Manulife President and CEO Roy Gori announces his intention to retire in May 2025

C$ unless otherwise noted TSX/NYSE/PSE: MFC SEHK: 945

Board names Phil WitheringtonManulife Asia CEO, as successor

TORONTO, 18 November 2024 /CNW/ – Manulife Financial Corporation’s (MFC) Board of Directors announced today that President and CEO Roy Gori has informed them of his intention to retire, effectively 8 May 2025with Phil Witherington appointed as his successor and joined the board at that time. To support this transition, he has, after Mr. Goris’ retirement agreed to act as an advisor through 31 August 2025.

“The board is unanimous in our support for Phil’s appointment,” Don Lindsaysaid chairman of the board of Manulife. “As both our CFO and now as CEO of the Asia segment, he has consistently demonstrated the ability to navigate complexity, deliver on commitments and drive change and highly engaged teams through his authentic leadership,” added Mr. Lindsay.

“Roy is an inspiring, values-driven leader who has transformed the company and delivered exceptional results during his tenure as our President and CEO,” said Mr. Lindsay. “Our company is well positioned for continued future growth because of Roy’s disciplined focus on execution and the tremendous team and culture he has built,” added Mr. Lindsay. “On behalf of the board, I would like to thank Roy for his extraordinary energy, passion for and commitment to our company.”

“It has been my honor to serve as Manulife’s President and CEO, and I am extremely proud of our team’s many accomplishments. We have delivered superior operating results, de-risked our business and become a digital customer leader in our industry.” said Mr. Gori. “These results have enabled us to deliver market-leading total shareholder returns and would not have been possible without the incredible commitment and dedication of our exceptional global team.”

“We are now well positioned to raise the bar on our aspirations for Manulife’s next chapter,” added Mr. Gori. “And I am thrilled that Phil will lead the next phase of the company’s growth given his deep understanding of our global business and principled leadership. He has played a key role in our transformation journey and I look forward to working with him to ensure a smooth transition.”

Phil Witherington has been a member of the company’s Executive Leadership Team since 2017, serving as Chief Financial Officer for five years until being appointed to his current role as President and CEO, Manulife Asia. With roles at HSBC and AIA before joining Manulife in 2014, Mr. Witherington over 25 years experience in insurance and financial services globally, in both developed and emerging markets. Earlier in his career he spent a decade with KPMG i London and Hong Kong. He has a degree in geography from the University of Durham and an executive MBA awarded jointly by University of Edinburgh Management School and École nationale des ponts et chaussées and is a fellow at the Institute of Chartered Accountants in England & Wales and the Hong Kong Institute of Certified Public Accountants.

“It is an honor to be given the opportunity to lead the next chapter for Manulife. We are a historic organization that has an incredible footprint, enviable capabilities and an unmatched history,” said Mr. Witherington. “It has been a privilege to work closely with Roy and the entire Executive Leadership Team over the past few years, and I am excited about the opportunity we have to build on our momentum and deliver sustainable, high-quality growth for the benefit of our customers, colleagues, investors and the communities in which we operate around the world,” he added.

Phil will continue in his current role as he works with Roy on transition planning and will name his successor in the coming months.

About Manulife

Manulife Financial Corporation is a leading international provider of financial services that helps people make decisions easier and live better. With our global headquarters in Toronto, Canadawe provide financial advice and insurance that works like Manulife across the board Canada, Asiaand Europeand primarily as John Hancock in USA. Through Manulife Wealth & Asset Management, we offer global investment, financial advice and pension plans to individuals, institutions and plan members worldwide. By the end of 2023, we had more than 38,000 employees, over 98,000 agents and thousands of distribution partners serving over 35 million customers. We trade as ‘MFC’ on Toronto, New Yorkand the Philippine Stock Exchanges and under ‘945’ i Hong Kong.

Not all offers are available in all jurisdictions. For additional information, please visit manulife.com.

SOURCE Manulife Financial Corporation

Media contact: Anne Hammer, Manulife, 201-925-1213, (email protected); Investor Relations: Hung Ko, Manulife, 416-852-4875, (email protected)