Sun Life Financial Selects Stephen L. Deschenes to Lead U.S. Annuities DivisionWELLESLEY, Mass. (June 5, 2009) - The U.S. division of Sun Life Financial Inc. (NYSE: SLF; TSX: SLF) today announced that Stephen L. Deschenes has been named Senior Vice President and General Manager of its Annuities Division. In this role, Deschenes will oversee Sun Life's annuity business line, working with the company's marketing, actuarial and distribution units to build best practices and create a diversified portfolio of competitive products. He will begin this new role on June 8, 2009.
Deschenes joins Sun Life from MassMutual Financial Group, where he served as Senior Vice President and Chief Marketing Officer for the Retirement Income Group. Prior to joining MassMutual, Deschenes served as Executive Vice President for Fidelity Investments. Deschenes joined Fidelity Investments in 2003 and led product development and marketing for the defined contribution business. He also co-led the company's Retirement Leadership Forum, an enterprise-wide initiative focused on building an overall retirement strategy producing several major launches including the Fidelity Retirement Institute and new retirement income products. He is also a founder of the online financial advice site mPower (now part of Morningstar).
"Steve is a proven leader with a successful 23-year track record in setting strategic direction and driving results in highly competitive markets," said Wes Thompson, President, Sun Life Financial U.S. "The challenging economic environment is increasing consumer awareness of the need for retirement income solutions, and Sun Life is in a unique position to meet Boomers' evolving needs as they redefine retirement."
Deschenes graduated Magna Cum Laude from Harvard University with a BA in Psychology and Social Relations. He holds NASD Series 7 and 24 licenses.
"I am excited to join Sun Life and guide its annuities division during this unique and challenging time in the industry's history," said Deschenes. "Sun Life is a financially strong company that has developed innovative living benefits and is poised for solid growth in the annuities market. It is in a unique position to expand its market share and become a leader in retirement services as advisors begin helping their clients rebuild their finances to meet their long-term goals."
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2009, the Sun Life Financial group of companies had total assets under management of US $297.5 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. Visit Sun Life Financial's website at www.sunlife-usa.com
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