Manulife Financial recently announced a major leadership transition, as Asia division head Phil Witherington is set to replace current CEO Roy Gori. Gori, who has led Canada’s largest life insurance company since 2017, will step down from his role on May 8, 2025, but will remain with the company as an advisor until the end of August to facilitate a smooth transition.
Witherington has been a key member of Manulife’s executive team for several years, overseeing the company’s Asia operations. Before that, he held the position of Chief Financial Officer for five years. Industry observers were taken by surprise at the timing of Gori’s departure, with RBC Capital analyst Darko Mihelic commenting that Gori’s seven-year tenure was relatively brief compared to the longer service typical for CEOs in the financial sector.
With more than 25 years in the insurance and financial services industry, Witherington has held leadership roles at global firms like KPMG, HSBC, and AIA. His experience, according to Manulife board Chair Don Lindsay, has shown his capacity to manage complexity, achieve goals, and drive organizational change—traits that will be crucial as he steps into the CEO role.
During Gori’s leadership, Manulife has strategically shifted towards more stable and profitable sectors, shedding risk-heavy assets and placing a strong emphasis on the Asian market. The company aims to generate half of its earnings from Asia by 2027, a region of significant importance for Canadian insurers.
Despite the change in leadership, analysts expect Manulife to maintain its current strategic direction. Jefferies analyst John Aiken indicated there is unlikely to be any major deviation from the existing business plan. Under Gori, Manulife’s stock performance has seen a 93% rise, surpassing both its major competitor, Sun Life, and the broader Toronto Stock Exchange. However, the market response to the leadership change was modest, with Manulife’s shares dipping slightly by 0.6% on Monday morning.
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