Sun Life Financial Services of Canada Inc. announced Thursday its intention to appoint William Stinson, lead director of the company for the last four years, as non-executive chairman of both Sun Life Financial and Sun Life Assurance Co. of Canada immediately following the annual meeting of the two companies on June 4.

Donald Stewart, current chairman and CEO, will continue as CEO and as an ongoing member of the two boards.

“I asked our board to consider this change because I believe that Sun Life Financial must be willing to demonstrate its ability to respond to our evolving environment,” said Stewart. “I have appreciated the advice and guidance I have received from Bill over the past four years in his capacity as lead director, and I look forward to continuing our working relationship.”

“It has become clear that separating the roles of the chairman and CEOr has gained significant support among our shareholder and policyholder communities,” said Stinson. “I look forward to building on my long association with Sun Life Financial, and to working with Don and the other board members to continue our successful progress as a public company.”

Stinson joined the board of Sun Life Assurance Co. of Canada in 1985. He is currently chairman of Westshore Terminals Income Fund and a director of Grant Forest Products Inc. and a trustee of Fording Canadian Coal Trust. Prior to his retirement in 1996, he was CEO of Canadian Pacific Limited for 11 years.