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Peter Anderson, CEO of Toronto-based wealth management firm CI Financial Corp., has informed the company’s board of directors that he will retire no later than the end of his current employment contract, which terminates on June 30, 2020.

Anderson rejoined CI Financial as CEO in 2016 following a three-year absence from the firm, during which time he served as director of a number of companies. Until he retires, he will work with CI Financial’s board to help transition the company to a new executive management structure.

“We have excellent senior management throughout the company and I am confident CI is in a strong position to compete in this fast-moving environment,” Anderson said in a news release.

Correction: A previous version of this article said Peter Anderson was retiring at the end of June. In fact, he is retiring in June 2020.