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Highlights
- Paul Mahon to retire as President and CEO of Great-West Lifeco and Canada Life
- David Harney to assume CEO role, effective in early summer
- Mahon to continue as Senior Advisor to support leadership transition
Great-West Lifeco Inc (TSX:GWO). operates within the financial services sector and is listed on the Toronto Stock Exchange under the symbol GWO. As part of the S&P/TSX Composite Index and the S&P/TSX 60 Index, the company plays a significant role in Canada's insurance and wealth management landscape. On May 1, the company announced a planned leadership transition effective mid-year.
CEO to Step Down After Decades of Service
Paul Mahon will step down from his role as President and CEO of both Great-West Lifeco and its primary Canadian operating subsidiary, Canada Life. This marks the culmination of a multi-decade career at the organization, where he has served in various leadership roles across different areas of the business. His tenure as CEO has seen the company navigate strategic transformation, brand unification, and evolving market conditions.
Mahon will continue with the organization in a Senior Advisor capacity until early next year, helping to ensure a smooth leadership transition.
David Harney Appointed as Successor
David Harney has been named the incoming President and CEO of Great-West Lifeco and Canada Life. He brings extensive experience in the insurance and financial services industry and has held senior leadership roles within the Lifeco group of companies. Harney's appointment signals a continuation of the company’s long-term strategic direction and its emphasis on leadership development from within the organization.
Focus on Strategic Realignment and Integration
Under Mahon’s leadership, the company underwent key structural changes, including the integration of its Canadian brands under the Canada Life name. This move streamlined operations and branding, making the company's offerings more cohesive across the Canadian market. In addition, Lifeco expanded its presence in the United States through initiatives such as the development of Empower, a retirement services platform.
These moves have positioned the company more firmly within its core areas of insurance and retirement services, while simplifying its operating model.
Commitment to Community and Culture
In addition to strategic decisions, Mahon was known for promoting a culture of responsibility and service within the company. His tenure emphasized support for communities across Canada and employee well-being, particularly during challenging periods such as the global pandemic. This approach helped reinforce Lifeco’s reputation as a people-centered organization.
Board Commends Outgoing CEO's Legacy
Jeffrey Orr, Chair of the Board for both Great-West Lifeco and Canada Life, acknowledged Mahon’s leadership and contributions. Orr highlighted the company’s repositioning, sustained performance, and strong organizational values as part of Mahon's legacy. The Board has expressed full confidence in Harney’s ability to carry this vision forward.
Transition Timeline and Forward Planning
The leadership change is set to take effect in early July, with ongoing support from Mahon to ensure a stable handover. This transition aligns with the company’s long-standing approach to leadership succession and continuity.
