- Push-out Score suggests push-out forces
- After almost six years on the job
- Praise, thanks and good wishes for Roder
- Phil Witherington taking over
(exechange) — Toronto, Ontario, Canada, September 12, 2017 — Steve Roder, finance chief of Manulife, leaves. As announced by Manulife Financial Corporation in a news release on Tuesday, September 12, 2017, Stephen Bernard (Steve) Roder leaves the post as Chief Financial Officer at the Canadian insurance company after almost six years on the job, effective December 31, 2017.
Roder’s duties are taken over by Phil Witherington, currently interim President and CEO of Manulife Asia.
Roder’s move is part of a management shake-up.
“For personal reasons”
The management change is explained as follows. Manulife said: “Steve Roder, Manulife’s Chief Financial Officer, has decided to retire for personal reasons, effective December 31, 2017.”
In the announcement, the company did not detail the personal reasons causing Roder to leave the position, leaving room for speculation. Generally speaking, “personal reasons” may include, among others, family-related reasons, health reasons or disagreement.
Precise information about the future plans of Roder was not immediately available.
Share price rise since February 2016
The change follows a rise in the share price of Manulife Financial Corporation since February 2016.
Chaired by Richard B. DeWolfe
Manulife Financial Corporation is chaired by Richard B. DeWolfe.
Richard DeWolfe has been Chairman since May 2, 2013.
CEO: Donald A. Guloien
Donald A. Guloien serves as CEO of Manulife Financial Corporation.
On the job as CFO since 2012
Steve Roder joined Manulife Financial in June 2012 as Senior Executive Vice President and Chief Financial Officer.
In this role, he is responsible for the global financial affairs of the Company including, Actuarial and Capital Management, Treasury, Controllership, Taxation, Financial Regulation, Investor Relations and Reinsurance activities.
He is a member of the Company’s Executive committee.
With more than 20 years of executive experience in Asia’s insurance and financial services sector, Roder has a wealth of knowledge in accounting, risk management and finance.
He has worked as an auditor, advisor, and consultant, providing advice to CEOs, CFOs and boards.
Roder has strong global relationships in the life insurance industry and regulatory environment.
Prior to joining Manulife, Roder was CFO of AIA Group Ltd.
During his tenure with AIA, Roder gained valuable experience developing positive relationships with regulators, investors, rating-agencies and other key stakeholders across multiple jurisdictions.
He also modernized the finance function by driving finance transformation, achieving major improvements in process and control, and building the tax, investor relations and business analysis functions.
In addition to his CFO responsibilities, Roder chaired the AIA Group Risk Committee, developing and rolling out a new risk governance framework for the company.
Before AIA, Roder headed KPMG’s financial services practice in Asia where he gained experience in insurance, audit, transactions, and banking.
During his 16 years as a partner at KPMG, Roder worked in Hong Kong, London, and Japan, advising a variety of major global financial institutions.
Roder showed his global orientation when he founded Project China Global, a project to capture more multinational work in China from the KPMG world and to prepare the KPMG world to assist Chinese clients expanding globally.
Roder is former chairman of the Expert Panel on Insurance of the Hong Kong Institute of CPAs, former President of the Royal Society of St. George, Tokyo, and former chairman of the British School in Tokyo.
Roder has a Bachelor of Science from the University of Southampton, United Kingdom, and is a Fellow of the Institute of Chartered Accountants in England & Wales (FCA) and a Fellow of the Hong Kong Institute of Certified Public Accountants (FHKICPA). He speaks Japanese to an advanced level.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Steve Roder’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 38.2017 ($).