Fraizer, who has run Genworth since its IPO, has been under pressure from investors as the sale of a stake in a Canadian operation and the retreat from the variable annuity business failed to reverse a share slide.
Steven Eisman, then a fund manager at FrontPoint Partners LLC, threatened last year to mount a campaign to remove Fraizer from the company if he made acquisitions.
"This management team has overseen a massive destruction of shareholder value," Eisman said Oct. 29 on a Genworth conference call. "I don't get any sense of urgency from this management team."