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Manulife Bank names new CEO, current head Rick Lunny to retire

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TORONTO — Manulife Financial Corp. says Rick Lunny, president and CEO of Manulife Bank, is retiring at the end of February.

It says Alex Lucas, current head of individual insurance at Manulife Canada, will step into the role as head of the Canadian online bank.

Mike Doughty, chief executive of Manulife Canada, said in the memo announcing the change that Lucas has been at Manulife for over 15 years, including head of individual insurance since 2014.

Lunny served in the role of CEO of the bank for more than seven years.

Manulife Bank was established in 1993 and says it was the first branchless bank in Canada, and the first federally regulated bank opened in the country by an insurance company.

The bank reported $27.7 billion in assets and a net income of $44 million for the quarter ending Sept. 30.

This report by The Canadian Press was first published Jan. 25, 2022.

Companies in this story: (TSX:MFC)

The Canadian Press

Note to readers: This is a corrected story. A previous version had the incorrect name for Manulife Financial Corp.