Manulife has announced a series of structural and personnel changes, including new chief executives for both John Hancock and Manulife Canada.
The changes come as Donald Guloien, chief executive of Manulife, prepares for retirement on September 30.
He will be joined in the departure lounge by Manulife head of global wealth and asset management Kai Sotorp.
Sotorp will retire from his role in the next month but remain with the firm for the next three months to work with his successor Paul Lorentz.
On October 1, Lorentz will become head of global wealth and asset management and will report to Manulife chief investment officer Warren Thomson.
Lorentz is currently vice president and general manager of individual wealth management and insurance at Manulife.
Manulife also appointed Marianne Harrison as president and chief executive of John Hancock, effective October 1.
Harrison is currently president and chief executive of Manulife Canada. She will be succeeded in this position by Michael Doughty, who has been interim president and chief executive of John Hancock since May when Craig Bromley left the firm.
Manulife chief financial officer, Steve Roder, will retire at the end of the year due to personal reasons and Phil Witherington who is the interim president and chief executive of Manulife Asia will replace him. Witherington’s appointment will be subject to immigration approval.
Witherington was named interim president and chief executive of Manulife Asia when Roy Gori left the position to succeed Guloien as president of the entire firm.
Anil Wadhwani has been hired from Citigroup, where he is head of operations, to become the new president and chief executive of Manulife Asia, effective November 13 2017.
Bill Johnson, chief executive of Citi retail services and head of global fraud protection, will manage the operations team on an interim basis, according to a Citigroup spokeswoman.
Additionally, Naveed Irshad has been appointed to a new role in which he will oversee Manulife’s closed legacy business in North America, effective January 1 2018.
The closed-book business includes legacy annuities and long-term insurance products.
The company has also announced a restructure that will bring all of its wealth and asset management businesses under one reporting segment called global wealth and asset management.