One of the longest-serving insurance CEOs in Canada is stepping down. Great-West Lifeco has confirmed that Paul Mahon (pictured left) will retire as president and CEO of both Lifeco and Canada Life, effective July 1. He will be succeeded by David Harney (pictured right), who currently serves as president and COO, Europe, for the company.
Mahon will remain involved with the business in an advisory role through early 2026 to help support a smooth handover.
“Paul's contributions to our organization have been extraordinary,” said Jeffrey Orr,cChair of the board for Lifeco and Canada Life. “Under his leadership the company has been repositioned and strengthened, achieving record performance and delivering lasting value for our shareholders. On behalf of the Board, management, colleagues, and all those associated with our companies, I thank him for his leadership, vision, and impact.”
Mahon’s tenure as CEO, which began in 2013, included major structural changes at the company. Among them were the unification of Great-West Life, London Life, and Canada Life under a single brand, and the US growth of Empower, which has since become a key pillar of Lifeco’s American business. He also led the company through the COVID-19 pandemic and is credited with reinforcing a corporate culture that emphasized social responsibility and employee well-being.
"It has been an honour to lead Lifeco and work alongside such a dedicated and values driven team," Mahon said in a statement. "We've built a strong foundation for the future. Lifeco's management team represents an exceptional combination of strengths including an achievement-oriented and people-centered culture that is driving strong performance across the business. The company is on a path of sustained growth, and I couldn't be more confident in the future."
Harney, a 35-year veteran of the organization, has held senior roles across multiple regions and business lines. He led Irish Life’s Corporate Business Division through the aftermath of the 2008 financial crisis, later becoming CEO of Irish Life in 2016. Since moving into his current role at Lifeco, he has also taken on responsibility for the company’s reinsurance operations.
“David brings a depth of experience, and a proven ability to execute to his new role. He has consistently built strong teams that drive performance,” Orr said. “Our board looks forward to working closely with David in his new role as we pursue Lifeco's growth strategy, with a clear focus on creating value, and delivering long-term impact.”
Mahon expressed full confidence in his successor, calling him a “natural choice” to lead the company forward. "I've worked closely with him for over 12 years and seen his ability to drive positive results, time and again," Mahon said. "His leadership is shaped by his curiosity, focus on deeply understanding the changing needs of customers, and staying ahead of market dynamics to shape strategy. I look forward to supporting him through the transition."
Harney said he’s eager to take the reins and build on the momentum created during Mahon’s leadership. "I'm personally energized by the opportunity to work with our colleagues, customers and partners as we build on the company's solid foundation and tremendous momentum," Harney said. "We have a winning strategy, strength of leadership, and client focused culture that will serve us well as we deepen trusted relationships and drive impact across all our businesses. Thank you to Paul for your leadership and care in guiding the company over the past 12 years."
Great-West Lifeco is one of Canada's largest insurance and financial services firms, with more than $3 trillion in client assets as of year-end 2024. The company operates in Canada, the US, and Europe under the Canada Life, Empower, and Irish Life brands. It trades on the Toronto Stock Exchange under the ticker GWO.
