Foresters Financial announces departure of CEO Anthony Garcia

By The IJ Staff | July 28 2017 01:30PM

Foresters Financial announced July 27 the departure of Anthony Garcia, the company’s President and CEO. Board members Michael Stramaglia and Sonia Baxendale have been appointed Co-Interim Presidents and CEOs, effective immediately.

Garcia became CEO of Foresters in May 2014. In a statement about his departure, Robert (Bob) Lamoureux, Chair of the Board of Directors, stated: “We are entering the second year of our business growth strategy, a journey of transformational change for Foresters Financial. At this stage, we require a different style of leadership to mobilize, support and align the organization in executing on our strategy.”

Search begins for new leader

Foresters’ board has begun the search for a new President and CEO. Lamoureux expects “a smooth transition” since Stramaglia and Baxendale are both “champions of the company’s growth strategy and leadership team, and are supporters of its collaborative and innovative culture.”

A former Sun Life executive

In addition to his new role as Co-Interim President, Stramaglia will continue to serve as a member of the Foresters Board. He has been a member of the board since 2013 and chairs its Risk and Investment Committee and serves on the Audit and Compliance Committee. Stramaglia has over 30 years of financial services professional and leadership experience, including over 10 years with Sun Life Financial where he served as a member of the International Executive Team and held various senior executive positions.

Baxendale, in addition to taking on the role of Co-Interim President and CEO, will also continue to serve as a member of Foresters’ Board. She has served on the board since 2012 and chairs its Human Capital & Governance Committee and serves on the Audit and Compliance Committee.

One of Canada’s 100 Most Powerful Women

Baxendale formerly held the position of President of CIBC Retail Markets. She led the Retail and Wealth Management businesses from 2005 to 2011.

She was named one of the "Top 100 Most Powerful Women in Canada" for three years in a row and then joined the ranks of the Top 100 Hall of Fame in 2010.