TORONTO, Sept. 8 /PRNewswire-FirstCall/ - Today, Arthur Sawchuk, Chair of the Board of Directors of Manulife Financial, announced that Donald A. Guloien will succeed Dominic D'Alessandro as its next President and CEO, effective May 7, 2009. Mr. D'Alessandro, who has led Manulife since 1994, will retire on that date.

Mr. Guloien is a 28-year veteran of the firm and is currently Senior Executive Vice President and Chief Investment Officer, as well as Chairman and CEO of MFC Global Investment Management. He is also a member of Manulife Financial Corporation's Executive and Management Committees.

"Donald is ideally suited for this role," said Arthur Sawchuk, Chair 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."

Mr. Sawchuk further commented, "Under Dominic's leadership Manulife has become one of the world's pre-eminent life insurers. He has also, in the process, assembled an outstanding management team. This has allowed the Board to select from within the company and affords the company the benefit of an orderly transition."

Mr. Sawchuk also announced that John D. DesPrez III, currently Senior Executive Vice President, 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," said Mr. Sawchuk. Mr. DesPrez will remain President and CEO of John Hancock Financial Services in addition to assuming the COO responsibilities in May 2009.

"Donald and John have formed an extremely healthy partnership," said Dominic 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. I am very pleased with the outcome of our succession process. I look forward to watching our fine company continue to go from success to success as Donald and John assume their new roles."

About Manulife Financial

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Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers customers a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$400 billion (US$393 billion) as at June 30, 2008.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.