Manulife announced several changes to its executive leadership team, which demonstrate the depth of the company’s leadership bench and see the company welcoming back a former colleague.
Following his more than 30 years of service, Michael Doughty, CEO, of Canada segment has decided to retire at the end of September. Roy Gori, President and CEO of Manulife said, “Doughty 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”.
“As he embarks upon this next chapter, he does so with our deep gratitude for his many contributions, and our very best wishes,” he said.
Naveed Irshad will be appointed CEO of Canada segment effective 1 June, 2022, to enable a smooth transition with Doughty. Irshad is currently global head of inforce management and head of North American Legacy Business at Manulife, where he has successfully led initiatives that have released more than CAD 8 billion ($6.2 billion) in capital, including the recent U.S. variable annuity reinsurance transaction. Immediately prior to his current role, he was president and CEO of Manulife Singapore. Recognised for the breadth of his experience, Irshad has held a variety of roles across general management, product development, finance, reinsurance, and risk management during his 30 years in the industry.
Marc Costantini will return to Manulife as global head of inforce management effective 13 June. Costantini rejoins Manulife from Munich Re where he is president and CEO for corporate development, strategy and digital solutions for the company’s North America Life and 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, Costantini spent more than 20 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. Green is currently CEO of Manulife’s Hong Kong business. He joined Manulife in 2018 as the chief strategy and transformation officer for Asia. 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 of Manulife Hong Kong, pending completion of the appointment process for 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 Constantini 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,” he said.
Irshad, Constantini and Green will report directly to Gori.
Re-disseminated by The Asian Banker