Morningstar DBRS Comments on Manulife CEO's Announced Retirement and the Appointment of Phil Witherington as Successor

DBRS Limited (Morningstar DBRS) notes that Roy Gori, president and chief executive officer (CEO) of Manulife Financial Corporation (Manulife or the Company) has announced his retirement effective May 2025. In Morningstar DBRS' view, Gori has been an effective leader, setting and executing on clear strategic targets, while providing investors with relevant goals and metrics to measure the Company's progress. Most notably, during Gori's leadership, Manulife has significantly lowered exposures to legacy and low-return-on-equity business, which improved its risk profile while strengthening its financial performance.

To replace Gori next May, Manulife has appointed Phil Witherington, who Morningstar DBRS views as a highly qualified executive and who is unlikely to make any material changes to Manulife's strategic direction. Witherington joined Manulife in 2014 and is currently the president and CEO of Manulife's Asia segment and previously served as the Company's chief financial officer. Overall, Morningstar DBRS expects the transition to be smooth, especially considering Witherington's longstanding involvement with the Company and its senior leadership.

Notes:
For more information on this credit or on this industry, visit https://dbrs.morningstar.com.