Morningstar DBRS Comments on Great-West Lifeco CEO's Retirement and the Appointment of David Harney as Successor

DBRS Limited (Morningstar DBRS) notes that on May 1, 2025, Great-West Lifeco (Great-West or the Company) announced that effective July 1, 2025, Paul Mahon will retire from his role as president and chief executive officer, to be succeeded by David Harney, an executive with a 35-year history with the Company.

Over his 12 years at the helm of Great-West, Mahon has led the Company through a host of well-executed acquisitions, some very large and complex, in the U.S., Canada, and Europe. The acquisitions have positioned the Company with a much stronger presence in key capital-light segments including the retirement and wealth businesses.

Mahon's successor, David Harney, is currently the president and chief operating officer for Great-West's European business segment, and since 2024 he has also been overseeing the operations of Great-West's reinsurance business, one of the largest reinsurers in the world.

Mahon will stay with the Company in the capacity of a senior advisor until early 2026. Morningstar DBRS views the transition plan positively. Additionally, Harney's long history and involvement with the senior leadership of Great-West is an indication that he will continue executing on the established strategic pillars regarding the markets and products in which the Company intends to invest and grow. Overall, Morningstar DBRS expects the transition to be smooth, especially considering Harney's vast experience with the Company and his performance in progressively senior roles.

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