael D. Fraizer, resigned.

Genworth spokesman Tom Topinka told the Richmond Times-Dispatch that the cuts were fewer than 40 positions in Richmond and fewer than 30 in Lynchburg in the company’s life insurance and information technology units.

In a statement, Topinka said the changes are “designed to drive cost efficiencies” within its U.S. life insurance unit and move its technological capabilities “deeper within the business.”