Toronto-based Sun Life Financial Inc. announced on Thursday that James Sutcliffe, chairman of the board of directors, will retire from the role in May.

Sutcliffe, who joined the board in 2009 and became chairman in 2011, will retire following the company’s annual meeting on May 10. William Anderson, who has been a director with Sun Life since 2010, will replace Sutcliffe.

“It has been an honour to work with [president and CEO] Dean Connor, his leadership team, and the talented employees at Sun Life over the past eight years,” Sutcliffe says in a statement. “I’m pleased to be passing the baton to [Anderson]. He is highly respected by the board as a natural team builder who will provide strong leadership, oversight and continuity.”

Anderson currently chairs Sun Life’s audit and conduct review committee. He has an extensive background in business and finance, including roles as partner with KPMG LLP and various executive positions with BCE Inc. and Bell Canada, including CFO.

“It’s a privilege to be selected by the board as incoming chairman and I look forward to helping contribute to the impressive legacy Sun Life has built over more than 150 years,” Anderson says in a statement.

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