Manulife announces structural and leadership changes
Manulife Financial Corporation in September 2017 announced a number of structural and leadership changes that are meant to drive better alignment with the company’s strategic priorities, accelerate growth, optimize legacy blocks of business in North America, and leverage its talent across geographies.
The company will focus on creating stronger global alignment and direct accountability for its wealth and asset management businesses by bringing them together under the umbrella of Global Wealth and Asset Management. Paul Lorentz has been appointed head of this unit, effective October 1, 2017. He will report to Manulife’s chief investment officer, Warren Thompson.
Manulife has also created a dedicated senior leadership role with direct responsibility for Manulife’s closed legacy businesses in North America, including legacy annuity business, long-term care insurance and select long-duration, guaranteed insurance products. Naveed Irshad, who currently serves as the CEO of Manulife Singapore, will head the North American Legacy Business effective January 1, 2018.
Appointments include that of Anil Wadhwani, who has been appointed President and CEO of Manulife Asia, effective November 13, 2017. Mr. Wadhwani is a global financial services leader who has spent 25 years with Citi, most recently as global head of operations for Citi’s consumer banking sector. He comes to the role with extensive wealth management and insurance distribution experience,
Marianne Harrison has been appointed President and CEO of John Hancock, Manulife’s US business, effective October 1, 2017. Ms. Harrison currently serves as President and CEO of Manulife Canada, where she successfully led the acquisition and integration of Standard Life’s Canadian operations.
She will be replaced by Michael Doughty, who has served as the interim President and CEO since May and who, prior to that, led John Hancock Insurance.
Steve Roder, Manulife’s Chief Financial officer has announced his retirement, effective December 31, 2017 and will be replaced by Philip Witherington.