Toronto-based Manulife Financial Corp. is making several structural and leadership changes in a bid to drive better alignment with its strategic priorities and accelerate growth.
"We are confident that the changes we are making today will enable us to achieve our significant potential," says Roy Gori, Manulife's president, who takes over as CEO on Oct. 1, in a statement. "Importantly, they showcase the bench strength of Manulife's senior leadership team and position us strongly as we accelerate our transformation."
Among the various changes announced on Tuesday, Manulife is bringing its wealth and asset management businesses together into a primary reporting segment, global wealth and asset management.
Paul Lorentz, who joined Manulife in 1993 and held various senior roles in the company's wealth and insurance businesses, has been appointed as head of this new segment, effective Oct. 1. He will report to Warren Thomson, Manulife's chief investment officer, and join Manulife's executive committee.
Kai Sotorp, head, global wealth and asset management, who joined Manulife in 2014, has decided to retire. He will work with Lorentz during the next three months to ensure a smooth transition.
Manulife is also creating a dedicated senior leadership role with direct responsibility for Manulife's closed legacy businesses in North America. These operations include its legacy annuity business, long-term care insurance and select long-duration, guaranteed insurance products.
Naveed Irshad has been appointed head of North America legacy business, effective Jan. 1, 2018. Irshad currently serves as the CEO of Manulife Singapore and his career with Manulife spans 20 years, including extensive experience in life insurance, product risk and reinsurance. He has worked in the U.S. and Canada. Irshad will report jointly to the heads of Manulife's U.S. and Canadian businesses and also join Manulife's executive committee.
Marianne Harrison, currently president and CEO of Manulife Canada, has been appointed president and CEO of John Hancock, Manulife's U.S. business, effective Oct. 1. In turn, Michael Doughty, who has been interim president and CEO of John Hancock since May, has been appointed president and CEO of Manulife Canada, also effective Oct. 1.
In addition, Manulife announced that Anil Wadhwani has been appointed as president and CEO of Manulife Asia, effective Nov. 13.
Furthermore, Manulife announced that Steve Roder, Manulife's chief financial officer (CFO), will be retiring effective Dec. 31. Philip Witherington, currently interim president and CEO of Manulife Asia, has been appointed Manulife's CFO, effective Jan. 1, 2018, subject to immigration approvals.
Manulife has also made the decision to elevate the role of chief actuary. As a result, Steven Finch, who holds the position, will report directly to Gori effective Jan. 1, 2018.
"I welcome these leaders to their new roles, and look forward to seeing the impact they will have on our teams and our business," Gori says.
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