Manulife CEO to step down

TORONTO (Reuters) - Manulife Financial (MFC.TO: Quote) President and Chief Executive Dominic D'Alessandro, who spearheaded the company's takeover of John Hancock, will step down in May 2009, the insurance company said on Thursday.

D'Alessandro, who has held the top job at the company for the past 14 years, has an employment agreement that was due to expire at the end of 2008. He will step down at the company's annual meeting in May 2009.

Manulife said it was aware that D'Alessandro could elect to retire and has been focused for the past few years on who his successor will be. The company will announce his CEO-Designate by the end of 2008.

In September 2003, Manulife agreed to buy Boston-based life insurer John Hancock Financial Services for $10.8 billion in a bid to expand its operations in the United States.

The deal made Manulife the second largest life insurance company in North America and the fourth largest in the world.

($1=$1.01 Canadian)

(Reporting by Frank Pingue and Lynne Olver; editing by Rob Wilson)