Jessica Tan succeeded Jacques Goulet as president of Sun Life Canada in September 2024. She received $12.3 million in shares to replace her forfeited retirement allowance and other compensation entitlements, according to a management information circular published Wednesday.
The one-time incentive included $3.45 million in Sun shares, vesting one-third each year starting in 2025, and a deferred share unit (DSU) grant of $8.9 million, vesting on the fifth anniversary of her start date.
Last year, Tan also received a pro-rated cash income of $809,614, including $498,541 in annual incentives. Her base salary and annual cash incentives for next year are set at $850,000 and $1.8 million, respectively.
Timothy Deacon, who became executive vice-president and CFO with Sun Life Financial in April 2024, is also another new named executive officer. He received a $438,461 base salary, $966,000 annual cash incentive and $1.8-million long-term equity incentive last year.
Deacon also received a one-time DSU grant of $1.7 million to replace forfeited equity from his previous employer, which vested 50% in February 2025. The remainder will vest in February 2026. It will be held until departure from the company.
Next year, Deacon’s base salary will be $650,000 plus a target annual cash incentive of $850,000.
Sun Life board member Marianne Harris will step down in May as she approaches her term limit. In addition, Scott Powers will retire next May and Stephanie Coyles is expected to do the same in 2027.
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