Manulife promotes Asia insurance head Witherington to group CEO in nod to region’s growth

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Asia was the largest contributor to Manulife’s group earnings, accounting for 44 per cent of the total in the third quarter

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Phill Witherington, President and CEO of Manulife Asia, delivers opening remarks at the 2024 South China Morning Post - China Conference at the Hong Kong Ocean Park Marriott Hotel in Aberdeen on 4 July 2024. Photo: May Tse

Enoch Yiu

Published: 9:25am, 19 Nov 2024Updated: 12:56pm, 19 Nov 2024

Manulife Financial has promoted its Asia head as group CEO from next year, as Canada’s largest insurer acknowledged the region’s outsize contribution to its global revenue.

Phil Witherington, the Asia CEO of Manulife, will take over as group CEO of the Toronto-based insurer from May 8 next year, according to a statement on Tuesday. He will replace Roy Gori, who will retire and serve as an adviser through August 31, it added.

Manulife’s board was unanimous in its support for Witherington’s promotion, chairman Don Lindsay said. Witherington has consistently demonstrated the ability to navigate complexity, deliver on commitments and drive change and highly engaged teams through his authentic leadership, he added.

Witherington welcomed the “opportunity to lead the next chapter for Manulife” which has a global footprint and long history, he said in the statement.

An undated picture showing a Manulife marketing event in Tsim Sha Tsui, Hong Kong. Photo: Handout

“Many global insurance companies are focused on business opportunities in Asia,” said Kenny Ng Lai-yin, a strategist at Everbright Securities International. “This is because Asia has the fastest growth in wealth. Hong Kong specifically is a good base for them to expand their market in the region.”