Manulife President, CEO Roy Gori to Retire in May 2025

Phil Witherington, president and CEO of Manulife Asia, has been named Gori’s successor.

Manulife Financial Corp., the parent company of retirement, insurance and investment firm John Hancock, announced Monday that President and CEO Roy Gori will retire, effective May 8, 2025. Manulife’s board of directors named Phil Witherington, currently president and CEO of Manulife Asia, as his successor. Witherington will also join the board upon assuming the CEO role. 

Phil Witherington

Rory Gori

“It has been my honor to serve as Manulife’s President and CEO and I’m extremely proud of our team’s many accomplishments,” Gori said in a statement. “We’ve delivered superior operating results, de-risked our business, and become a digital customer leader in our industry.”

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Gori also expressed confidence in Witherington, stating, “I’m thrilled that Phil will lead that next phase in the company’s growth given his deep understanding of our global business and principled leadership.”

To ensure a smooth transition, Gori will serve as an adviser to the company until August 31, 2025.

Witherington has been part of Manulife’s executive leadership team since 2017. He served as chief financial officer for five years before taking on his current role heading Manulife Asia. Before joining Manulife in 2014, Witherington held key roles at HSBC and AIA, bringing with him more than 25 years of global experience in insurance and financial services across both developed, as well as emerging, markets.

Witherington will continue in his current role while working with Gori on transition planning. The company expects to announce Witherington’s successor as Manulife Asia CEO in the coming months.

Manulife’s John Hancock Retirement business announced its own reorganization earlier this year under CEO Wayne Park, who took the head role of that division in March 2023.

Biden’s Nomination for PBGC Director Withdrawn

President-elect Donald Trump will get to nominate a new candidate for the director position.

Deva Kyle, an ERISA and tax benefits counsel, has been withdrawn as a candidate for the next director of the Pension Benefit Guaranty Corporation, according to an announcement from the White House on Thursday.

President Joe Biden nominated Kyle for the director position in July. Ann Orr has been serving as acting director since April 30, when Gordon Hartogensis’ five-year term ended. Kyle’s nomination was referred to the Senate Committee on Finance and the Senate Committee on Health, Education, Labor and Pensions, but neither held a public hearing on her nomination.

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President-elect Donald Trump will now have an opportunity to nominate a director of the PBGC whose term would extend beyond Trump’s second term. Kyle’s withdrawal was announced alongside three other Biden administration withdrawals, as well as four nominations sent to the Senate, on Thursday as part of the political reshuffle in Washington ahead of the second Trump administration.

Trump nominated Hartogensis, who some industry watchers noted at the time had little to no experience relevant to the pension system, to serve as director after Trump removed the previous director, Thomas Reeder, three years into Reeder’s term.

More recently, however, Senator Bill Cassidy, R-Louisiana, criticized the PBGC in a letter to Biden in July, arguing that it is plagued by operational problems that have “cost taxpayers money, put pension plans at near-catastrophic levels of underfunding and caused delays that prevented pension funds from being able to quickly right their financial status.”

The senator also voiced concerns about the implementation of the Special Financial Assistance Program authorized by the American Rescue Plan Act of 2021, notably the instance in December 2022 in which the PBGC overpaid the Central States Pension Fund by $127 million after the fund inadvertently included 3,479 dead participants in its relief request.

Cassidy also argued that the PBGC has created challenges for single-employer plans by “failing to timely provide necessary information that would help them correct their financial problems.” Cassidy urged Biden to choose a nominee who both acknowledged the PBGC’s shortcomings and had concrete plans to solve them in a manner “unafflicted by partisan politics.”

Kyle has been a counsel at law firm Cohen, Weiss and Simon LLP since 2022 and advises clients on a wide range of employee benefits, federal tax and legislative matters. She began her career in 2004 with the PBGC, where she eventually served as the staff director in the Office of Policy and External Affairs, leading the agency’s multiemployer pension policy efforts.

Kyle did not immediately respond to a request for comment on the withdrawal of her nomination.

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