Power Financial Corporation (TSX: PWF) announced on Thursday that Philip Ryan will be stepping down as executive vice president and chief financial officer, and will be replaced by Gregory Tretiak.

Ryan is stepping down to pursue other interests in the United States, including board related work and teaching. The company said he has made a significant contribution to Power Financial and its subsidiaries during his four years with the group.

Tretiak takes over as executive vice president and CFO of both Power Financial and its parent company, Power Corporation of Canada (TSX:POW) in May 2012, immediately after the companies’ annual general meetings.

Tretiak has been with IGM Financial Inc., a subsidiary of Power Financial, for 24 years. He is currently executive vice president and CFO – a position he has held since 1999. His experience and knowledge of the Power group make him “ideally suited” for his new role, the board of directors said.

Replacing Tretiak at IGM Financial will be Kevin Regan. Regan has been with IGM Financial for 25 years, and during his tenure has held leadership roles in finance, marketing and distribution, most recently as executive vice president, financial services.

His appointment will be effective May 7th.