The U.S. division of Sun Life Financial Inc. of Toronto said that it plans to consolidate its distribution arm and that Kevin Hart, the president of Sun Life Financial Distributors Inc., will leave March 31.
The Wellesley, Mass., company announced Tuesday that Mr. Hart is leaving to spend more time with his family.
Sun Life Financial U.S. said that his position will be filled by Michael Shunney, the senior vice president and general manager of its' employee benefits group.
Mr. Shunney will be the senior vice president and general manager of the consolidated distribution organization, which will be called Sun Life Financial U.S. Distribution Group. It will consist of the employee benefits group's distribution arm and Sun Life Financial Distributors.
Under Mr. Hart's leadership, Sun Life Financial Distributors had enormous growth the last three years.
The sales force has nearly tripled, and domestic variable annuity sales were $1.7 billion for the first three quarters of last year.
Sun Life Financial Distributors' wholesalers worked with more than 3,000 new financial advisers and registered representatives last year, an increase of 41%, and overall the number of registered representatives working with the company rose 38%, it said.
