Great-West Lifeco world headquarters is pictured in Winnipeg, in February, 2013.JOHN WOODS/The Canadian Press
Great West Life Co.’s GWO-PR-S-T head of Europe, David Harney, will take over the reins of the company as chief executive officer Paul Mahon announces his retirement after leading the insurer for 12 years.
On Thursday, Great-West Life − the parent company of Canada Life Assurance Co. − announced that Mr. Mahon, 61, will retire as president and CEO of both Canada Life and Great-West Life effective July 1 but will remain with the company as a senior adviser until early 2026 to support the transition.
Mr. Harney, who is president and CEO of European operations and capital and risk solutions, has been with Great-West Life for more than 35 years. In 2016, he was appointed CEO of Great-West Life subsidiary Irish Life – a position he held for four years until being appointed as head of Europe. In 2024, his responsibilities expanded to include oversight of Canada Life’s reinsurance business.
“David brings a depth of experience, and a proven ability to execute to his new role. He has consistently built strong teams that drive performance,” Canada Life and Great-West Life board chair Jeffrey Orr said in a statement.
Mr. Harney, who currently lives in Ireland, will relocate to Canada upon his appointment.
Both Mr. Mahon and Mr. Harney have worked closely over the past 12 years as the company went through a major reorganization, including the amalgamation of three prominent brands into Canada Life.
The merger of three Canadian subsidiaries under one roof saw the retirement of the Great-West Life Assurance Co. and London Life Insurance Co. names with customers – two brands that had been in the market for more than 170 years.
“I’m personally energized by the opportunity to work with our colleagues, customers and partners as we build on the company’s solid foundation and tremendous momentum,” Mr. Harney said in a statement.
Paul Mahon departs Great-West Life after a 39-year career with the insurer that began after he graduated from the University of Manitoba in 1986.Darren Calabrese/The Globe and Mail
Mr. Mahon departs Great-West Life after a 39-year career with the insurer that began after he graduated from the University of Manitoba in 1986. Prior to becoming CEO, he was president and chief operating officer for the company’s Canadian operations.
Throughout his tenure as CEO, the company’s share price has nearly doubled − rising to $52.31 on May 1, from $28.96 at the beginning of May, 2013.
Royal Bank of Canada analyst Darko Mihelic told investors in a research note Thursday that there had not been any prior indication of Mr. Mahon’s pending retirement but that Mr. Harney’s appointment is viewed as positive because of his “extensive experience from Europe.”
However, Mr. Mihelic added that “on the surface,” Mr. Harney’s exposure to Great-West Life’s U.S. business seems “somewhat limited.”
In recent years, Mr. Mahon has been focused on boosting the insurer’s U.S. expansion and its wealth-management business.
In 2023, the insurer struck a deal with its sister company, IGM Financial Inc., to buy Canadian wealth manager Investment Planning Counsel for $575-million.
The deal added more than 650 investment advisers and $32-billion in assets to Canada Life’s roster. (IGM and Great-West are both subsidiaries of Montreal-based Power Corp.)
The same year, Mr. Mahon added another $5-billion in assets with the purchase of Winnipeg-based Value Partners Group Inc., a financial-planning company that serves high-net-worth clients.
In the United States, his sights were set on expanding the insurer’s U.S. subsidiary, Empower Retirement.
In June, 2020, the company spent US$1-billion to purchase online wealth manager Personal Capital. Three months later, Empower added another US$167-billion in assets when it bought the retirement business of Massachusetts Mutual Life Insurance Co.
In July, 2020, Mr. Mahon expanded Great-West’s U.S. presence further with a US$4.45-billion deal to buy the retirement business of Prudential Financial Inc.