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Rick Lunny, CEO of Manulife Bank, is retiring next month.

Alex Lucas, currently head of individual insurance at Manulife, will replace Lunny this March, Manulife said in an internal memo.

Lunny “heads off into retirement with a long list of successes and accomplishments, and we wish him all the best in this next chapter,” said Mike Doughty, president and CEO of Manulife Canada, in the memo.

Over the past 15 years, Lucas “has built a strong reputation as a passionate leader devoted to doing the right thing for his teams and our customers. He has led our individual insurance business since 2014 and has been instrumental in turning around our profitability and market share while modernizing the business, including through Manulife Vitality,” the company said.

Before joining Manulife in 2014, Lunny held a variety of financial positions, including: managing principal, Melrose Management Group; executive vice-president of deposits, lending and insurance, CIBC; president, GE Money Mortgages, General Electric; and various positions at Toronto-Dominion Bank, including vice-president of personal and business banking in the late 1980s and early 1990s.

Lucas joined Manulife in 2007 after an eight-year career with Bank of Montreal.

Paul Savage, head of product and pricing for individual insurance with Manulife, will take over for Lucas on an interim basis until a new head is appointed.