Turbulence in the management ranks of Genworth Financial in Australia is generating talk that the proposed sale of a 40 per cent stake in an IPO may be shelved.Paul Fegan, the chief financial officer, is widely rumoured to be leaving the company, or to have left. Fegan is a former managing director of St George Bank and former head of strategy for Telstra.There was no response to messages left with Fegan and with Ellie Comerford, the chief executive, or from the company's head of communications.Through an external public relations company, Genworth said that it "does not comment on market rumours of that type."Other relatively recent departures from Genworth's senior ranks include Martha Ryan, the head of legal services, and Paul Caputo, the chief risk officer.US-headquartered Genworth first foreshadowed the sale of a 40 per cent stake in its Australian business in late 2011.The last comment by Genworth on its planned initial public offering was in September, when Tom McInerney, the group chief executive, told a US investor conference that "I think there will be regulatory uncertainty into 2014" around mortgage insurance in Australia. "And, so, maybe what that means, when it's said and done, what we've always said is, we would look to do an IPO late 2013 or in 2014."