Former insurance-unit chief tapped to replace DesPrez (now Manulife's COO). Boston-based John Hancock Financial Services has named John Boyle, formerly president of its U.S. insurance division, as its president. The promotion also makes Boyle a member of the executive and management committees of Manulife Financial, John Hancock's Toronto-based corporate parent.

Replacement

Boyle replaces John DesPrez III to become 147-year-old John Hancock's twenty-first president. DesPrez was recently named as Manulife's COO.

Prior to running John Hancock's U.S. Insurance division, Boyle was president of the U.S. Wealth Management division. In his new role, he oversees all phases of John Hancock's operations including life insurance, long-term care insurance, variable annuities, 401(k) plans, fixed income and mutual funds, John Hancock Financial Network and the firm's Investment Management Services unit.

Boyle joined John Hancock from PricewaterhouseCoopers in 1992.

Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the U.S., Manulife provides a range of financial-protection products and wealth-management services through its network of employees, agents and distribution partners. It had $322 billion in funds under management at the end of March 2009.

At the end of 2008, John Hancock accounted for 61% of Manulife's $65.8 billion in premiums and deposits, and 58% of the $330 billion in funds under management by Manulife and its subsidiaries. -FWR

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