(Reuters) - Genworth Financial Inc
McInerney, who was a member of the global management board of ING Insurance from October 2009 through December 2010, is now in charge of a company trying to convince markets and bond rating agencies of the benefits of its mortgage insurance business.
Shares of the company were up 5 percent at $7.10 on the New York Stock Exchange on Tuesday morning.
"This is a positive, but they still have problems. McInerney has experience, but it's still wait and see," said a Genworth shareholder, who declined to be named.
Bond rating firm Moody's had said a downgrade is likely unless the company can insulate itself from continuing losses from the mortgage insurance unit.
Long-time CEO Michael Frazier resigned in May after the insurer pushed back plans to sell a minority stake in its Australian mortgage insurance business through an initial public offering.
The Australian unit's listing would have freed up capital, which shareholders were hoping would be used for a long-awaited share buyback program.
Hedge fund Highfield Capital, which owns more than 5 percent of Genworth, had in June said it expects to discuss options for the U.S. mortgage business, including a sale.
(Reporting by Jochelle Mendonca in New York; Editing by Supriya Kurane)
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