UPDATE 1-Sunrise Senior to cut 150 jobs; replaces CFO

* To cut 150 jobs; CFO's employment to be terminated

* Julie Pangelinan named new CFO

* Sees severance expense of about $4.5 mln in 2009

* Sees $20 mln in annual recurring savings

May 4 (Reuters) - Sunrise Senior Living Inc (SRZ.N) said it will cut about 150 jobs to reduce spending and that its chief financial officer's employment would be terminated as part of the downsizing.

The company, which provides senior living services, said the job cuts would take place at its corporate headquarters, in Germany, and in its regional support group. Sunrise sees severance expense of about $4.5 million in 2009.

The downsizing plan is expected to be completed by early 2010, the company said.

Sunrise, whose CFO Richard Nadeau's employment will be terminated effective on or before June 15, said it expects more than $20 million of annual recurring savings from the cost-cutting efforts.

Nadeau will be succeeded by Julie Pangelinan, currently Sunrise's chief accounting officer.

In March, the company had said that it may have to reorganize under bankruptcy protection if it fails to reach agreements with lenders to restructure debt.

Shares of the McLean, Virginia-based company closed at $2.07 Friday on the New York Stock Exchange. (Reporting by Esha Dey in Bangalore; Editing by Himani Sarkar)