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Sun Life Financial To Split Chairman, CEO Jobs

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NU Online News Service, April 3, 2003, 10:33 a.m. EST – Sun Life Financial Services of Canada Inc., Toronto, plans to name William Stinson to be a “non-executive chairman” June 4, after its annual meeting.

Stinson would be chairman both of Sun Life Financial and of Sun Life Assurance Company of Canada, the company says.

Donald Stewart, who has been the chairman and chief executive officer, will continue to be the company’s CEO, but he says the company should separate the roles of chairman and CEO.

The idea of separating the roles “has gained significant support among our shareholder and policyholder communities,” Stewart says in a statement about the move. “I asked our board to consider this change because I believe that Sun Life Financial must be willing to demonstrate its ability to respond to our evolving environment.”

Stinson, who joined the Sun Life Assurance board in 1985, is now the chairman of a Canadian investment fund. From 1985 to 1996 he was the chief executive officer of Canadian Pacific Ltd., Calgary, Alberta, a railroad.