Manulife's CEO leaves in May with a full wallet

Manulife's shares have tumbled this year on the Toronto Stock Exchange.

Manulife Financial chief executive officer Dominic D'Alessandro retires from the company in May, but he'll leave with a generous pay packet.

D'Alessandro's total compensation for 2008 was $13.25 million, down from $17 million in 2007. The $13.25 million includes a salary of $1.36 million, $3.9 million in share-based awards, $3.9 million in options-based awards, $2.1 million in pension and nearly $2 million in perks, dividends and other compensation.

D'Alessandro will also be paid $12.6 million for 2009, including $10 million in restricted share units and $2.5 million in cash. The restricted shares will be awarded May 29 and he can't sell them until December 2011.

Manulife reported a $1.87-billion loss in the fourth quarter of 2008, and its stock price has lost about half its value since January.

D'Alessandro held about $69.9 million worth of Manulife stock on March 2.

Corrections and ClarificationsManulife Financial CEO Dominic D'Alessandro will not receive 70 million company shares worth more than $100 million, as originally reported. In fact, he holds about $69.9 million worth of Manulife stock and is receiving $10 million in restricted share units in 2009. March 26, 2009 | 8 p.m. ETWith files from the Canadian Press