Manulife Financial Corp. is making a number of structural and leadership changes, including the appointment of Michael Doughty as president and chief executive officer of the company’s Canadian business as of Oct. 1, 2017.
Doughty has served as interim president and chief executive officer of Manulife’s U.S. business, John Hancock Financial Services Inc., since May. He joined Manulife in 1992 and has also held senior positions in its Canadian insurance and pensions businesses.
Marianne Harrison, Manulife Canada’s current president and chief executive officer, will take on the same role at John Hancock, effective Oct. 1. With three decades in the financial services industry, she previously spent five years leading Manulife’s U.S. long-term care business.
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The slew of changes come as Manulife Financial president Roy Gori prepares to take over the role of chief executive officer following the retirement of Donald Guloien on Sept. 30. They include leadership changes at the company’s operations around the world.
Steve Roder, the company’s chief financial officer, is retiring on Dec. 31, 2017. Philip Witherington, currently interim president and chief executive officer of Manulife’s Asia business, will take on the role as of Jan. 1, 2018. Withering ton has served as Manulife Asia’s chief financial officer since 2014. Prior to joining Manulife, he was the Asia-Pacific head of finance for retail banking and wealth management at HSBC.
The company is also creating a dedicated senior role to oversee its closed North American legacy business. Those operations include the company’s legacy annuity business, long-term care insurance and certain guaranteed insurance products. Naveed Irshad will be head of the new division, effective Jan. 1, 2018. With 20 years at the company, he’s currently chief executive officer of Manulife’s Singapore operations and has also held roles with the company in Canada and the United States.
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Paul Lorentz will become head of Manulife’s global wealth and asset management segment as of Oct. 1. He’s replacing Kai Sotorp, who is retiring. Since joining Manulife in 1993, Lorentz has held a number of senior roles in the company’s wealth and insurance businesses.
Finally, Anil Wadhwani will become president and chief executive officer of Manulife’s Asia operations on Nov. 13. With 25 years of experience in financial services, Wadhwani has held roles in wealth management and insurance distribution, working in Asia, Europe and the United States.
“We are confident that the changes we are making today will enable us to achieve our significant potential and deliver on our purpose of helping customers achieve their dreams and aspirations,” said Gori. “Importantly, they showcase the bench strength of Manulife’s senior leadership team, and position us strongly as we accelerate our transformation.”