(Toronto) Manulife Bank President and CEO Rick Lunny will retire at the end of February, Manulife Financial announced Tuesday.
Posted at 1:48 p.m.
The current head of individual insurance at Manulife Canada, Alex Lucas, will replace Mr. Lunny as head of the Canadian online bank.
Manulife Canada chief executive Mike Doughty noted in the memo announcing the change that Lucas had been with Manulife for more than 15 years, and had led individual insurance since 2014.
Mr. Lunny served as the bank’s CEO for over seven years.
Manulife Bank was established in 1993. It claims to have been the first branchless bank in Canada and the first federally regulated bank opened in the country by an insurance company.
The bank reported assets of 27.7 billion and net profit of 44 million for the quarter that ended September 30.