Kevin Strain will assume the roles of CEO and president of Sun Life Financial from Dean A. Connor who will retire Aug. 6, said a news release Wednesday.
Mr. Strain currently is executive vice president and chief financial officer; he will take on the role of president Feb. 15 and the CEO position after Mr. Connor's departure.
Mr. Strain will work with the firm's board and Mr. Connor to name a new CFO in the first half of 2021. He will retain the title and duties of the CFO until his replacement has been hired, the news release said.
"In his 14 years at Sun Life and nearly 10 years as president and CEO, Dean retires after a distinguished career where he transformed Sun Life to become one of the top insurance and asset management companies in the world," said William Anderson, chairman of Sun Life Financial, in the release.
Regarding Mr. Strain's appointment to his new roles, Mr. Anderson said in the release that "our board undertook a comprehensive process to ensure we found the best possible successor to Dean. We are confident that Kevin's background and career at Sun Life position him well to lead the company into the future."
Irene Poon, a company spokeswoman, said in an email that the firm expects to conduct internal and external searches for Mr. Strain's successor.
Sun Life Financial had total assets under management of C$1.2 trillion ($897 billion) as of Sept. 30.
