For Immediate Release
May 24, 2022
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO – Manulife is pleased to announce several changes to its Executive Leadership Team. These changes demonstrate the depth of the company’s leadership bench and see the company welcoming back a former colleague.
Following his more than thirty years of service, Michael Doughty, CEO, Canada Segment, has decided to retire at the end of September. “Mike is a tremendous leader who embodies our values, pursues excellence every day, and does it with a deep sense of care for our colleagues, customers, and communities,” said Roy Gori, President & Chief Executive Officer of Manulife. “As he embarks upon this next chapter, he does so with our deep gratitude for his many contributions, and our very best wishes.”
Naveed Irshad will be appointed CEO, Canada Segment. His appointment is effective June 1, 2022, to enable a smooth transition with Mr. Doughty. Mr. Irshad is currently Global Head of Inforce Management and Head of Manulife’s North American Legacy Business, where he has successfully led initiatives that have released more than 8 billion dollars in capital, including the recent U.S. variable annuity reinsurance transaction. Immediately prior to his current role, he was President & CEO of Manulife Singapore. Recognized for the breadth of his experience, Mr. Irshad has held a variety of roles across general management, product development, finance, reinsurance, and risk management during his thirty years in the industry.
Marc Costantini will return to Manulife as Global Head of Inforce Management, effective June 13. Mr. Costantini rejoins Manulife from Munich Re where he is President & CEO for Corporate Development, Strategy and Digital Solutions for the company’s North America Life & Health business. Prior to joining Munich Re, he was EVP, Commercial and Government Markets for Guardian, after having been the company’s CFO when he joined in 2014. Previously, Mr. Costantini spent more than twenty years with Manulife, holding a variety of executive leadership roles in Corporate Strategy, Corporate Development, Finance, and the operating businesses.
Damien Green has been appointed as CEO, Asia Segment, replacing Anil Wadhwani who has left the company. Mr. Green is currently CEO of Manulife’s Hong Kong business; he joined Manulife in 2018 as the Chief Strategy and Transformation Officer for Asia. Mr. Green has extensive experience in the insurance industry, having held leadership roles across Asia with MetLife, AIA and AustralianSuper. Pankaj Banerjee, Chief Distribution Officer for Manulife Asia, will also serve as interim CEO, Manulife Hong Kong, pending completion of the appointment process for Mr. Green’s successor.
“Today’s announcement underscores the depth of our leadership bench with the appointments of Naveed and Damien, as well as the attractiveness of our franchise with an accomplished individual like Marc returning,” commented Gori. “These outstanding leaders bring strong track records for delivering results and have a shared passion for building winning teams. I look forward to working with them as we continue to drive growth across our franchise and advance our digital, customer leadership efforts.”
Mssrs. Irshad, Constantini, and Green will report directly to Manulife President & CEO, Roy Gori.
Manulife Financial Corporation is a leading international financial services provider that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2021, we had more than 38,000 employees, over 119,000 agents, and thousands of distribution partners, serving over 33 million customers. Our principal operations are in Asia and Canada, and the United States, where we have served customers for more than 160 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. In the previous 12 months we made CAD$32.7 billion in payments to our customers.