Manulife Financial Corporation’s board of directors announced that president and CEO Roy Gori will retire effective May 8, 2025.
Phil Witherington (pictured above), currently president and CEO of Manulife Asia, has been named as his successor and will join the board of directors at that time.
Following his retirement, Gori will remain with the company as an advisor until Aug. 31, 2025, to support the leadership transition.
Witherington, who has been part of Manulife’s executive leadership team since 2017, served as CFO for five years before his current role leading the company’s Asia segment. With over 25 years of experience in insurance and financial services, he has held leadership roles at HSBC and AIA and spent a decade with KPMG in London and Hong Kong.
Witherington holds an executive MBA jointly awarded by the University of Edinburgh and École nationale des ponts et chaussées, and he is a Fellow of the Institute of Chartered Accountants in England & Wales and the Hong Kong Institute of Certified Public Accountants.
Witherington described the transition as an opportunity to build on Manulife’s momentum and drive sustainable growth for the benefit of customers, employees, investors, and communities worldwide.
“I’m excited by the opportunity we have to build on our momentum, delivering high-quality sustainable growth,” Witherington said.
Witherington will continue in his current role as president and CEO of Manulife Asia while working with Gori on transition planning. A successor for his current role will be announced in the coming months.
Don Lindsay, chair of Manulife’s board, stated the board’s unanimous support for Witherington’s appointment, citing his track record as CFO and as leader of the Asia segment.
"As both our chief financial officer and now as CEO of the Asia Segment he has consistently demonstrated the ability to navigate complexity, deliver on commitments and drive change and highly engaged teams through his authentic leadership," Lindsay said.
Lindsay also acknowledged Gori’s contributions to Manulife during his tenure.
"Roy is an inspiring, values-driven leader who has transformed the company and delivered outstanding results over his tenure as our President and CEO," he said. “On behalf of the Board, I want to thank Roy for his extraordinary energy, passion for and commitment to our company."
Gori, who joined Manulife in 2017, expressed pride in the company’s accomplishments under his leadership.
"These results have enabled us to deliver market leading total shareholder return and wouldn't have been possible without the incredible dedication and engagement of our outstanding global team. We're now well-positioned to raise the bar on our aspirations for Manulife's next chapter," he said.
“I’m thrilled that Phil will lead the next phase in the company’s growth,” Gori said. “He has played a key role in our transformation journey, and I look forward to working with him to ensure a seamless transition.”
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