There's a changing of the guard at Manulife Financial. The lifeco announced Thursday morning CEO Donald Guloien will retire on September 30. He'll be replaced by incoming President Roy Gori as of October 1.
"Building a strong bench of succession candidates for the future is one of the most significant responsibilities for a CEO, and so I am proud that an individual of Roy's caliber will be taking the leadership of the Company," Guloien said in a statement.
Guloien was named CEO of Manulife on Sept. 8, 2008; right as the financial crisis was shaking the industry. It was just seven days before Lehman Brothers would file for bankruptcy protection. At the time, Guloien had been with Manulife for 28 years, and was already serving as the company's chief investment officer. Guloien formally succeeded then-CEO Dominic D'Alessandro in early 2009.
"Donald's eight-year tenure as CEO began in the aftermath of the most serious financial crisis in modern history, and at a moment when Manulife faced a number of difficult internal and external challenges," said Manulife Chairman Richard DeWolfe in a statement. "Today, the Company has a strong, global footprint positioned for growth, with more than $1 trillion in assets under management and administration and $4 billion in core earnings in 2016 alone. On behalf of the Board, I would like to thank Donald for every one of his numerous contributions to our Company."
It's a swift ascent into the top role for Gori. He was appointed president on March 29, and isn't set to step into that role until June 5. Gori is currently vice president and general manager of Manulife's Asian operations. Manulife says his appointment as CEO is subject to immigration approvals.
"I know our employees are committed fully to delivering an exceptional experience for our customers, and to accelerating our transformation to ensure we build on our momentum, drive strong financial results and create shareholder value," Gori said.
Manulife also announced on Thursday that Craig Bromley, general manager of the company's U.S. division, is leaving the company. He'll be replaced on an interim basis by John Hancock General Manager Michael Doughty.