Tim Deacon has resigned as CFO of the Ontario Teachers’ Pension Plan Board to join Sun Life in the same capacity.

Teachers’ and Sun Life announced his departure and appointment in separate news releases Monday. Deacon will complete his duties at Teachers’ on April 5 and assume his new role at Sun Life on April 8.

The pension fund operator and insurance firm rank among Canada and the world’s largest institutional commercial real estate investors. Both invest globally in a plethora of asset classes and industries.

“Tim has made a very strong contribution in his time at Ontario Teachers’, overseeing impactful transformation initiatives within and beyond the finance division and serving as an experienced and accessible executive team member and leader to colleagues across our offices,” said Joe Taylor, Teachers’ president and CEO. “We wish him well in the future.”

In addition to naming Deacon as its new CFO, Sun Life appointed him as an executive vice-president. Deacon will also serve on the Toronto-based company’s global executive team. His responsibilities will include finance, tax, capital management, investor relations and strategic financial initiatives.

He will succeed Manjit Singh, who now heads Toronto-based Sun Life’s Asian business.

Teachers’ will commence a process to appoint Deacon’s successor. His departure is the latest in a series of Teachers’ executive moves in recent months. Ziad Hindo left his post as chief investment officer at year-end 2023, prompting a series of other executive and management revisions.

Deacon is returning to the insurance industry, where he spent 14 years with Manulife before joining Teachers’ in 2021.

Teachers’ holds $247.5 billion in net assets and invests in more than 50 countries. At last report, Sun Life had $1.40 trillion in net assets.

Photo: Sun Life