Great-West Lifeco Inc. announced May 1 that Paul Mahon will retire as that company’s president and CEO on July 1, 2025. He will remain with the company as a senior advisor until early 2026 to support the transition when his successor, David Harney takes over.
Like Mahon who spent 39 years with the company, including the past 12 years as CEO, Harney has been with the organization for over 35 years, holding a range of progressively senior roles. In 2016 he was appointed CEO of the company’s subsidiary Irish Life. Then, in 2020, Harney was appointed president and chief operating officer of the company’s European businesses. In 2024 his responsibilities were broadened further to include oversight of Great-West Lifeco’s reinsurance business.
“David is a strong and natural choice to build on our momentum,” Mahon said in a statement announcing the transition plans. “His leadership is shaped by his curiosity, focus on deeply understanding the changing needs of customers and staying ahead of market dynamics to shape strategy. I look forward to supporting him through the transition.”
Morningstar DBRS noted the announcement, crediting Mahon for leading the company through “a host of well-executed acquisitions, some very large and complex, in the U.S., Canada and Europe. The acquisitions have positioned the company with a much stronger presence in key capital-light segments including the retirement and wealth business,” they write.
“Harney’s long history and involvement with the senior leadership of Great-West is an indication that he will continue executing on the established strategic pillars regarding the market and products in which the company intends to invest and grow. Overall, Morningstar DBRS expects the transition to be smooth.”
