07/04/2011 09:02 EDT | Updated 09/03/2011 05:12 EDT

Sun Life CEO Donald Stewart To Retire

CP File

THE CANADIAN PRESS -- TORONTO - The president and chief executive officer of Sun Life Financial Inc., Donald Stewart, will retire on Nov. 30, the company announced Monday.

Stewart, who under company policy will also retire from the Sun Life board, is being replaced as by Dean Connor, currently Sun Life's chief operating officer. Connor has also been appointed to the Sun Life board.

"On behalf of the board of directors and the entire Sun Life organization, I wish to thank Don Stewart for his tireless dedication, leadership and integrity throughout his four decades in financial services, almost all of that time spent with Sun Life," board chairman Ronald Osborne said in a release.

"We are also delighted that the strength of Sun Life's management team has enabled the board to select a new leader from within the company," Osborne added. "Dean's extensive experience and strategic vision will be of enormous benefit as the company continues to build on its strengths."

Meanwhile, the board also announced the appointment of James Sutcliffe, as chairman effective Dec. 1. Sutcliffe is currently chairman of the company's risk review committee.

Sun Life Financial is a leading international financial services organization providing a diverse range of insurance and wealth accumulation products and services to individuals and corporate customers. It has some $469 billion in assets under management.