Manulife Financial Corp. in Toronto has announced that John DesPrez will succeed James Benson, the president and chief executive officer of its U.S.-based John Hancock insurance operations, who will retire Aug. 31.
Mr. DesPrez is the president and CEO of Hancock's financial services wing, the parent company said on Tuesday. He is to oversee all of Manulife's U.S. operations.
Manulife bought Boston-based John Hancock in April 2004 for about $13 billion and became the second-largest North American insurance company.
Mr. Benson had joined Hancock in 2002; he said that after nearly 40 years in the financial services industry he decided it was time to leave active company management.
