Manulife appoints new CEO
Manulife Financial Corp., Canada’s largest insurer and second-biggest company by revenue, announced Donald Guloien will replace Dominic D’Alessandro as chief executive.
The move is effective May 7, 2009 after next year’s annual meeting.
Guloien is a 28-year veteran of the company and is senior executive vice-president and chief investment officer, as well as chair and CEO of MFC Global Investment Management.
"Donald is ideally suited for this role," said Arthur Sawchuk, chair of Manulife’s board of directors. "He is extremely bright and has a deep understanding of all facets of our business and a track record filled with achievements. Manulife Financial will be well-served as he takes the helm next year."
The company also announced that John DesPrez, now senior executive vice-president, will become chief operating officer in addition to his duties as president and CEO of John Hancock Financial Services, Manulife’s U.S payday loan. subsidiary.
"Donald and John have formed an extremely healthy partnership," D’Alessandro said in a statement.
"Manulife has grown to the size and complexity where a chief operating officer role makes a great deal of sense, enabling the new CEO to deal with strategy, financial management and investment activities, with the confidence in knowing that operations are under control."
D’Alessandro, 62, announced his retirement in May after 14 years as chief executive of Manulife.
One of Canada’s highest regarded CEOs, D’Alessandro has promoted mergers of big financial companies to create Canadian-based multinationals that can compete with the world’s largest companies.
The Canadian Press
Filed under: business by Fred