Toronto-based mutual fund giant CI Financial Corp. (CI) announced on Thursday that Peter Anderson will take over as the firm’s president and CEO from Stephen MacPhail, who will retire on June 30 after a 22-year career with CI.

Anderson was formerly an executive vice president and a member of CI’s board of directors. He also held the positions of chief investment officer and CEO with CI subsidiary CI Investments Inc. Anderson left CI in 2012 and was a director and, most recently, interim CEO with Toronto-based Aston Hill Financial Inc.

See: Aston Hill appoints new president and CEO

CI also announced that Sheila Murray, executive vice president and general counsel, has been appointed as the firm’s president while Bill Holland remains in his position as executive chairman of the board of directors.

“I have been extremely fortunate to be part of such a successful organization and work with such a capable team for over 22 years,” says MacPhail, who has also held the positions of chief financial officer, chief operating officer and president with CI, in a statement. “We have just achieved another year of record profits and CI continues to be recognized as a leader in the Canadian wealth management business. I have always said that when there was a succession plan in place and I was nearing 60, I would pass the baton. I am delighted that my good friend Peter Anderson has agreed to return to CI and lead this incredibly talented management team.”

“What a strange feeling it will be to look to the office next to me and for the first time in over 22 years, not see Steve,” adds Holland, former CEO of CI, in the statement. “It would be impossible for me to overstate his achievements and immense contribution to CI.”

See also: CI to pony up $156.1 million in compensation, plus make voluntary payment to the OSC