Dominic D’Alessandro, Manulife’s chief executive officer, plans to step down next May.
The 61-year-old has served as CEO since 1994 and oversaw the company’s demutualization as well as its U.S. expansion with the purchase of John Hancock.
“The board was aware of the possibility that Dominic could elect to retire at the end of this year and so it has, for the past few years, been very focused on the critical issue of CEO succession,” says Manulife’s chairman Arthur Sawchuk. “We expect to announce the CEO-designate by the end of this year.”
After Thursday’s annual meeting, D’Alessandro told reporters that he’d like to decompress and spend more time with his family once he leaves his CEO post.
In March, Manulife announced that Gail Cook-Bennett would become its chair after her commitments with the CPPIB end later this year. Click here to read Cook-Bennett to Become Manulife Chair.
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