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Thursday, October 2, 2008

Boscia joins Canada's Sun Life

The man who brought the corporate headquarters of Lincoln National Corp. from Fort Wayne, Ind., to Philadelphia nearly a decade ago has made his next move.

Jon A. Boscia has been named president of Sun Life Financial Inc., a Toronto-based financial services firm. Boscia, who retired from Lincoln in August 2007, will join Sun Life as of Oct. 14 and will be based in Wellesley Hills, Mass.

And he’s not going alone.

Two top executives of Lincoln National - Westley V. Thompson and Terrence J. Mullen - will also head north. Thompson, 53, will become president of Sun Life Financial U.S. Mullen’s new title will be president of Sun Life Financial Distributors Inc.

Both men resigned from Lincoln Monday, effective immediately.

At Lincoln, Thompson had been president of its Retirement Solutions business. Mullen, 43, had been president of Lincoln Financial Distributors Inc.

On an interim basis, Lincoln president and CEO Dennis R. Glass has assumed Mullen’s duties. Mark E. Konen, president of Lincoln’s Insurance Solutions unit, was named interim head of Retirement Solutions.

Now 56, Boscia retired from Lincoln National in August 2007 after a decade as its CEO. He led the $7.5 billion acquisition of Jefferson-Pilot Corp. in 2006 that put Lincoln into the ranks of the largest U.S. life insurers.

I couldn’t reach Boscia on Wednesday. But he certainly made an impact during his time here in Philadelphia.

He plastered Lincoln’s name on the South Philadelphia home of the Philadelphia Eagles. (He won’t be able to duplicate that feat. Gillette already has naming rights to the New England Patriots’ stadium in Foxborough, Mass.)

Boscia also made the decision in early 2007 to move Lincoln National’s headquarters and 400 jobs out of Center City to Radnor. Lincoln National employs 800 people in Philadelphia, mostly at its Delaware Investments asset-management unit.

He joins a bigger, more global operation. Sun Life had assets under management of 413 billion Canadian dollars, or about $389 billion, as of June 30. Lincoln National had assets under management of $220.6 billion as of the same date.

Boscia succeeds Robert Salipante, who’s been named president of Sun Life Financial International and will work out of Toronto.

Citi Living

Ecount, a Conshohocken provider of pre-paid cards to businesses, has been renamed.

The name change to Citi Prepaid Services shouldn’t surprise anyone given that Citigroup Inc. bought Ecount in March 2007. Those were the good ol’ pre-credit crisis days.

How’s it been faring as part of one of the nation’s biggest financial conglomerates? Ecount employed just shy of 100 people at the time Citi bought the company. Now the headcount is up to 124, according to spokeswoman Brieana Lavigne.

And Matt Gillin and Paul Raden, the founders of Ecount, remain at the helm. Both are managing directors of Citi Prepaid Services, which is part of Citi's Global Transaction Services business.
Posted by Mike Armstrong @ 2:20 AM  Permalink | File Under: Financial Services | | Management, workplace | | People | Post a comment
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About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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