Genworth Financial, Inc, one of the largest employers in Lynchburg announced Thursday that it will be laying off 39 local employees.
Tom Topinka says the layoffs are apart of the companys reduction plan.
"It is an effort to improve the operating performance of our businesses." Topinka said.
This plan will eliminate approximately 400 positions, including 150 open positions that will not be filled.
76 positions will be eliminated in Richmond.
Topinka says the layoff will reduce related information technology and program spend. When fully implemented, the company expects to realize approximately $80 to $90 million in annual pre-tax expense savings primarily related to these actions.
"These are very difficult decisions to make but the changes are essential to our ongoing work to improve the performance of our businesses and deliver value to our shareholders", said Tom McInerney, President and CEO.
"Our organization will remain sharply focused on our priorities as we make further progress on operating our businesses as efficiently and effectively as possible.
We'll provide support to the employees impacted and ensure they are treated with the utmost respect. We do not believe these actions significantly change our previously disclosed views on performance in 2013, but anticipate them to have a more meaningful impact in future years."