Manulife names successor to retiring CEO

Manulife Financial Corp. of Toronto has named Donald A. Guloien to succeed Dominic D’Alessandro as president and chief executive officer. Mr. Guloien will take the helm May 7, 2009, when Mr. D’Alessandro retires. Mr. Guloien, 51, has served at Manulife for 28 years, most recently as senior executive vice president and chief investment officer, as well as chairman and chief executive of MFC Global Investment Management, the Toronto-based asset management division of Manulife. In addition, the firm named John D. DesPrez III, 51, chief operating officer. He has been with Manulife for 18 years and most recently served as senior executive vice president of Manulife and president and chief executive of John Hancock Financial Services Inc. of Boston. He will remain president and chief executive of John Hancock and, in his new capacity as chief operating officer, he will oversee insurance and wealth management operations in Canada, the United States, Asia and Japan. Both Mr. Guloien and Mr. DesPrez were considered for the top position when Mr. D’Alessandro announced his retirement four months ago, after 14 years with the company. As of June 30, the firm had $393 billion in assets under management.