(Adds analyst quote, shares)
May 25 Manulife Financial Corp,
Canada's biggest life insurer, said Roy Gori, head of its Asia
division, would succeed company veteran Donald Guloien as its
chief executive officer.
Gori, who joined Manulife from Citi in early 2015, will
assume his new role on Oct. 1, the company said on Thursday.
Guloien, who has worked with Manulife for more than 36
years, including eight as CEO, will retire.
Gori's appointment comes at a time when the company is
expanding in Asia as the region's burgeoning middle class looks
to save and invest.
Strong sales in the region helped the company report a rise
in first-quarter earnings earlier this month.
"Although Mr. Guloien's departure is disappointing, given
the strong replacement and ample transitory period we do not
anticipate any material changes in the business or strategy in
the near term," Barclays analyst John Aiken wrote in a note.
Manulife also said on Thursday that Craig Bromley, senior
executive vice president and general manager of the company's
U.S. Division (John Hancock), has left the company.
Aiken termed Bromley's departure "unexpected".
The company's shares were up 1.2 percent at C$23.81 on the
Toronto Stock Exchange.
(Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj