Manulife Financial Succession Seen as Surprise -- Market Talk

Dow Jones

2024-11-19

0730 ET - News that Manulife Financial CEO Roy Gori will retire, to be succeeded by Manulife Asia head Phil Witherington, comes as a surprise. RBC Capital Markets' Darko Mihelic says it wasn't clear that Gori would be stepping down so soon, particularly as he has served as CEO for seven years versus the typical tenure for financial-services CEOs of 10-plus years. Gori, in his mid-50s, also is relatively young to be retiring and his passion hasn't waned in recent years, the analyst says. Still, the investment thesis is unchanged and RBC retains an outperform call on the shares and C$49 target. (robb.stewart@wsj.com; @RobbMStewart)

(END) Dow Jones Newswires

November 19, 2024 07:30 ET (12:30 GMT)

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