Paul Mahon

Paul Anthony Mahon is the former President and Chief Executive Officer of Great-West Lifeco Inc. and The Canada Life Assurance Company. Great-West Lifeco announced on May 1, 2025 that Mahon would retire as President and CEO effective July 1, 2025, with David Harney appointed as successor and Mahon serving as Senior Advisor until early 2026.

Mahon spent 39 years with the Great-West Lifeco and Canada Life group, including 12 years as CEO. Before becoming CEO in 2013, he was President and Chief Operating Officer, Canada, of Great-West Lifeco, Great-West Life, London Life, and Canada Life. Earlier reporting described him as a 27-year company veteran when he succeeded Allen Loney as President and CEO in May 2013.

He was born and raised in Winnipeg and earned a Bachelor of Commerce (Honours) degree from the University of Manitoba. Public biographies and profiles also note that he served on, or was connected to, the Business Council of Canada, the Canadian Life and Health Insurance Association, United Way Winnipeg, Misericordia Health Centre Corporation, CancerCare Manitoba Foundation, Putnam Investments, and the Business Council of Manitoba.

As CEO, Mahon oversaw a period of consolidation and strategic repositioning. Notable milestones included the 2019 move to combine Great-West Life, London Life, and Canada Life under the Canada Life brand and the continued build-out of Empower in the United States through major retirement and wealth-management acquisitions.

• Mahon is not verified as an angel investor. The public record supports a corporate strategic-investment profile tied to Great-West Lifeco, Canada Life, Empower, and the Power Corporation group rather than personal seed investing.
• Strategic fit is central. On the MassMutual retirement-services transaction, Mahon said the deal “directly aligns with Lifeco’s long-term plans for growth and scale in the U.S. retirement market.”
• Wealth and retirement platforms were a core focus. For Personal Capital, Mahon emphasized accelerating Empower’s growth in retail advice and wealth management and combining digital tools with defined-contribution retirement capabilities.
• Canada Life’s Canadian wealth strategy focused on independent advisors. On the Investment Planning Counsel acquisition, Mahon said IPC would accelerate Canada Life’s goal of leadership in the Canadian independent advisor wealth market.
• AI exposure appears to be a recent Great-West/Power group strategic theme. In 2026, Great West, Power Corporation, and IGM announced a combined US$150 million investment in Sagard AI Fund to access AI companies, market intelligence, commercial partnerships, pilots, and strategic deployment paths.
• No standard check size is published for Mahon personally. Publicly disclosed Great-West-related transactions during or near his tenure range from minority strategic stakes to multi-billion-dollar acquisitions.