Sun Life Financial Inc. announced that Bill Anderson will retire as Chair and from the Board of Directors following the Company's Annual Meeting on May 11, 2022. He will be succeeded as Chair by Scott Powers following his re-election as a Director at that meeting. Mr. Powers has been a Sun Life Director since 2015 and currently chairs the Governance, Investment & Conduct Review Committee and is a member of the Audit Committee.

Mr. Powers has more than 30 years of experience leading and advising firms in the investment management industry. He previously was the President and Chief Executive Officer of State Street Global Advisors and Old Mutual Asset Management, the U.S.-based global asset management business of Old Mutual plc. He has also held senior executive positions at Mellon Institutional Asset Management and The Boston Company Asset Management, LLC.

Mr. Powers also sits on the boards of ADP and Pulte Group. Mr. Powers is a graduate of Harvard University and holds an Artium Baccalaureus (AB) in Economics. The Company also announced the retirement of Martin J. G. Glynn as director with effect from May 11, 2022.