Sun Life Says President Boscia to Retire Next Year, Join Insurer's Board

Sun Life Financial Inc. said President Jon Boscia, considered a possible successor to Chief Executive Officer Donald Stewart, will retire in the first quarter of 2011.

Boscia, 58, will join Sun Life’s board of directors, the Toronto-based insurer said today in a statement. The company doesn’t plan to replace him, said spokesman Frank Switzer.

Boscia, former CEO of Lincoln Financial Group, was considered along with Chief Operating Officer Dean Connor as a possible successor when Stewart, 63, retires, Canaccord Genuity analyst Mario Mendonca said.

“The president role was created just so that we all understood there were two front-runners for the role of CEO,” Mendonca said. “It sounds like they’re going to go with Dean Connor.”

Canada’s third-biggest insurer named Boscia president and head of its U.S. business as part of a management shuffle in September 2008. Sun Life gave Boscia added responsibilities for its Asia and U.K. units in January, when the company promoted Connor to chief operating officer.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net; or Dan Kraut at dkraut2@bloomberg.net

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