Wayne Park joined John Hancock Retirement as its new CEO, John Hancock announced in a news release Monday.
He succeeds Sue Reibel, who retired Dec. 31.
Mr. Park will be responsible for all aspects of John Hancock's U.S. retirement plan and record-keeping business, including sales, relationship management, product, strategy, marketing, operations and technology.
He is based in Boston and reports to Aimee DeCamillo, head of global retirement for Manulife Investment Management, which oversees the John Hancock retirement business.
"One of the core objectives of Mr. Park coming in is to continue to grow this business and to continue to extend the reach of who we're doing business with," Ms. DeCamillo said in an interview.
Ms. DeCamillo said the U.S. retirement market is the world's largest with $8 trillion in assets, representing huge opportunities for John Hancock, particularly with small- and midsize employers.
"We certainly are a leader in the U.S. market and want to continue to extend our reach to serve more individuals and more employers, and be that important partner to third-party administrators and financial advisers in serving their clients," Ms. DeCamillo said.
John Hancock serves more than 55,000 retirement plans with more than 3.2 million participants and about $190 billion in assets under management and administration, Ms. DeCamillo said. The company employs roughly 2,600 people.
Mr. Park was previously president of American Century Services, part of American Century Investments, where he oversaw the company's direct-to-consumer and retirement plan businesses as well as an operations group supporting all client markets and channels. Prior to that, he had been head of individual investors at T. Rowe Price Group. American Century has initiated a search for Mr. Park’s successor, a spokeswoman said.
