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

Pinkerton, 54, comes to SBLI­ from Toronto-based life insurer Foresters, where he was president of Foresters US.

Sheridan joined the company in 1990 as executive vice president and was named president and CEO in 1992.

He will continue as a member of SBLI’s board, the company said.

Headquartered in Woburn, SBLI provides low-cost life insurance products.

CEO since ’92

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