MANILA - Former Finance Secretary Jose Isidro Camacho has been elected as the new chairman of the board of mutinational insurance firm, Sun Life of Canada (Philippines), Inc.
In a statement, the wholly-owned Philippine subsidiary of Canada-based Sun Life Financial Inc. said Camacho assumed the board position effective September 30, 2009.
Camacho will be an independent, non-executive director of the SLOCPI Board. He succeeded Stephan Rajotte, who will continue as a member of the Board. Rajotte is the president for Sun Life Financial's operations in Asia.
Camacho's career in banking and finance has been long and distinguished.
He is currently--and will continue to be--the Managing Director and Vice Chairman of the Asia Pacific operations of Swiss bank Credit Suisse.
He previously served in the cabinet of President Arroyo as Secretary of Energy and Secretary of Finance from 2001 to 2003.
Before joining government, Camacho was Managing Director and Chief Country Officer for the Philippine operations of German bank Deutsche Bank, AG. He first honed his banking career at Bankers Trust where he worked for 20 years in various positions in New York, Japan, Hong Kong, the Philippines, and Singapore.
Camacho's new role in Sun Life is his first stint in the insurance industry and the first board-level position in the corporate financial services business.
Sun Life Financial is traded at the stock exchanges of Toronto, New York, and the Philippines.
It offers life insurance, pre-need plans (pension and education plans) and investment products.
"It is a great privilege to have one of the Philippines' most respected figures in finance chair our Board of Directors," said Riza Mantaring, President & CEO, Sun Life of Canada Philippines. "Our Board of Directors could have made no better choice than Lito Camacho."
"I'm truly honored to join the Sun Life Board of Directors as its Chairman," said Camacho.
"I greatly appreciate the trust and confidence that the Board of Directors has put in me and I will work closely with them and support the management team to help ensure that Sun Life Philippines continues to deliver products and services that will help Filipinos achieve lifetime financial security, while delivering strong growth and return to shareholders," he added.