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Flanked by condominiums, the Sun Life Financial office building by York and Harbour Sts. in downtown Toronto on Jan. 4, 2021.Fred Lum/The Globe and Mail

Long-time Toronto-Dominion Bank executive Manjit Singh is joining Sun Life Financial Inc. as the insurer’s chief financial officer as Kevin Strain prepares to take over as chief executive officer later this year.

Mr. Singh will join Sun Life on March 29 as executive vice-president and CFO, reporting directly to Mr. Strain, who is Sun Life’s current CFO and president.

Sun Life launched the executive shuffle after announcing in December that CEO Dean Connor will retire from the Toronto-based company – including its board of directors – after 14 years in executive roles, including nearly 10 years as president and CEO.

Mr. Singh will replace Mr. Strain, who will begin his role as the insurer’s new chief executive on Aug. 6.

“Manjit is assuming this role during a critical time for our organization and our industry,” Mr. Strain said in a statement. “He is a strong addition to our executive team and I know that we will benefit greatly from his extensive background and experience in financial services.”

In his new role, Mr. Singh will be responsible for Sun Life’s finance, tax, capital, corporate development, investor relations and finance initiatives, including the implementation of new accounting standards that are now required for the insurance industry.

Mr. Singh did not respond to requests for comment.

Since 2019, Mr. Singh has been executive vice-president of enterprise finance at TD, where he has worked for the past 20 years. He previously spent four years as CFO of the bank’s U.S. operations, following a stint as finance chief of its Canadian retail banking arm.

Mr. Singh was viewed as a rising star at the bank by some who worked with him, and was deeply involved in the bank’s diversity initiatives. His departure was announced in an internal note to TD staff on Monday afternoon.

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