(Bloomberg) --Manulife Financial Corp. said Chief Executive Officer Roy Gori will retire in May and be succeeded by Phil Witherington, head of the company's Asia business.
Gori, who has been CEO of the Toronto-based insurer since 2017, will remain with the firm as an adviser through Aug. 31, 2025, Manulife said in a statement Monday.
Witherington has been on Manulife's executive leadership team since 2017, when he became chief financial officer, a role he held for five years before his appointment as CEO of the firm's fast-growing Asia division. After earlier stints with HSBC Holdings Plc, Asian insurance company AIA Group Ltd. and KPMG LLP, he joined the company in 2014 as CFO of Manulife Asia.
The company's board was unanimous in its support for Witherington's appointment, Chair Don Lindsay said in the statement.
Gori's tenure as CEO has been marked by an emphasis on derisking the business. Manulife completed two significant reinsurance deals over the past year to offload some of its less-profitable assets.
