Manulife CEO Roy Gori to Retire in May, Phil Witherington Named Replacement
TORONTO — A New Era for the Insurance Giant
After leading Manulife Financial Corp. through significant changes since taking the helm in 2017, Roy Gori will be stepping down as chief executive next May. This move marks a new chapter for the insurance giant, which has undergone substantial transformations during Gori’s tenure.
A New Leader Emerges
Phil Witherington, currently serving as chief executive of Manulife Asia, will take over as CEO after Gori retires on May 8th. The company announced this decision on Monday, emphasizing Witherington’s expertise and leadership skills to navigate the insurance industry’s evolving landscape.
A Legacy of Change
Under Gori’s guidance, Manulife has made significant strides in reducing riskier assets and pushing into digital platforms. "We have transformed Manulife and we are, as a result of that, a radically different company today to the one we were in 2017," Gori stated at an investor day in Hong Kong in June.
Asia: A Key Growth Region
Witherington will be moving from his current role to lead the entire company at a time when Manulife is increasingly focused on growth in Asia. The region’s rapidly expanding middle class presents significant opportunities for the insurer, with an estimated 1.5 billion people expected to join this demographic by 2030.
Aim for Excellence
Manulife has set ambitious targets, aiming to achieve a core return on equity of at least 18 percent by 2027, up from its current target of 15 percent. The company also increased its target for cash generated by subsidiaries to pass along to the parent company over the next three years, from $18.4 billion to $22 billion.
Reinsurance Deals: A Key Strategy
In December, Manulife announced a $13-billion reinsurance deal that included the largest long-term care component in industry history. This move demonstrates the insurer’s efforts to boost returns by shedding assets with low return on equity, such as long-term care coverage.
A Bright Future Ahead
Over the past year, Manulife’s stock has climbed more than 70 percent to trade around $45, cresting its previous high reached just before the global financial crisis. While Gori will stay on as an adviser until August 31, 2025, his legacy is already cemented, having transformed the company and delivered outstanding results.
A Smooth Transition
Witherington will continue in his current role while working with Gori to ensure a seamless transition. He will also name a successor for the Asia business in the coming months. The appointment of Witherington marks a new era for Manulife, one that promises continued growth and success in the ever-evolving insurance industry.
A New Era for Manulife
The retirement of Roy Gori as CEO signals a new chapter for Manulife Financial Corp. With Phil Witherington at the helm, the company is well-positioned to continue its transformation and expansion into new markets. As the insurance landscape evolves, Manulife remains committed to delivering exceptional results and meeting the changing needs of its customers.
Recommendations
- Manulife Shows Strong Insurance Growth in Asia: Explore the key factors driving growth in this region.
- Gori Joined Manulife in 2015 as Chief Executive for the Company’s Business in Asia: Learn about Gori’s background and experience leading the company’s operations in Asia.
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