Great-West Lifeco announced Thursday that current president and CEO Paul Mahon will retire effective July 1, with David Harney taking over leadership of one of Canada’s largest insurance and financial services companies.
Mahon, who has led the company for 12 years and spent nearly four decades with the organization, will remain as a senior advisor until early 2026 to support the transition.
“Paul’s contributions to our organization have been extraordinary,” said Jeffrey Orr, chair of Lifeco and Canada Life’s board of directors. “Under his leadership the company has been repositioned and strengthened, achieving record performance and delivering lasting value for our shareholders.”
Leadership legacy
During Mahon’s tenure as CEO, the company undertook several strategic initiatives, including the amalgamation of three brands into Canada Life and the expansion of Empower in the United States.
Mahon said it had been “an honour to lead Lifeco and work alongside such a dedicated and values driven team.”
“The company is on a path of sustained growth, and I couldn’t be more confident in the future,” he said.
Experienced successor
Harney brings over 35 years of experience with the organization to his new role. He has held numerous senior positions, including CEO of Irish Life where he expanded the business’s market presence. Most recently, he served as president and chief operating officer for Europe and oversaw Lifeco’s reinsurance business.
“David brings a depth of experience, and a proven ability to execute to his new role,” said Orr. “Our Board looks forward to working closely with David in his new role as we pursue Lifeco’s growth strategy.”
Harney expressed enthusiasm about his new position, saying he was “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.”
Great-West Lifeco, which operates under the brands Canada Life, Empower and Irish Life, provides services to more than 40 million customers globally. The company’s total client assets exceeded $3 trillion as of December 31, 2024.
