Toronto- and New York-listed Sun Life Financial has announced a number of management changes, including that chief executive Donald Stewart will retire on 30 November, with Dean Connor, currently chief operating officer, due to replace him.

The financial services giant said Stewart was retiring in line with company policy, and would work closely with Connor until the latter gentleman stepped in as president and CEO on 1 November. Connor has been at the firm since 2006, while Stewart, a veteran of the industry, has spent a large part of his four-decade career there.  

Commenting on his departure, chairman Ronald Osborne thanked Stewart for his “tireless dedication, leadership and integrity.”

In other changes, James Sutcliffe, currently chairman of the risk review committee, will takeover from Osborne as the firm’s chairman on 1 December. Osborne, who has held that role since 2005, will step down from the position on 30 November and will then retire as a director at the 2012 annual meeting.

As of 31 March 2011 the Sun Life Financial group of companies had assets under management of around $469 billion.