Manulife CEO Roy Gori to Retire in May, Phil Witherington Named Replacement
A New Era for Manulife Financial Corp.
In a significant move, Roy Gori, the chief executive of Manulife Financial Corp., will be stepping down from his role next May after leading the company through substantial changes since taking the helm in 2017.
A Legacy of Transformation
Under Gori’s leadership, the insurance giant has undergone significant transformations, including off-loading riskier, lower-return assets and pushing heavily into digital. These strategic decisions have positioned Manulife for growth and success in an ever-evolving market.
"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 said at an investor day in Hong Kong in June.
Gori’s departure marks the end of an era for Manulife, but it also brings about new opportunities for growth and expansion. The company is poised to take advantage of the increasing demand for insurance services in Asia, where over 1.5 billion people are expected to join the middle class by 2030.
A New Leader Emerges
Taking Gori’s place will be Phil Witherington, currently serving as chief executive of Manulife Asia. Witherington has been with the company for many years and has held various leadership positions, including chief financial officer. His experience and expertise make him an ideal candidate to lead Manulife into its next phase of growth.
"We are confident that Phil’s leadership skills and industry knowledge will enable him to build on the strong foundation established by Roy," said Don Lindsay, board chair of Manulife.
A New Era for Growth
With Gori’s departure, Manulife is poised to take advantage of new opportunities in Asia. The company has been working tirelessly to boost returns through strategic reinsurance deals and digital investments. These efforts have paid off, with the company announcing a $13-billion reinsurance deal in December and a $5.8 billion universal life reserves deal in March.
These agreements will enable Manulife to free up capital by reducing liabilities, allowing the company to focus on growth and expansion. The insurer’s stock has seen significant gains over the past year, climbing more than 70% to trade around $45.
A Legacy of Success
Gori leaves behind a legacy of transformation and success at Manulife. Under his leadership, the company has become a digital leader in the industry, with a strong focus on innovation and customer-centricity.
"We are grateful for Roy’s dedication and commitment to Manulife," said Lindsay. "He has delivered outstanding results and transformed our company into a leading player in the insurance industry."
Gori will stay on as an adviser to the company until August 31, 2025, ensuring a smooth transition of leadership.
A New Chapter for Manulife
As Gori steps down, Manulife is embarking on a new chapter of growth and expansion. With Witherington at the helm, the company is poised to take advantage of new opportunities in Asia and beyond.
"We are excited about the future of Manulife and confident that Phil will lead our company to even greater heights," said Lindsay.
A Bright Future Ahead
As the insurance industry continues to evolve, Manulife is well-positioned for success. With its focus on digital innovation, customer-centricity, and strategic growth, the company is poised to take advantage of new opportunities and challenges in the market.
Gori’s departure marks a significant milestone for Manulife, but it also brings about new opportunities for growth and expansion. As the company embarks on this new chapter, it is clear that Manulife is committed to delivering outstanding results and transforming the insurance industry.
Manulife’s Commitment to Growth
At Manulife, we are committed to delivering exceptional service and value to our customers. We believe in building long-term relationships with our policyholders and working tirelessly to meet their needs.
As we embark on this new chapter of growth and expansion, we remain dedicated to our core values of customer-centricity, innovation, and strategic growth.
A New Era for Manulife Financial Corp.
Manulife’s commitment to growth and expansion is evident in its recent announcements, including the $13-billion reinsurance deal and the $5.8 billion universal life reserves deal.
These agreements will enable Manulife to free up capital by reducing liabilities, allowing the company to focus on growth and expansion. The insurer’s stock has seen significant gains over the past year, climbing more than 70% to trade around $45.
A Bright Future Ahead
As the insurance industry continues to evolve, Manulife is well-positioned for success. With its focus on digital innovation, customer-centricity, and strategic growth, the company is poised to take advantage of new opportunities and challenges in the market.
Gori’s departure marks a significant milestone for Manulife, but it also brings about new opportunities for growth and expansion. As the company embarks on this new chapter, it is clear that Manulife is committed to delivering outstanding results and transforming the insurance industry.
Conclusion
Manulife’s commitment to growth and expansion is evident in its recent announcements, including the $13-billion reinsurance deal and the $5.8 billion universal life reserves deal.
These agreements will enable Manulife to free up capital by reducing liabilities, allowing the company to focus on growth and expansion. The insurer’s stock has seen significant gains over the past year, climbing more than 70% to trade around $45.
Gori leaves behind a legacy of transformation and success at Manulife. Under his leadership, the company has become a digital leader in the industry, with a strong focus on innovation and customer-centricity.
"We are grateful for Roy’s dedication and commitment to Manulife," said Lindsay. "He has delivered outstanding results and transformed our company into a leading player in the insurance industry."
As Gori steps down, Manulife is embarking on a new chapter of growth and expansion. With Witherington at the helm, the company is poised to take advantage of new opportunities in Asia and beyond.
"We are excited about the future of Manulife and confident that Phil will lead our company to even greater heights," said Lindsay.
As the insurance industry continues to evolve, Manulife is well-positioned for success. With its focus on digital innovation, customer-centricity, and strategic growth, the company is poised to take advantage of new opportunities and challenges in the market.
Gori’s departure marks a significant milestone for Manulife, but it also brings about new opportunities for growth and expansion. As the company embarks on this new chapter, it is clear that Manulife is committed to delivering outstanding results and transforming the insurance industry.
