Manulife Financial Corp. has picked Donald Guloien to succeed Dominic D’Alessandro as its next president and CEO, effective May 7, 2009.

D’Alessandro, who has led the life insurance giant since 1994, will retire on that date.

Guloien is a 28-year veteran of the firm and is currently senior executive vp and chief investment officer, as well as chairman and CEO of MFC Global Investment Management, a Manulife subsidiary.

Guloien is also a member of Manulife’s executive and management committees.

“Donald is ideally suited for this role,” says Arthur Sawchuk, chairman of the board of directors. “He is extremely bright and has a deep understanding of all facets of our business and a track record filled with achievements. Manulife Financial will be well-served as he takes the helm next year.”

Sawchuk also announced that John DesPrez, currently senior executive vp, would become chief operating officer, responsible for insurance and wealth management operations in Canada, the United States, Asia and Japan.

“John has an 18-year history with Manulife and is a superb executive who has led our businesses in Canada and the U.S. through a period of outstanding growth,” says Sawchuk.

DesPrez will remain president and CEO of U.S. subsidiary John Hancock Financial Services in addition to assuming the COO responsibilities in May 2009.

“Donald and John have formed an extremely healthy partnership,” says D’Alessandro. “Manulife has grown to the size and complexity where a chief operating officer role makes a great deal of sense, enabling the new CEO to deal with strategy, financial management and investment activities, with the confidence in knowing that operations are solidly under control.”

The Toronto-based financial services group serves millions of customers in 19 countries and territories worldwide. Funds under management by Manulife and its subsidiaries totaled $400 billion as at June 30.