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.