Manulife’s leadership team undergoes revamp

by David Keelaghan13 Sep 2017
Manulife is ringing in the changes at the executive level with a number of new appointments to its leadership team.

Michael Doughty has been appointed as president and CEO of Manulife Canada, effective October 1. Currently serving as the interim president and CEO of John Hancock, Doughty is making the move across the border after distinguishing himself as head of John Hancock Insurance, launching the firm’s Vitality program last year.

Taking his place as president and CEO of Manulife’s US operation is Marianne Harrison. The president and CEO of Manulife Canada, Harrison and Doughty are effectively switching positions in Manulife’s North American leadership structure.

Manulife’s Asian business, an increasingly important segment for the firm, will welcome Anil Wadhwani as its new president and CEO, effective November 13. Wadhwani comes into the role after 25 years with Citi, most recently as global head of operations for consumer banking.

The appointments come as company CEO Donald Guloien steps down from his post to be replaced by Roy Gori. Speaking at the Scotiabank Financial Summit in Toronto last week, Gori revealed ambitious plans for making Manulife an innovator in the financial services space. To achieve that goal, a talented and forward-thinking leadership structure will be necessary, explained the incoming CEO.

“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.”

The firm has also created a new position to oversee legacy business in North America.

Naveed Irshad, currently the CEO of Manulife Singapore, has been selected for the role, bringing decades of experience in life insurance, product risk and reinsurance.

In his new position, Irshad will lead Manulife’s legacy annuity business, long-term care insurance, as well as select long-duration and guaranteed insurance products.

The firm has identified legacy business as a key area to improve returns in the coming years, as it implements a program of cost efficiencies and leveraging scale, in addition to possible strategic transactions.

Related stories:
Life insurance still in the darg ages, says incoming Manulife CEO
Manulife and Sun Life build momentum in 2Q