The board of directors of the Savings Bank Life Insurance Co. of Massachusetts, which is better known as SBLI, said Wednesday that president and chief executive Robert K. Sheridan, 64, will retire in mid November and will be succeeded by Christopher Pinkerton.

Pinkerton, 54, comes to SBLI from Toronto-based life insurer Foresters, where as president of Foresters US, he oversaw life insurance sales across this country, SBLI said.

Sheridan joined SBLI in 1990 as executive vice president and was named president and chief executive in 1992. Following his retirement, Sheridan will continue as a member of SBLI’s board of directors.

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Headquartered in Woburn and licensed in 49 states and the District of Columbia, SBLI is a provider of low-cost life insurance products.

During Sheridan’s tenure as CEO, assets nearly tripled from $900 million in 1992 to $2.4 billion in 2011, and life insurance in force increased from $12 billion to $114 billion, SBLI said.