The federal Department of Finance has tapped former president and CEO of Clarica Life Insurance Company, Robert Astley, to chair the Canada Pension Plan Investment Board.

Jim Flaherty, Minister of Finance, announced the appointment of Astley today.

Astley will assume the position of chairman of the board of directors on October 27, replacing current chairwoman Gail Cook-Bennett.

Astley been a member of the CPPIB board of directors since September 2006.

As well as the former CEO at Clarica, Astley is the former president of Sun Life Financial Canada. He is also a director of the Bank of Montreal and chair of its human resources and management compensation committee. He was also chairman of the Canadian Life and Health Insurance Association.

In addition, Nancy Hopkins, a partner at McDougall Gauley, becomes a director of the CPPIB, effective immediately.

Flaherty also announced the appointment of William Ross as chairman of the board of directors of the Canada Development Investment Corp. Ross is a partner with WeirFoulds LLP, and is currently on the CDIC board.