has appointed a new president and chief executive officer of Manulife Bank, its banking subsidiary.
Rick Lunny will assume his new duties on June 2, the company announced Thursday. He replaces Doug Conick, who had been CEO since April 2010.
“In his role, Rick will be accountable for strategic planning and overall management of Manulife Bank,” said Marianne Harrison, the general manager of Canadian Division.
Manulife Financial is one of the largest life insurance companies in the world by market capitalization, and has approximately 28,000 employees.
According to Manulife, Conick has moved on to other opportunities.
The Manulife announcement marks the second such major move within the financial and insurance industry, coming on the heels of the blockbuster announcement of Sharon Ludlow
moving from Swiss Re to become president and CEO of Aviva Insurance Company of Canada.
for more on ‘Ludlow leaving Swiss Re to lead Aviva.’
Lunny has more than two decades in senior leadership positions in the personal and commercial banking industry, most recently as Managing Partner of Melrose Management Group. Prior to that, Rick was EVP, Lending, Deposits & Insurance, Retail Markets for CIBC.
He has also held senior positions at GE Money Mortgages and TD Bank.
Manulife Bank, established in 1993, has assets of more than $23 billion. Its administrative offices are located in the head office of Manulife's Canadian division in Waterloo.