Defined Contribution

John Hancock Retirement Plan Services chooses new CEO

Patrick Murphy was named CEO of John Hancock Retirement Plan Services, effective immediately, said a news release Friday.

Mr. Murphy replaces Peter Gordon, who will retire later this year.

Mr. Murphy, who is currently John Hancock Retirement Plan Services' president, "will be responsible for leading all facets of our U.S. record-keeping business," the news release said.

Mr. Murphy joined John Hancock in 2015 following the firm's acquisition of New York Life's retirement plan services business, where he was CEO.

"Patrick has been a critical member of the leadership team for our retirement business since coming on board in 2015," Mr. Gordon said in the release. "He has been instrumental in expanding our solutions across the retirement plan market to service more than 57,000 plans and help more than 2.7 million participants. I'm confident that Patrick's experience, expertise and commitment will help serve our customers as we continue to grow."

A spokeswoman could not immediately be reached for additional information.