A former John Hancock president who took a c-level job at parent company Manulife Financial is stepping down. John DesPrez III was promoted to chief operating officer for Manulife in May 2009 and after a year on the job, he is leaving the company, as noted in Manulife's earnings report.

Aside from serving as president of Hancock, DesPrez has been with both Manulife and John Hancock in a number of capacities, including leading Manulife USA and acting as the senior executive vice president of John Hancock Wealth Management.

Manulife will eliminate the COO position after DesPrez's departure. Instead, divisional leaders will report to Manulife's president and CEO, Donald Guloien.

A Manulife spokesperson was not available to comment on the timing or DesPrez's post-departure plans. 

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