Sun Life Financial names new U.S.-based executives
TORONTO, Sept 29 (Reuters) - Sun Life Financial (SLF.TO) said on Monday it was adding several new executives to beef up its U.S. management expertise, and the insurance company's top U.S. executive will shift to an international role.
Sun Life, Canada's third largest life insurer, said former Lincoln Financial Group Chief Executive Jon Boscia, 56, will join the company as president.
Boscia will be based in Wellesley Hills, Massachusetts, and will oversee Sun Life's overall U.S. business, except for its asset management business MFS Co. He will also oversee worldwide marketing.
Boscia retired from Philadelphia-based Lincoln in August after 10 years as the top executive, where he was responsible for the integration of multiple acquisitions and produced outstanding internal growth, Sun Life said in a press release.
Also joining Sun Life from Lincoln is Westley Thompson, who becomes president of SLF U.S., and Terrence Mullen, who becomes president, Sun Life Financial Distributors. They will start October 27.
Robert Salipante, 52, who led the Canadian-based company's U.S. business for five years, has been named president of SLF International and will be based in Toronto.
Salipante will take on enterprise-wide responsibilities, including information technology, shared business services, SLF's British operations, reinsurance and other international strategic initiatives, Sun Life said.
"The periodic rotation of our business leaders is one of the cornerstones of our international strategy," Sun Life Chief Executive Don Stewart said in a statement.
Sun Life's share price is down 34 percent so far in 2008, underperforming its Canadian-based life insurance rivals Manulife Financial (MFC.TO), which has seen its stock fall 9 percent, and Great-West Lifeco (GWO.TO), which is down 13 percent.
Sun Life shares were down 1.3 percent at C$36.62 on the Toronto Stock Exchange on Monday, faring better than the 2.4 percent drop in the S&P/TSX financials index.
($1=$1.03 Canadian) (Reporting by Lynne Olver; editing by Rob Wilson)
