Winnipeg-based Great-West Lifeco Inc. (TSX:GWO) Thursday announced the succession plan for Bill Lovatt, executive vice president (EVP) and CFO, who will retire in mid 2015 following a 35-year career with the organization, including the last 17 years as CFO.
In conjunction with Lovatt’s upcoming retirement, the company announced that Garry MacNicholas, currently EVP, actuarial and risk, will be appointed to the role of EVP and CFO effective Mar. 31, 2015. Following that date, Lovatt will remain in an advisory role to MacNicholas until his retirement.
“Bill has provided outstanding leadership as Chief Financial Officer, particularly during Great-West Lifeco’s expansion in Canada, the United States and Europe and the more recent period of global financial turbulence,” said Paul Mahon, president and CEO, in a release.
MacNicholas, who earned his Bachelor of Mathematics degree at the University of Waterloo, is a Fellow of the Society of Actuaries and Canadian Institute of Actuaries. He joined Great-West Lifeco subsidiary Canada Life in 1982 and has held a wide variety of roles with increasing responsibility in the actuarial, insurance, reinsurance, and wealth management business units in Toronto, Regina and the United Kingdom. He was appointed to his current role as EVP, actuarial and risk in May 2013.