Manulife head office building in Toronto, Canada. Manulife is a Canadian multinational insurance company.
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Manulife has published its incoming CEO’s new compensation package in a proxy circular published Friday.

The insurance giant’s annual meeting will occur on May 8. Phil Witherington, currently head of Asia, will succeed Roy Gori as the president and CEO of Manulife the following day.

Gori will stay on as an adviser to the company until Aug. 31.

Steve Finch, currently chief actuary, will succeed Witherington as president and CEO of Manulife Asia on May 9, the company said in a release this week.

The board set Witherington’s 2025 total direct compensation target at US$9.7 million, according to the proxy circular. This includes a base salary of US$1.2 million, a target annual incentive of US$2.4 million and an equity-based incentive of US$6.1 million.

Last year, Gori earned US$14 million, including US$1.3 million in base pay. This year, he will receive a pro-rated salary for his service through his retirement on May 8. Upon retirement, he will get additional stock options, the proxy circular estimated this to be around $53.9 million based on the stock price as of Dec. 31, 2024.

James Prieur and Susan Dabarno are also retiring after the shareholder meeting. They will not seek reelection to the board of directors as they’ve reached their 12-year term limit.